Plant-Based Protein Market Size, Definition, Opportunities with Strategic Growth and Top Key Players Analysis and Forecasts to 2027
Research report presented by UnivDatos, Emphasis on Source (Soy, Wheat, Pea); Type (Isolates, Concentrates, Textured); Form (Dry, Liquid); Application [Food (Dairy Alternatives, Meat Alternatives, Performance Nutrition), Feed] and Geographical analysis (key regions and countries).
As per the research report, The Plant-Based
Protein Market is expected to reach the market valuation of USD XX
Billion by 2027 expanding at a reasonable CAGR of ~10% during the forecast
period (2021-2027) from USD XX Billion in 2020. Plant-Based
Proteins Market is expected to grow significantly over the forecast period with
a CAGR of ~10%. The market is driven by growing demand from health freaks and
concerns over animal-based food products and the environment. Protein
concentration in the plant-based proteins ranges from 50-85%, making them
suitable for vegan and vegetarian diets. As per United Nations estimates the
world population in 2021 is 7.9 billion and as of January 2021, the total
number of vegans in the world is approx 79 million. Besides, obesity and the
rising prevalence of diseases as a result of changing lifestyles will continue
to drive demand for healthier food. As per WHO study, nearly 39% of
adults (18 years and older) worldwide were overweight as of 2019. In obese people,
several studies found that the quality and quantity of dietary protein from a
plant-based vegan diet is linked to changes in body composition, weight, and
insulin resistance.
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Consumers' buying habits
for plant-based food products are shifting. The efficacy and environmentally
sustainable properties of plant-based proteins are the most important factors
driving the demand for plant-based proteins. Food allergies are on the rise in
developed markets around the world, and food intolerance is shaping consumer
preferences. Since childhood, about 65% of the human population has a decreased
capacity to absorb lactose. Adult lactose intolerance is most common among
people of East Asian origin, with 70-100% of people in these groups suffering
from the condition. Lactose intolerance limits protein consumption. Plant-based
proteins are gaining popularity as dairy protein substitutes due to their
uniqueness and high nutritional value. As a result, demand for these non-GMO
plant-based proteins is expected to increase in the allergen-free markets over
the forecasted period.
The demand for plant-based
foods and beverages shows no signs of slowing. According to the Plant-Based
Foods Association (PBFA), plant-based food retail sales in the United States
increased by 11.4% in 2019. As per a consumer survey done in 2019, customers in
the United States prefer plant-based protein over animal protein. During the
study, 53% of respondents reported that they prefer plant protein to animal
protein for taste reasons.
For a detailed analysis of the
COVID-19 Impact on plant-based protein market browse through - https://univdatos.com/report/plant-based-protein-market-current-analysis-and-forecast-2021-2027
The Plant-Based
protein market is highly fragmented. The availability of numerous global and
local players across regions makes the industry highly competitive. The key
players with a considerable market share in the industry are Archer Daniels
Midland Company, Cargill, Dupont, Wilmar International, Roquette Freres,
Glanbia, Kerry Group, DSM. Several M&As along with partnerships have been
undertaken by these players to facilitate customers with hi-tech and innovative
products.
Insights Presented in the
Report
“Amongst source, Soy segment
holds the major share”
Based on the source, the market is fragmented
into soy, wheat, and pea. The soy dominated the market with a share of almost 67% in 2020 and is expected
to maintain its dominance during the forecast period owing to the significant
rising consumption of plant-based proteins market for benefit of health.
“Amongst type, isolates are
anticipated to dominate the market during the analyzed period”
Furthermore, the
plant-based protein market is mainly bifurcated into isolates, concentrates,
and textured. In 2020, isolates sub-segment accounted for a maximum market
revenue share of nearly 40% and is expected to remain dominant during the
analyzed period owing to the increasing
demand for processed food products is attributable to the rising purchasing
power of consumers across the world.
“Amongst form, dry segment
dominated the market during the forecast period”
Based on form, the
market is mainly fragmented into dry and liquid. In 2020, the dry segment accounted for a maximum market
revenue share of ~60% and is expected to remain dominant during the analyzed
period.
“Amongst application, food
segment holds the major share”
Based on application, the market
is bifurcated into food and feed. Further, the food segment has been segmented into dairy alternatives,
meat alternatives, and performance nutrition. In 2020, the food segment accounted for the maximum market
share and accounted for more than 80% and is expected to be the leading segment
of the plant-based protein market during the forecast period due to the rising
awareness of health-conscious people.
“North America represents one
of the largest markets of Plant-Based Protein market”
For
a better understanding of the market dynamics of the plant-based protein market, a detailed analysis was conducted for
different regions across the globe including North America (The
United States, Canada, Mexico, and the Rest of North America), Europe (France,
United Kingdom, Germany, Spain, Netherland, Italy, Belgium, Rest of Europe),
Asia-Pacific (China, India, Japan, Australia & New Zealand, and Rest of
APAC), South America (Brazil, Argentina, Rest of South America), and Rest of
World (the Middle East and Africa). North America dominated the market and is
expected to maintain its dominance over the forecast period owing to the
increasing demand for processed and low cholesterol foods in the region.
Customization
Options:
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Protein Market can further
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