Plant-based Protein Market Size, Share, Analysis, Industry Report and Forecast to 2025
by Mit K. SEOThe global plant-based
protein market size is projected to grow from USD 10.3 billion in 2020
to USD 14.5 billion by 2025, recording a compound annual growth rate (CAGR) of
7.1%, in terms of value during the forecast period. Plant protein refers to the derivation of
protein from plant-based sources such as pulses and grains. Different sources
of plant-based protein include soy, wheat, pea, canola, rice, potato, and oats.
Proteins are polymers of amino acids, which are used in various applications
for their nutritional and functional properties. Their potential to increase
the nutritional level and the resultant healthy diet makes them one of the key
ingredients in both food and feed industries.
Key plant-based protein market players include DSM
(Netherlands), ADM (US), DuPont (US), Kerry Group (Ireland), Cargill (US),
Glanbia (Ireland), Wilmar International (Singapore), Emsland Group (Germany),
Puris (US), Cosucra Group (Belgium), Batory Foods (US), Roquette Freres
(France), Ingredion (US), Burcon Nutracience (Canada), Sotexpro (France), AGT
Food & Ingredients (Canada), Beneo (Germany), Prolupin Gmbh (Germany),
Aminola (Netherlands), Herblink Biotech Corporation (China), ET Chem (China), Shandong Jianyuan Group
(China), The Greenlans LLC (US), and Parabel (US). Product launches, expansions
& investments, mergers & acquisitions, and agreements, joint ventures,
and partnerships were the dominant strategies adopted by major players. These strategies
have helped them to increase their presence in different regions.
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The food segment is
projected to account for the largest market share in the plant-based protein
market during the forecast period.
The plant-based protein market is segmented, based on
application, into food, and feed. The food segment is projected to be a leading
segment in the plant-based protein market, since, plant-based foods represent
the growing consumer segment of the market with an increasing number of
manufacturers utilizing the characteristics of plant-based proteins to develop
new product types and alternatives to conventional products. Plant-based foods
are now occupying mainstream presence driven by large-scale manufacturers such
as Beyond Meat (US), Impossible Foods (US), Danone (France), and Tyson Foods
(US).
The pea-based protein
market is projected to grow at a higher CAGR during the forecast period.
The plant-based protein market is segmented, based on
source, into soy, pea, wheat, and others, that include potato, canola, and
rice. The pea-based protein segment is projected to grow at a higher CAGR
during the forecast period, owing to its nutritional benefits and easy
integration into final products. Furthermore, the demand for pea protein
continues to grow from application industries. Moreover, rising consumer
preference for pea-based protein due to increasing health consciousness and
awareness regarding the benefits of pea-based protein, particularly in the
European and the North American regions, is expected to drive their market
growth.
The Asia Pacific
region is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is projected to grow at the highest
CAGR in the plant-based protein market during the forecast period due to the
growing application of plant-based protein in the food segment. The Asia
Pacific region continues to be a strong prospect for manufacturers based in
North America. The young demographic and growing interest in plant-based
products have resulted in organizations expanding their scope for improved
geographic coverage in the region. Countries such as China and India with a
strong agricultural background have emerged as key entry points into the region
with a well-established infrastructure suited for the processing of plant-based
proteins.
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Created on Nov 17th 2020 08:14. Viewed 337 times.