Plant-based Protein Market Size, Share and Forecast 2020-2025by Mit K. SEO The 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.
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Drivers: Rise in demand for wellness-focused organic food & beverages
The changing consumer preferences have showcased a growing consumer shift toward adapting to a more nutritional diet centered towards a more sustainable lifestyle and lower dependency on animal proteins. A considerable percentage of the millennial population in Western countries has been observed regarding their changing food habits as consumers move from conventional animal-based products to organic and plant-based food products as an ideal food solution. In recent years, the adoption of plant-based food & beverages among the consumers has been higher due to the broader scope of product availability, improved product developments and innovation into plant-based proteins and a broader scope of available alternatives and substitutes.
Restraints: Allergies associated with plant-based protein sources
Plant-based food & beverages have functional health benefits and consist of essential minerals; however, in several cases, the consumption of select sources, such as soy and wheat, has been identified as allergens resulting in cautious consumer acceptance. Soybeans have s strong nutrient content profile including, vitamins, minerals, and proteins; however, antinutritional components present in soy could cause allergies. According to the Cleveland Clinic, soy is one of the “Big Eight” allergens, along with cow’s milk, eggs, peanuts, tree nuts, wheat, fish, and shellfish, responsible for 90% of all food allergies. A soy allergy occurs when the human immune system mistakes the harmless proteins found in soy as harmful and produces antibodies to combat them. Moreover, soy protein has large quantities of phytic acid, which has the potential to block the absorption of essential minerals, such as calcium, magnesium, copper, iron, and zinc. Soy allergy could also lead to itching and hives in humans. The other aspect is of gluten allergy, which commonly occurs in wheat proteins exhibiting a similar set of characteristics, which has had an impact on the growth prospects of both protein sources.
Opportunities: Rise in demand for food & beverages with organic Ingredients
The organic plant-based protein market has the potential to change the business landscape in the overall plant protein ingredients market. According to the Research Institute of Organic Agriculture (FiBL), “a total of 71.5 million hectares were organically managed at the end of 2018, representing a growth of 2.9 percent or 2 million hectares compared to 2017, the largest growth ever recorded.” In 2018, 2.8 million organic producers were reported globally, and India continues to be dominant with the highest number of producers. Growth of the organic food products market is also expected to boost the growth of the organic plant-based protein ingredients market.
Challenges: Concerns over source quality in food and beverage products due to the use of genetically modified crops
Soy, wheat, and pea are among the prominent sources used in the processing and production of plant-based proteins and are produced primarily in countries such as Brazil, the US, Canada, China, and India. These countries also represent a key portion of the demand for plant-based food & beverages among consumers. However, to meet the growing demand for various plant-based protein sources, farmers often grow genetically modified (GM) crops, which is often seen unfavorably by consumers. To that effect, non-GMO soybeans are primarily used for human consumption, whereas the GM soybeans are found mostly in livestock feed. However, producers are focusing their efforts on the production of non-GMO soybeans, resulting in a higher cost of production, often resulting in lower margins during sales.
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.
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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.
The prominent vendors in the plant-based protein market include DSM (Netherlands), Kerry Group (Ireland), ADM (US), Roquette Freres (France), Cargill (US), Glanbia (Ireland), DuPont (US), Ingredion (US), Emsland Group (Germany), Puris (US), Cosucra Group (Belgium), Batory Foods (US), Burcon Nutrascience (Canada), AGT Food & Ingredients (Canada), and Axiom Foods (US)
Created on Jan 4th 2021 06:45. Viewed 90 times.
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