Rising Incidences of Lactose Intolerance Is Driving the Market for Plant-Based Protein Market
by Mit K. SEOAccording
to MarketsandMarkets, the global plant-based
protein market size is projected to grow from USD 10.3 billion in 2020
to USD 15.6 billion by 2026, in terms of value, recording a compound annual
growth rate (CAGR) of 7.2% during the forecast period. The rise in population
with lactose intolerance is one of the major factors driving the market growth
for plant-based protein. North America region accounted for the largest market
share in the global plant-based protein market.
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According
to the US Agency for International Development (USAID), “Soy protein
concentrates (SPC), and soy protein isolates (SPI) are processed food
ingredients produced from wholly defatted soy meal through a water extraction
process. The resulting concentrates and isolates contain 65-90% protein,
respectively, and are used as ingredients to enrich other food products”.
The
market for pea-based protein is estimated to be the fastest-growing segment in
the plant-based protein market, by source, during the forecast period. Pea
protein is derived and extracted in powder from yellow split peas. The powder
form extracted is further processed and produced in three different types,
namely, pea protein isolate, pea protein concentrate, and textured pea protein.
The pea protein isolate is obtained by the process of wet fractionation and is
higher in concentration. In contrast, pea protein concentrates are obtained by
the process of dry fractionation and are lower in protein concentration. Owing
to its nutritional benefits and easy integration into final products, the demand
for pea protein continues to grow from application industries
The
concentrates segment is projected to dominate the market, by type, in terms of
value, during the forecast period. Plant-based protein concentrates deliver
balanced nutrition, offering fibers and micronutrients, along with protein.
They are sourced sustainably from peas, lentils, and fava beans, which can
generally comprise up to 80% of protein content. The production of plant
protein concentrates is of great interest in the food industry due to greater
requirement for protein, and an increase in applications of plant-derived
proteins in foods, especially in developing countries.
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In
terms of geographical coverage, the plant-based protein market has been
segmented into five regions, namely North America, Europe, Asia Pacific, South
America, and the Rest of the World (RoW). Asia Pacific is projected to be the
fastest-growing region during the forecast period. The development of
protein-based feeds, including isolates, represents the growing shift toward
high-grade premixes. Among the feed applications, the use of pea protein
isolates has gained popularity for their use in the aquafeed industry. Asia
Pacific offers lucrative opportunities to manufacturers and suppliers of
plant-based protein, owing to the cost advantage and high demand in this
region. China is the outright leader of plant-based protein in the Asia Pacific
region, followed by Japan and India.
There
is a significant demand for pea protein since textured pea protein is used in
food products as a substitute for conventional meat products. Moreover, pea
proteins are used in alternatives to conventional dairy products. The
development of new technologies provides growth opportunities for manufacturers
to increase production levels.
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Created on Feb 22nd 2021 07:30. Viewed 250 times.