The new report by Expert Market Research titled, ‘Global Plant Protein Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global plant protein market, assessing the market based on its segments like source, significant applications and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.5%
Soy protein holds a major share of the market by type and is expected to rise significantly during the projected period. Breast cancer, heart disease, and osteoporosis are all on the rise among the working class. Soy protein helps to promote heart health and boosts vitality.
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Over the forecast period, increased cases of obesity or weight gain, owing to the rise of the work-from-home culture, are expected to boost segment growth, as soy protein aids weight loss and hormone balance. Meanwhile, due to the inclusion of key vitamins and minerals that help the blood transport oxygen and perform other vital tasks, rice protein consumption is expected to expand significantly throughout the projection period.
Industry Definition and Major Segments
Plant protein is a type of protein obtained from plants as a food source. Pulses, tofu, soy, tempeh, seitan, nuts, seeds, and certain grains are examples of plant proteins that are proven to aid muscle growth and weight loss.
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Based on source, the market is divided into:
• Algae
• Soy
• Wheat
• Pea
• Potato
• Oat
• Chickpea
• Rice
• Others
The significant applications of the product include:
• Food and Beverage
• Animal Feed
• Supplements
• Others
The regional markets for the product include:
• North America
• Europe
• the Asia Pacific
• Latin America
• the Middle East and Africa
Market Trends
Increased demand for plant protein in the food and beverage industry, owing to people’s growing interest in health and fitness, is driving the worldwide plant protein industry. The continued desire to consume more plant protein while reducing animal protein consumption is assisting industry growth. According to the Food & Health Survey 2020 conducted by the International Food Information Council (IFIC), approximately 6% of Americans reported eating a plant-based diet, up from 5% in 2019. Plant-based eating, on the other hand, ranked higher than vegetarian (4%) and vegan (4%) diets (1 per cent).
Muscle growth is aided by plant protein, which also aids in weight loss and lowers the risk of heart disease. Growing public awareness of the environmental impact of meat-sourcing practices, as well as an increase in the occurrence of animal-borne diseases such as swine flu, avian flu, and others, are expected to drive market growth over the forecast period. Furthermore, due to the inclusion of vitamins and minerals, which are vital for maintaining a healthy body, the market is likely to gain from the different nutritional benefits supplied by plant protein.
Key Market Players
The major players in the market are Archer Daniels Midland Company, DuPont de Nemours Inc., Kerry Group, Tate & Lyle Plc, Roquette Freres and Cargill Inc. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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