The global plant-based protein market accounted for USD 16.1 billion in 2019. Plant-based protein market is projected to witness growth at a CAGR of 11.4% during forecast period.
COVID-19 has affected all the business over globe. The plant-based market is also impacted by COVID-19. Many consumers of meat are now shifting from meat to plant-based protein due to corona virus outbreak. The meat alternative brand sale has seen an uplift at high rate. The plant-based snacks, supplements and dairy alternative as people all over the world are now adopting healthier lifestyle to boost immunity. Hence COVID-19 pandemic has boosted the plan-based proteins market.
For more details, visit: Global Plant-Based Protein Market By Type (Isolates Proteins, Textured Proteins, Concentrates Proteins), By Form (Dry, Wet), By Application (Feed, Food), By Region–Forecast & Opportunities to 2026
The consumers are adopting healthy lifestyle and looking for healthy proteins food. The awareness towards healthy lifestyle is now increasing and people are adopting food which is rich in vitamin, proteins and calcium. Thus, boost plant-based protein market.
On the basis of type, the plant-based protein is segmented into isolates, textured proteins and concentrates. The isolate segment is projected to witness growth at highest CAGR during forecast period. The isolates segment is largely preferred as they are refined form of proteins which contains a high concentration of protein. Isolates can be incorporated in different food products and easily digest. Thus drives, the isolates segment market to witness growth.
On the basis of application, the plant-based protein market is segmented into food and feed. The food segment is expected to register growth at highest CAGR during the forecast period. The preference of consumers is changing and they are shifting towards plant-based protein rather than meat. The awareness has been increased among consumers about meat sourcing, ecological impact of meat and disease from animals. This is the reason consumers are shifting towards plant-based proteins. Thus, drives the food segment in plant-based protein market to foresee growth during forecast period.
Based on the form, the plant-based protein market is segmented into dry and wet. The dry plant-based protein is expected to register growth at highest CAGR during the forecast period. Protein concentrates has been produced by the use of dry form of processing of protein. Dry milling technology has been use in it, which reduce the size of particle of raw materials. Pulses and cereal are being processed using this method. This form is largely chosen. Thus, drives the dry form of plant-based protein market.
The North America region accounted for maximum market share in 2019. It is estimated to register growth at highest CAGR during forecast period. This region has presence of many leading manufacturers and many firms invest on a large scale in product manufacture along with processing units. North America is a key producer of wheat, pea and soy. This region also dominates the global export market of plant-based products. In North America region the veganism trend is growing immensely. Thus, drive the global plant-based market in North America.
The key market players in plant-based protein market are DSM, DuPont, ADM, Kerry Group, Cargill, Glanbia, Cosucra Group, puris, Wilmar International, Emsland Group, Batory Foods, Ingredion, Roquette Freres, Burcon Nutracience, Sotexpro, Beneo, AGT Food & Ingredients, Prolupin Gmbh, Herblink Biotech Corp., Aminola, ET Chem, The Greenplans LLC, Shandong and jianyuan Group.
- What are the expected industry trends over the next three to five years?
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- Which of the application segments is expected to have the maximum potential to during the forecast period?
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