Market Size – USD 10.28 Billion in 2020, Market Growth – 6.80% CAGR, Market Trends – Investment Growth in Plant-Based Food Businesses
NEW YORK CITY, NEW YORK, USA, December 17, 2021 /EINPresswire.com/ – Reports and Data released a latest report for the agricultural market titled “Plant Protein Market: Analysis, By Type, By Source (Wheat, Soybeans, Peas, Others), By Form (Isolates, Concentrates, Textures, Others), By Distribution Channel, By Application (Food & Beverage, Animal Feed, Nutrition, Pharmaceuticals, Others), Forecast to 2028.
According to the most recent analysis by Reports and Data, the global vegetable protein market size was USD 10.28 billion in 2020, and is expected to reach USD 17.52 billion in 2028, and register a revenue CAGR of 6.80% over the forecast period 2021-2028.
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Drivers, constraints and opportunities
The increasing attention of consumers to the source or origin of foods and ingredients consumed and the tendency to avoid food products that are thought to be grown unnaturally or those containing ingredients that are not natural or unhealthy is a key driver of market revenue growth. While meat has always been an ideal source of protein and fiber, a major shift towards more vegan diets, altered food preferences and a reduced inclination towards meat and meat products, proteins and ingredients were more marked among consumers in European countries. and North America. The demand for traditional vegetable proteins has again increased sharply in developed and developing country markets, after having been dependent for some time on animal and other proteins as a food ingredient.
Changes in consumer behavior, consumption patterns and preferences, as well as interest in alternative protein sources, have changed in part due to concerns about personal health and the environment, well-being. animal and related concerns. Cleaner, greener food trends, driven primarily by millennials, translate into a higher preference for organic and healthy foods, ethically sourced and naturally sourced, and involve less processing between source and table. The demand for vegetable protein has been high and continues to increase, driven by the trends mentioned above.
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The increase in sales has also resulted in major investments in the plant-based food industry in recent years. Major investors include sustainable agriculture visionaries, VCs, accelerators, and global food conglomerates and companies such as Nestlé, General Mills and Danone to name a few. Some major players in the conventional meat protein industry have also invested in, acquired and built new plant-based meat products in-house, and rebranded themselves as plant-based protein supplier companies.
Some of the major factors negatively impacting the growth of the market include the availability of non-vegetable protein sources, global climate change, unpredictable weather conditions, reduction of arable land for growing crops, and rapid increase in crop yield. water shortage. Whey protein is a very widely available and preferred type of protein around the world, and accounts for the majority of revenue among protein sources for the dietary supplement industry. Many protein companies are also exploring with consumers willing to explore or experiment with new food options and ingredients. Food companies are also taking advantage of the opportunities and offering a variety of products and ingredients using different plant proteins (soybeans, peas), new animal sources (insects) and biotechnological innovations (cultured meat or fungal protein).
A growing number of consumers around the world have chosen to be flexitarians or vegans. It is a factor that opens lucrative opportunities for manufacturers to explore, innovate and offer wider options in the plant protein segment. Increasing the use of new and more advanced farming techniques and methods such as hydroponics and vertical farming can help solve problems related to the wise use of water and soil, and reduce ‘food miles’. Associated with distribution, thus also reducing the carbon footprint.
COVID-19 impact assessment
The virus outbreak and social distancing standards and restrictions have severely disrupted the business landscape and operations around the world.
The COVID-19 pandemic and lockdowns have resulted in the closure of airports, ports, and commercial and domestic transportation in several countries. This has impacted manufacturing activities and operations globally and has taken a toll on the economy of various countries.
The sudden and drastic slowdown in economic activity resulted in a slowdown in manufacturing, production, agriculture, fishing, dairy and other sectors and also resulted in job losses to a large extent.
The supply side impacts have been further compounded by challenges on the demand side due to reduced disposable income, depleted savings and increased concerns and uncertainties.
The emergence of variants of the virus and increasing infection rates during the initial waves and subsequent lockdowns severely affected operations and disrupted supply chains.
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Consumers in countries such as India and China have gone through various changes due to factors such as rapidly developing economy, increasing ability to spend, changing lifestyle and eating habits. and the growing attention to health and well-being. A large majority of the population in India is predominantly vegetarian and the demand for healthy and organic products, and ideally of plant origin, remains in high demand. Sports and bodybuilding, as well as creating and posting videos of events and workouts on social media platforms, etc., are trends that are gaining ground among young people and people in countries of the world. region. Sales of supplements, protein shakes, and flavored drinks have increased dramatically over the past decade and the trend remains robust even today.
Main companies in the market:
• Glanbia Plc
• Cargill Inc.
• Archer Daniels Midland Company
• Kerry Group
• Ingredient Incorporated
• Tate & Lyle
• Royal DSM
• Roquette Frères
• Axiom Foods
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For the purpose of this report, Reports and Data has segmented the Plant Protein market on the basis of Type, Source, Form, Distribution Channel, Application, and Region:
Form (revenue, billion USD; 2016-2026, volume, kilotonnes; 2018-2028)
• Protein isolates
o Wheat protein isolates
o Soy protein isolates
o Pea protein isolates
• Protein concentrates
o Wheat protein concentrates
o Soy protein concentrates
o Pea protein concentrates
• Textured protein
o Textured wheat protein
o Textured soy protein
Source (Revenue, billion USD; 2016-2026, volume, kilotonnes; 2018-2028)
• Wheat protein
• Soy protein
• Pea protein
• Others (canola protein, potato protein, rice protein, corn protein, among others)
Type (revenue, billion USD; volume, kilotonnes; 2018-2028)
Distribution channel (revenue, billion USD; volume, kilotons; 2018-2028)
• In line
• Specialty stores
• Supermarkets and hypermarkets
• Department stores
Application (revenue, billion USD; kilotons; 2018-2028)
• Food and drinks
o Meat, poultry and seafood
o Analogue Meat
o Dairy products and dairy alternatives
o Cereals & Snacks
• Animal feed
• Nutritional and health supplements
• Pharmaceutical products
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