Plant-Based Protein Market is expected to grow at a CAGR of around 7.2% during 2022 to 2032 | Future Market Insights Inc.
North America constitutes the largest share in the plant-based protein market. The demand for plant-based protein is driven by the increasing aging population in North America, growing consumer inclinations towards utilizing plant-based foods, and robust growth of plant-based protein foods market across countries like the United States.
NEWARK, Del: The global plant-based protein market enjoyed a year-on-year (YOY) growth of 6.7% in 2021 to total sales of USD 11.3 Bn and is projected to surpass USD 22.5 Bn in 2032 at a CAGR of 7.2%, according to a market analysis performed by Future Market Insights.
Increasing productivity in the food and beverage sector will provide an array of opportunities to the plant-based protein market. Based on product type, the global plant-based protein market is segmented into soy, wheat, pea, potato, rice, canola, corn, and others; among them, the soy protein segment is estimated to represent the largest share in the global plant-based protein market.
According to the report, increasing incidence of health issues such as diabetes, blood pressure, and obesity is encouraging consumers to opt for healthy lifestyle. Therefore, they are more demand for dietary supplements and functional foods that contain plant-based proteins.
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Demand for Preventative Healthcare, Especially Due to Recent Outbreak of Deadly Viruses to boost growth
Majority of the population is health conscious and aware of the benefits of preventive healthcare. Various magazines and online forums such as Livestrong.com, bodybuilding.com, Men’s Health magazines, and Shape magazine, offer diet and lifestyle information, and provide regular updates in this regard. Similarly, manufacturers of natural ingredient-based protein are promoting various products using various channels such online portals, magazines, and marketing campaigns to improve demand for plant-protein enriched products.
These strategies of players primarily focus on new products development and enhanced safety, effectiveness and primarily health benefits such as the ability to lower cholesterol, lower body weight, and lower blood pressure levels. This is expected to aid in market growth in the region.
Also consumers have become increasingly conscious about the food they eat. Rumors linking coronavirus with consumption of meat and meat protein are likely to influence their perception regarding food they eat. As a result of this, the demand for plant-based protein is likely to surge in the coming years.
Who is winning?
Some of the major players in the plant-based protein that are covered in this report are Glanbia Plc, Archer-Daniels Midland Co., Roquette Freres, Cargill Incorporation, Burcon Nutrascience Corporat, E.I. du Pont de Nemours & Co, Cosucra Groupe Warcoing, Ingredion Inc, and CHS Inc, AGT Food & Ingredients, Inc.
These market players have a strong networked and secure clientele with main focus on increasing its product offering and portfolio with complete solutions to its customers including production, formulation of blend, packaging and transportation as well.
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In addition to this, market players are more into mergers and acquisition to improve their product offering. Companies intend to expand their regional footprint through strategic collaborations.
- In February 2017, Glambia Plc acquired two companies — Body & Fit and Grass Advantage LLC protein ingredient manufacturers in the U.S. and Netherlands respectively. Both the company have a strong tactical fit with Glanbia’s Performance Nutrition (GPN) division and will prolong its reach to wider channels and new consumers.
- In August 2017, Archer Daniels Midland Company expanded its line of plant-based functional extracts by including an antioxidant blend, green tea, and acerola for application in a wide variety of food, drinks, and supplement applications
- In March 2017, Cargill started production of pea protein ingredients through partnership with World Food Processing, which is a multi-generation, family-owned business based in Oskaloosa, U.S., that has developed non-bioengineered/non-GMO pea seed varieties to minimize off-flavors
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PLANT-BASED PROTEIN MARKET SEGMENTATION
The global Plant-based protein Market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Soy Protein
- Wheat Protein
- Pea Protein
- Nutritional Products
- Sports Nutrition
- Medical Nutrition
- Infant Nutrition
- Snacks & Cereals
- Confectionary and Dessert
- Convenience Food
- Animal Feed
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Table of Content
- Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
- The Massive Impact of the Crisis
2.1. Global Plant Based Protein Market Forecast Scenario Comparison of Annual Growth Rates for short Term (2022-2026) and Long Term (2027-2032)
2.1.1. Optimistic Scenario
18.104.22.168. Euro Zone
22.214.171.124. Asia Pacific
126.96.36.199. Rest of the World
2.1.2. Likely Scenario
- Market Dynamics
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
Explore FMI’s related ongoing Coverage on Food and Beverage Domain
Alternative Protein Market Share: The global market for alternative protein is forecasted to surge at a CAGR of 18% from 2022 to 2032, expanding to volume sales of 902.3’000 Tons by 2032, compared to volume sales of 172.4’000 Tons in 2022.
Protein Supplements Market Volume: The global protein supplements market is projected to have an average-paced CAGR of 8.53% during the forecast period. The current valuation of the market is US$ 27.78 Billion in 2023
Protein Hydrolysate Ingredients Market Trends: The sales of protein hydrolysate ingredients Market are likely to rise at a CAGR of 7.25% from 2022 to 2032. The global protein hydrolysate ingredients market size is estimated to be valued at US$ 595.13 Mn in 2022 and is projected to surpass a valuation of US$ 1,198.35 Mn by 2032.
Protein Ingredients Market Size: The protein ingredients market is estimated to be valued at USD 27.5 Bn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach a valuation of USD 47.4 Bn by 2032, rising at a CAGR of 5.6% for 2022-32.
Pea Protein Ingredients Market Outlook: The pea protein ingredients market is projected to be valued at US$ 1.6 billion in 2023 and is rising to US$ 3.4 billion by 2033. The sales of pea protein ingredients grow at a CAGR of 7.9% during the forecast period.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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