New York, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Plant-based proteins have grown increasingly popular due to their nutritional value and health advantages; studies show that those who consume plant-based food products are less likely to develop heart-related illnesses, hence the growing popularity of such products. Plant based proteins market are becoming increasingly popular as a solution to obesity management in today's society, as promoted by non-government organizations worldwide.
NGO advocates promote plant-based proteins due to their nutritional benefits and focus on animal welfare; this trend should propel market growth for plant-based proteins, which provide healthier alternatives than animal proteins. Overall, their rising popularity will keep bolstering this market growth.
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Key Takeaway:
- Based on the source, in 2022, the soybean segment dominated the Plant-Based Protein market due to its high amino acid content and heart health benefits.
- By type, in 2022, Isolate proteins dominate the market because of their high nutritional content.
- Based on nature, in 2022, conventional proteins dominated the market due to their global availability and low cost.
- In 2022, North America led the market with the highest revenue share of 36.4%.
- Asia-Pacific is predicted to have the highest CAGR among all regions due to the presence of major countries like China, India, and Japan.
Factors affecting the growth of the Plant-Based Protein industry?
- Consumer Awareness and Health Concerns: Adopting plant-based proteins is driven by growing awareness about health and wellness issues, particularly animal diets. Consumers seek alternatives with lower saturated fats and cholesterol content, offering sustainable and healthful solutions. This awareness, coupled with marketing and advocacy activities, has driven the growth of this industry, creating a vast growth potential.
- Environmental Concerns: Animal farming is gaining popularity due to its environmental impact, including greenhouse gas emissions, deforestation, and water consumption. Consumers turn to plant-based proteins for eco-friendly alternatives as sustainability becomes a global priority. These proteins use less land and water, emit fewer greenhouse gas emissions, and are more sustainable. This trend is particularly appealing to younger consumers who prioritize sustainability.
- Innovation and Product Development: Technological advancements have enabled companies to produce plant-based protein foods that closely resemble animal-based foods in taste, texture, and nutritional profile. Companies have invested heavily in research and development to increase the quality and variety of offerings, driving industry growth. Innovations include improved supply chain management and optimized production techniques to reduce costs and attract new consumers.
- Government Support and Public Policy: Governments and regulatory bodies worldwide are recognizing the health and environmental benefits of plant-based proteins, leading to subsidies for plant-based food manufacturers, tax benefits, relief campaigns, and public campaigns. Public institutions, including schools and hospitals, also offer plant-based options on their menus, normalizing these products into everyday life.
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Top Trends in the Plant-Based Proteins Market
Recent years have witnessed significant growth in the plant-based protein market due to changing consumer tastes, increased health awareness, and environmental concerns. Market players have responded by diversifying plant protein sources like lentils, chickpeas, and hemp, expanding product offerings like burgers, sausages, and dairy alternatives, and improving taste and texture to increase consumer experience, further driving market growth and innovation. With plant-based eating becoming more mainstream, the market can experience further development and innovation.
Regional Analysis
North America holds the largest market share for plant-based proteins globally at 36.4%, driven by health clubs and gyms' increasing consumption of plant-based proteins, driving its market in North America due to increased health awareness, obesity concerns, and an urge for fitness. The market growth is driven by the increasing number of individuals in the US and Canada adopting vegan diets and the growing popularity of plant-based proteins. Major producers in North America are also contributing to the growth of this market segment.
The Asia Pacific region is expected to experience the fastest CAGR growth in the plant-based proteins market due to religious considerations for vegan food products and the significant demand for plant proteins post-COVID-19. The region's large population and the pandemic's impact on the demand for plant proteins are expected to drive the market's growth.
Competitive Landscape
The global plant-based protein market is dominated by numerous global companies, including Cargill Incorporated, Glanbia, Archer Daniels Midland Company, Kerry Group plc, Axiom Foods Inc, A&B Ingredients, Vestkorn Milling AS, Royal Ingredients Group, Quest Nutrition, and Now Health Group Inc. These companies use collaboration, acquisition, partnership, and mergers to expand their global business.
Key Market Players:
- Cargill Incorporated
- Archer Daniels Midland Company
- Glanbia
- Axiom Foods Inc
- Kerry Group plc
- A&B Ingredients
- Aminola
- Royal Ingredients Group
- Vestkorn Milling AS
- Now Health Group Inc
- Quest Nutrition
- Other Key Players
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 12.1 Billion |
| Forecast Revenue 2032 | USD 24.1 Billion |
| CAGR (2023 to 2032) | 7.3% |
| North America Revenue Share | 36.4% |
| Base Year | 2022 |
| Historic Period | 2016 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Health consciousness and promotion by NGOs are fueling the expansion of the plant-based protein market. Concerns such as heart-related illnesses, cardiovascular conditions, and chronic illnesses lead individuals to adopt healthier lifestyles; studies show that those who consume animal-based food are more likely to have cardiovascular disorders and chronic illnesses.
This increased awareness about nutrition drives the adoption of plant-based proteins, while non-government organizations work tirelessly for animal rights by encouraging people to switch from killing animals for protein consumption. This boosts its market growth significantly.
Market Restraints
The plant-based proteins market faces constraints due to regulatory issues and consumer preferences. The strict labeling and marketing framework can hinder innovation and product differentiation. The taste and texture of plant-based proteins often lag behind animal-based ones, limiting appeal.
Supply chain disruptions and raw material price fluctuations can affect availability and pricing. Increased awareness and education about nutritional benefits are needed to overcome skepticism and misconceptions. Addressing these constraints is crucial for the market's sustained growth and mainstream acceptance.
Market Opportunities
The plant-based proteins market is experiencing significant growth due to rising global health and sustainability awareness, leading to the development of various plant-based protein products. The COVID-19 pandemic has highlighted the vulnerability of the traditional meat supply chain, presenting an opportunity for plant-based proteins to gain traction.
Collaborations between food and biotech firms could enhance the taste, texture, and nutritional profiles of plant-based products. Governments and environmental organizations advocate for reduced meat consumption to combat climate change, further supporting the market. Overall, the plant-based proteins market is a promising investment opportunity for investors and entrepreneurs.
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Report Segmentation of the Plant-Based Proteins Market
Source Insight
Plant-based proteins are categorized into soybean, pea, and wheat sources. Soybean dominates the sources segment of the market due to its high amino acid content and heart health benefits compared to animal-based proteins. This growth is driven by its widespread use as a raw material for protein production.
Pea, a second source, is expected to grow significantly due to its high nutritional profile and absence of allergens. The global plant-based protein market is expected to grow significantly in the coming years.
Type Insight
Plant-based proteins can be categorized into isolates, concentrates, and protein flour. Isolate proteins dominate the market, with significant growth expected in the coming years.
Isolates are used widely in functional and nutritional foods due to their high nutritional content, fueling growth in the plant-based proteins market. Infants also rely heavily on isolates as a healthy and digestible way of giving plant-based proteins, contributing to increasing market expansion.
Nature Insight
The plant-based protein market is categorized into organic and conventional proteins, with conventional proteins dominating due to their global availability and low cost. These proteins are harvested using fertilizers, offering high nutritional value, longer shelf life, and easy accessibility. However, the growing trend of organic foods is expected to drive organic plant-based proteins to grow at the highest CAGR during the forecast period.
Application Insights
The plant-based proteins market is divided into various applications: food, bakery, animal feed, pharmaceuticals, nutrition, and health supplements. Nutrition and health supplements are the leading revenue contributors, with a healthy CAGR growth forecasted. The rising health consciousness and awareness about balanced diets drive demand for plant-based proteins.
The growth of these markets is expected to be driven by health-related issues in young individuals and increased awareness about plant-based proteins. The feed segment is also expected to grow significantly, with the increasing use of plant-based proteins in animal feed products.
Market Segmentation
By Source
- Soybean
- Pea
- Wheat
- Other Sources
By Type
- Isolates
- Concentrates
- Protein Flour
By Nature
- Organic
- Conventional
By Application
- Food
- Bakery & Confectionery
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Other application
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Developments of the Plant-Based Proteins Market
- In July 2022, Roquette introduced NUTRALYS, its new product line formulated from organic natural proteins derived from fava beans and peas for Europe.
- In April 2022, Cargill Incorporated announced the expansion of their product Radipure pea protein for the Middle East, Africa, India, and Turkey markets to fulfill the increasing demand for pea proteins in these regions.
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