Increasing drift towards vegan food is one of the prime factors fueling the growth of global plant based protein market. Demand for vegan food products around the world, especially in European and Asian countries is significantly rising from last couple of years. Increasing vegan culture, growing preference to plant based products over animal-sourced products, and growing awareness regarding the benefits of plant based protein for a healthy life are mainly contributing to healthy growth of the market. Many people are including plant-based proteins in their diet as they believe it's a better choice compared to traditional dairy, meat, and eggs. This growing emphasis on healthy and nutrient-rich food is expected to spur the demand for plant based protein over the forecast period. Furthermore, the availability of wide product ranges produced from different plant sources such as soybeans, almonds, beans, grains, and many others through retail stores, wholesalers, as well as online channels is also supporting the growth of the market. Moreover, demand for nutritional supplements is on the rise at a global level, and increasing use of plant based protein in nutritional supplements is significantly contributing to the growth of the market. On the other hand, plant based products are considerably costly than animal-sourced food which may hamper growth of the market over the forecast period.
The onset of COVID-19 pandemic d a moderate effect on the growth of plant based protein market. Panic buying of nutrients and health supplements during the pandemic period significantly increased the demand for plant based proteins. However, retailers and wholesalers are struggled to maintain the demand for plant based protein products owing to strict lockdowns imposed by several governments. Strict lockdowns caused a shortage of raw materials, disruption of the supply chain and distribution network which affected the manufacturing process of the products. However, a new product launch with added benefits will boost the plant based protein market growth during the forecast period.
The global plant based protein market is categorized based on type and application. Details of key types of plant based proteins such as soy protein, wheat protein, pea protein, and others are scoped in the report. Among these, Soy protein is the largest type of plant-based protein consumed worldwide. The demand for soy-based proteins is expected to remain high over the forecast period. Factors such as high protein content, low cost, and easy availability are the prime factors contributing to large share of the segment in the overall market. Various applications of plant based protein considered in the report include food and beverages, animal feed, nutrition & health supplements, etc. Among all these, nutrition & health supplements are presently dominating the overall market in terms of applications. A larger share of the segment is mainly attributed to increasing demand for health supplements and rising demand for plant based nutrients.
The plant based protein market is a highly competitive market. Major players in the global plant based protein market are primarily focusing on capturing untapped markets, new product launches, and production of cost-effective products with added benefits to stay ahead in the competitive market. Some of the major players operating in the market include Archer Daniels Midland Company, Roquette Freres Le Romarin, Cargill, Inc., Ingredion Inc., Kerry Group, Tate & Lyle Plc, E.I. Dupont De Nemours and Company, Now Foods, Axiom Foods Inc., and Amco Proteins, among others.
Future tends/developments
- The economist declared 2019 as “The Year of the Vegan”, the number of vegan food consumer reached around 14% of the total world population and it is expected to reach around 16% by 2025.
- Key players focusing on advanced technologies to extract plant protein to reduce overall production cost
- Growing use of pea protein in food industry
