The growing trend for veganism across the globe is the prominent factor driving the demand for plant proteins. The rising concern for animal welfare, increase preference to healthy diet, growing preventive healthcare are some of the factors propelling the adoption of vegan or plant based diet. Plant based diet have lower saturated fats, cholesterol, high level of folate, anti-oxidant vitamins like C and E, carotenoids, and phytochemicals that reduces the risk of lifestyle diseases is further boosting the market growth. Moreover, equivalent or even high nutritive content of plant derived foods without compromising taste, texture and feel of meat has risen the count of flexitarian population. The increasing preference of flexitarian population for plant based foods is further pushing the market growth higher.
On the basis of product, the market is classified into wheat protein, soy protein, pea protein and others. In 2019, the soy protein dominated the plant based protein market owing to growing demand for high proteins source, increasing trend of veganism and vegan diet. The soy protein was accounted for USD 2,837.57 million in 2019. Followed by it was the market for wheat that was worth USD 1334.05 million in 2019. However, pea proteins market is anticipated to grow at a fastest CAGR of 5.72% from 2020-2026.
Owing to the high protein content, together with low carbohydrate and fat percentage, the protein isolates segment is likely to dominate the market by form during the forecast period. This segment had a market share of 45.61% in 2019. Moreover, concentrated plant based proteins are projected to be growing a rapid pace during the estimated timeframe.
Nutritional & Dietary Supplements, Bakery, Meat Extender & Substitute, Beverages are the majo applications of plant-based proteins market. However, Nutritional & Dietary Supplements dominated the market with a share of 65.92% in 2019. The growing old aged populace has lead to higher demand for nutritional and dietary supplements.
North America dominated the global plant based protein market by accounting for highest market share in 2018 and is likely to maintain the position in following years. Rising prevalence of obesity, cardiovascular diseases has resulted into awareness regarding advantages of adoption of healthier eating habits. However, Asia-Pacific region is anticipated to grow at a faster pace. It was worth USD 1084.55 million in 2019.
The key competitors of this market include Scoular (The United States), Axiom Foods (The United States), Growing Naturals LLC (The United States), Amway Corporation (The United States), Amco Proteins (The United States), Nestle (Switzerland), Cargill (The United States), Kerry Group (Ireland), DuPont (The United States), Roquette Foods (The United States), Archer Daniels Midland (The United States) among others.
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