Plant-based protein products are derived from plant sources such as soy, wheat, and pea. Plant-based proteins are used in protein beverages, dairy alternatives, meat alternatives, proteins bars, nutrition supplements, processed meat, poultry & seafood, bakery, food, and sports nutrition products to enhance their nutritional and functional properties, such as texturing, emulsifying, solubility, stabilizing, and binding.
Plant-based proteins has been well accepted in the established and emerging market. This can be accredited to increasing number of people allergic to animal meat. Besides, growth in health awareness and increase in out of pocket expenditure accelerate the growth of the plant-based proteins market. Furthermore, introduction of added nutritive benefits by various market players are some other aspects that promote the growth of the market. Nevertheless, changing prices of raw materials and high cost attribute to the major restraints for this market. Increasing demand for plant-based proteins by vegan people and introduction of new flavor & variability are projected to deliver lucrative growth opportunities for the plant-based proteins market.
Robust global worries about the pandemic coronavirus have significantly but negatively inclined the global functioning of the food & beverage industry and the mentality of consumers, given the health risks. Moreover, factors such as consumer uncertainties, demand-supply volatility, trade and logistics, raw material supply and on the economic front, although prices of F&B products and agricultural produce have remained stable, a prolonged outbreak of COVID-19 will lead to economic instability and food inflation. While the short-term impacts are more evident, it is yet to be understood what impacts and what magnitude of impact the outbreak of COVID-19 will have on the supply chain in the long term.
The exclusive COVID-19 Impact Analysis report by Axiom MRC explores the outbreak of COVID-19, its impact on the global and regional economies, and its implications on the food & beverage sector. The report studies the effect of the pandemic on the global economy by evaluating factors like consumption, GDP, business investment, key players marketing strategies, key supply and demand-side factors and governmental policies & decisions.
The global plant based proteins industry is analysed based on type, form, application and geography. Soy and pea proteins are the plant based proteins covered in the report. The plant based proteins market are available in isolated, concentrated and textured form. They find applications bakery, beverage, nutritional products, dietary supplements etc. The global plant based proteins market is studied across various key countries of regions such as North America, Europe, Asia Pacific and Rest of the World. North America was a lucrative region for the plant based proteins market in 2019. The demand for plant proteins is growing at a fast rate, owing to change in lifestyle, lack of balanced dietary intake, and improved R&D, in order to develop new kinds of plant-protein enriched products.
The key competitors of this market include Bayer Cropscience, BASF SE, Novozymes, Isagro S.P.A., Certis USA LLC, Marrone Bio Innovations, Camson Bio Technologies, Andermatt Biocontrol AG, Cargill, Kerry Group, DuPont, Roquette Foods, Archer Daniels Midland among others.
The repercussion of the COVID-19 necessitates a speculative future for economies and industries. Amongst continuous and constant developments, Axiom team of experts will bring to you timely updates about the Global Economic Impact of COVID-19.
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