DUBLIN--(BUSINESS WIRE)--The "Global Plant-based Protein Market by Source (Soy, Wheat, and Pea), Type (Isolates, Concentrates, & Textured), Application (Food (Meat Alternatives, Dairy Alternatives, Performance Nutrition & others) and Feed), Form, Nature and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
According to MarketsandMarkets, the global plant-based protein market is estimated to be valued at USD 12.2 billion in 2022. It is projected to reach USD 17.4 billion by 2027, with a CAGR of 7.3%, in terms of value between 2022 and 2027. The market is gaining momentum as more consumers look to shift away from conventional animal protein sources to plant-based foods and proteins.
By source, the soy segment occupies the highest market share during the forecast period.
Based on source, the soy segment is estimated to account for the largest market share, in terms of value, during the forecasted period. Soy is one of the few sources of plant-based proteins, that provides a complete nutritional profile that contains all the essential nutrients. This characteristic property of soy makes it a highly beneficial source of plant-based protein for the vegan and vegetarian consumers around the world.
By type, the concentrates segment is forecasted to account for the largest market share.
Based on type, the concentrates segment accounts for the largest market share and it would dominate the market in terms of value during the forecast period. The plant-based protein concentrates offer desirable properties such as good water retention and emulsification properties. Plant-based protein concentrates also offer a cost-effective protein solution for number of food applications such as snacks, sauces, pasta, cereals, and other dairy and meat products.
By form, the dry segment is forecasted to dominate the market during the forecasted period.
Based on form, the dry segment accounts for a larger market share in 2022. Dry form of plant-based protein is considered to be a sustainable form of protein processing as energy requirements for dry processing are much lesser, when compared to liquid processing.
By nature, organic segment is projected to grow at the highest CAGR during the forecast period.
Based on nature, the organic segment is estimated to witness a higher growth during the forecast period as the number of label-conscious consumers continue to rise, who are highly concerned about personal and environmental health.
By application, the food segment is expected to retain its position as the dominant segment over the forecast period.
Based on application, the food segment is expected to account for the largest and fastest-growing segment over the forecast period because of the large applicability of plant-based proteins across a variety of different food segments such as meat alternatives, dairy alternatives, convenience foods, bakery products, performance nutrition and other food applications.
The Asia-Pacific region is the fastest-growing market for the plant-based protein market during the forecast period.
The Asia-Pacific region is expected to witness the highest growth rate during the forecasted period. The food preferences of this region is highly influenced by religious choices due to which many consumers prefer plant-based proteins over conventional animal sourced proteins. The region has also witnessed an alarming rate of heart diseases and cardiovascular diseases in recent years, which are making the consumers shift away from animal meat and protein. The plant-based protein industry will continue to grow significantly in the region, as the perceived health benefits of plant-based proteins continue to gain momentum.
Leading players profiled in this report include the following:
- ADM (US)
- Cargill (US)
- DuPont (US)
- Wilmar International Ltd (Singapore)
- Roquette Freres (France)
- Glanbia plc (Ireland)
- Kerry Group PLC (Ireland)
- DSM (Netherlands)
- Ingredion (US)
Market Dynamics
Drivers
- Rise in Demand for Wellness-Focused Organic Food & Beverages
- Innovation & Developments Related to Plant-based Protein to Augment Vegan Trend
- Rise in Population with Lactose Intolerance
- Growth in Investment & Collaboration in Plant-based Food Business
- Continual Rise in Demand for Food & Beverages with Organic Ingredients
- Increase in Consumer Focus on Meat Alternatives
Restraints
- Allergies Associated with Plant-based Protein Sources, Such as Soy & Wheat
- Possibilities of Nutritional & Vitamin Deficiencies Among Vegans
Opportunities
- Focus on Aquatic Plants as New & Emerging Sources of Protein
Challenges
- Concerns Over Quality of Food & Beverages due to Adulteration of Gm Ingredients
- Economic Constraints Related to Processing Capacity of Pea Protein
- Concerns Regarding Taste and Texture Offered by Plant-based Protein
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Regulatory Framework
8 Plant-based Protein Market, by Source
9 Plant-based Protein Market, by Type
10 Plant-based Protein Market, by Application
11 Plant-based Protein Market, by Nature
12 Plant-based Protein Market, by Form
13 Plant-based Protein Market, by Region
14 Competitive Landscape
15 Company Profiles
16 Adjacent and Related Markets
17 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/pfyi5b
