Plant Protein Ingredients Market Insights: Growth, Key Players, Demand, and Forecast 2027
Plant Protein Ingredients Market Overview
The global plant protein ingredients market is expected
to rise to a valuation of 14760.3 million by 2027, according to the latest
research report from Market Research Future (MRFR). The global plant protein
ingredients market is expected to exhibit a solid 7.05 % CAGR over the forecast
period from 2022 to 2027, according to the report.
Rising health awareness among consumers is likely to be a
major driver for the global plant
protein ingredients market outlook over the forecast period. In recent
years, the consumption of fat- and carbohydrate-rich foods has increased among
consumers all over the world, due to the steady growth of the fast food
industry and the convenience of fast food for consumers living hectic lives in
busy urban areas. This has led to a rising prevalence of lifestyle diseases
such as diabetes, hypertension, and others. Growing awareness about these
conditions has led to a growing awareness about the benefits of a high-protein
diet. This has led to a growing consumption of protein-rich foods in recent
years. This is likely to remain a major driver for the global plant protein
ingredients market over the forecast period. Increasing awareness about the ability
of high-protein foods such as plant protein ingredients is also likely to be a
major driver for the global plant protein ingredients market over the forecast
period.
The growing demand for vegan and vegetarian food is also
likely to be a major driver for the global plant protein ingredients market
over the forecast period. The demand for vegan and vegetarian food has grown in
recent years, as many consumers have switched to a vegan or vegetarian
lifestyle for various reasons. Some people have switched to veganism to protest
animal cruelty, while some have joined the bandwagon due to concerns about the
animal products industry’s impact on the environment. This has driven the
demand for plant-based protein products, as replacing the proteins from animal
sources is important for the health of vegans and vegetarians. The growing
adoption of veganism and vegetarianism is likely to be a major driver for the
global plant protein ingredients market over the forecast period.
Competitive Leaderboard:
Leading players in the global plant protein ingredients
market include Archer Daniels Midland Company, Kerry Group plc, Cargill Inc.,
AMCO Proteins, The Scoular Company, A & B Ingredients Inc., Jungbunzlauer
Suisse AG, Glanbia Nutritionals Inc., Roquette Freres SA, Reliance Private
Label Supplements, Ingredion Inc., Batory Foods, Cambridge Commodities Inc.,
PLT Health Solutions, and Axiom Foods Inc.
Segmentation:
The global plant protein ingredients market outlook is
segmented on the basis of source, form, application, and region.
By source, the global plant protein ingredients market is
segmented into soy, wheat, pea, rice, potato, and others. The soy segment holds
the largest share in the global plant protein ingredients market due to the
complete nature of the proteins in soy and the ease of extracting soy proteins.
The highly nutritive nature of soybeans is likely to ensure the segment’s
dominance in the global plant protein ingredients market over the forecast
period.
By form, the global plant protein ingredients market is
segmented into dry and liquid categories. The dry segment holds the largest
share in the global plant protein ingredients market and is likely to retain
the highest growth rate over the forecast period from 2022 to 2027.
By application, the global plant protein ingredients market
is segmented into food and beverages, pharmaceuticals and nutraceuticals,
animal feed, and personal care. The food and beverages segment is further
sub-segmented into bakery and confectionery products, dairy and frozen
desserts, beverages, meat alternatives, dietary supplements, and others. The
food and beverage segment is expected to dominate the global plant protein
ingredients market over the forecast period by application.
Regional Analysis:
Geographically, the market can be segmented into five
regions: North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and
the Middle East and Africa (MEA).
North America is the largest regional market in terms of plant
protein ingredients market insights, followed by Europe. The growing health
consciousness among the population in North America is the major driver for the
plant protein ingredients market in the region.
With a market share of over 32.85% of the global market and
a touted market valuation of USD 5530.89 million during the forecast period,
North America is proving its superiority. A stellar CAGR of 7.19% is on the
cards for the region. Canada is expected to register the highest CAGR during
the period, with Mexico following the lead.
The APAC region is anticipating the fastest CAGR, and India
will take the onus to ensure that by expanding the market for plant protein
ingredients considerably within its boundaries. An astounding 8.70% CAGR can be
anticipated from the Indian market. So far, China is the regional market leader
with a market share of 25.46% in 2017.
NOTE: Our Team of Researchers are Studying Covid19 and
its Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
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