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The global plant protein market was valued at USD 5,978.72 million in 2017, and is expected to register an estimated CAGR of 7.1%, during the forecast period, 2018-2023

NEW YORK, Jan. 27, 2020 /PRNewswire/ --

The global plant protein market was valued at USD 5,978.72 million in 2017, and is expected to register an estimated CAGR of 7.1%, during the forecast period, 2018-2023. Increasing demand for nutritional contents and inclination towards non meat diet have pave a way for the growth of plant protein ingredients. Plant based proteins derived from sources such as soy, wheat and other vegetables being an integral part of food & beverage industry are providing intense competition to animal proteins. Increase in population, growing demand for protein products and the attractive amino acid profile of plant proteins have increased the demand of plant protein ingredients in the market.

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Market Dynamics
Plant protein ingredients are commercially used in the food and beverages products, sports nutrition products and pharmaceutical applications. Protein products are majorly consumed by infant age groups and adult age groups. However due to the benefits of plant protein ingredients nowadays has covered all age group protein consumers.

The plant protein market is expected to increase in developing countries due to emerging economies, rise in demand for healthy food products and high nutritional profiles of soy and pea proteins. Consumers are more inclined towards plant protein because of its ease of digestibility, sustainable source of protein, high nutritional value, non-allergic nature, economical and ethical reasons. Innovation in plant based meat alternatives is another driving factor for the plant ingredient markets. Due to high nutritional facts and economic feasibility of plant proteins provides a great opportunity for the application in food, beverages and dietary supplements to meet the insatiable demands of protein in the market. However fluctuating raw material cost, government regulation related to protein derives from GMO crops and organoleptic ally acceptance of plant based proteins have become a hurdle in the growth of industry.

Market Segmentation
Global plant protein market segmentation by application in food industry includes sports and energy drink, meat analogues, beverages, bakery and confectionery and ready to eat products. Plant ingredient in Sports nutrition contributes to the major share in the market in application types. Animal feed market is also a growing segment which uses plant protein as an animal feed ingredient to depend on the more sustainable source which uses less energy consumption, land usage and water consumption.

Based on the source of plant protein market is segmented into wheat protein, soy protein, pea protein and other cereal protein. Soy protein dominates the plant protein ingredient segment followed by pea protein and wheat protein. Due to high nutritional value of soy protein which has shown a positive effect on lowering the cholesterol level and fighting with heart disease it has been primarily used in energy drinks and dietary supplements products. Pea protein ingredient being a non GMO protein source with high nutritional facts giving a healthy competition to soy protein in the market with respect to the countries regulatory environment and GMO image problems among consumers. The various forms of plant protein ingredients available in the market are protein concentrate, protein isolate and textured protein. In the pea protein ingredient market, textured pea protein contains the highest amount of protein and dominates the whole pea protein market as compared to pea protein isolates and concentrates.

Regional Segmentation
Based on the geography the global plant protein ingredient market is segmented into North America, Europe, Asia pacific, South America and Africa. In the regional analysis of plant protein market North America is leading the global market followed by Europe and Asia pacific. Asia Pacific is expected to show a highest CAGR during the forecast period.

Competitive Environment
Usage of approximately 5:1 of plant protein to produce animal protein provides a great opportunity for the plant based protein market to grow while the GMO nature of soya and wheat protein, sensory and functional properties of plant proteins is still a big challenge for the market. The key players in the markets are Archer Daniel Midland Company (U.S), Kerry Group (Ireland), and Cargill Incorporated (U.S), E.I. Du Pont de Company (U.S) and Omega Protein Corporation (U.S) among others. The key players involved in new product development, expansions and partnerships, agreements & collaboration to gain a profitable share in the market.

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