Plant-based Protein Market to Cross Valuation of US$ 22.7 Bn by 2031: Transparency Market Research

Plant-based Protein Market: Introduction

The latest research report published by Transparency Market Research on the global market for plant-based proteins includes North America, Latin America, Europe, Oceania, East Asia, South Asia, Middle East, and Africa industry analysis and growth opportunity assessment for 2021-2031.

North America account for a value share of 48.4% plant-based protein market. This market in North America is estimated to value US$ 6.34 Bn in 2021 and rise at a CAGR of 5.6% to reach US$ 10.97 Bn by 2031.

plant-based protein market

Increase in Demand for Clean Label Products to Drive Plant-based Protein Market

Plant based protein is gaining popularity among food manufacturers, as it is considered as a clean label ingredient. Consumer tend to purchase products by reading the label for the specification of the product before consuming it.

For food producers, clean label refers to simplifying the ingredient list, while removing contents that are not easily accepted or preferred by consumers. Plant proteins are easily recognized by consumers and presumed to be nutritious, natural, and healthy.

  • According to Ingredion, a leading global ingredients solutions company, approximately 80% of customers globally feel it is important that they identify all ingredients listed on their food and drink packaging. A global survey conducted across 17 countries indicated that consumers also feel that a short and simple ingredient list is essential, and Chinese consumers were rated forth most preferred to read ingredient lists.

Rise in Consumer Awareness toward Preventative Healthcare to Generate Demand for Plant-based Protein

In developed countries, majority of consumers are health-conscious and aware of the benefits of preventative healthcare. Various online forums and magazines provide diet and lifestyle advice and provide regular updates. Moreover, to fuel the demand for plant-protein enhanced products, manufacturers of natural ingredient-based protein are promoting diverse products through various channels such as marketing campaigns, newspapers, and web portals. These marketing methods are generally focused on new goods that provide improved effectiveness, safety, and health benefits such as the capacity to reduce body weight, cholesterol, and blood pressure. This is likely to help the region's market flourish.

Plant-based Protein Prepared from Soy to Fuel-up Demand for Essential Nutrition

Soy protein, in general, contains lower amounts of saturated fat and cholesterol than meat products. It also contains fats beneficial to humans. Beyond that, soy protein is actually a “complete protein”, while providing all of the amino acids essential to human nutrition, and has also been shown to help reduce LDL cholesterol and promote a healthy heart when consumed in diets low in saturated fat and cholesterol. According to the Centre for Diseases Control and Prevention from 2007-2008 through 2017-2018, rise in percentage of adults has been observed that are preferring special diet, calorie or weight loss diet or low carbohydrate diet.

  • Archer Daniels Midland Company, a premier self-contained, full-line manufacturer of soy proteins, offers extensive line of soy proteins, including, concentrates, isolates, TVP textured vegetable protein (TVP), textured vegetable crumbles (TVC), soy flours, and soy grits designed to help maintain optimal health

Use of Plant-based Protein in Various Application to Offer Growth Opportunities in Global Market

Due to increasing demand for natural and organic products, there is a high opportunity for plant-based protein globally. Moreover, geographically, the Asia Pacific region for plant-based protein is anticipated to grow at a significant rate in terms of value. Hence, there is a substantial opportunity to increase the revenue of plant-based market share by penetrating with its various applications.

Rise in number of application increases the use of plant-based products, as it can be used for making supplement & nutritional powder, protein and nutritional powder, bakery and snacks, dairy product, animal feed and others applications.

Global Plant-based Protein Market Segmentation

Plant-based Protein Market by Product Type

  • Soy Protein
  • Wheat Protein
  • Pea Protein
  • Others

Plant-based Protein Market by Form

  • Isolate
  • Concentrate
  • Others

Plant-based Protein Market by Application

  • Supplements & Nutritional Powders
  • Beverages
  • Protein & Nutritional Powders
  • Bakery & Snacks
  • Breakfast Cereals
  • Meat Products
  • Dairy Products
  • Infant Nutrition
  • Animal Feed
  • Others

Plant-based Protein Market by Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

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