Consumers striving for a healthier lifestyle are driving the adoption of plant-based products. In 2016, 21% of all Americans stated that they have an improved opinion on the healthfulness of plant proteins and 69% are trying to consume more, according to the International Food Information Council. As a result, food and beverage manufacturers are increasingly seeking plant-based ingredients that bring a healthy halo to formulations, thereby driving the demand of plant based proteins across the globe. The global plant based protein market will grow at a CAGR of 6.7% from 2017 to 2022 to reach USD 10,892.3 million by 2022, according to the latest publication from Meticulous Research®.
The global plant based protein market is majorly driven by increasing awareness about the benefits of plant proteins and growing demand for protein rich diet, which has increased rapidly in recent years. This demand is associated with increasing world-population and wellbeing. As the awareness of protein is increasing, incorporation of plant based proteins in various food and beverage categories is also experiencing substantial growth. In addition, the factors such as growing health and wellness trend, increasing consumers’ focus on meat alternatives, and advancement in ingredient technologies such as microencapsulation are also bolstering the growth of plant based protein market.
Moreover, Southeast Asia, Latin America, and Middle East & Africa provide significant growth opportunities for plant-based protein suppliers in the coming years, as they have seen fast and significant changes in food consumption levels and patterns. Rising living standards, growing popularity of western culture, demand for functional food, and increased per capita income increases the demand for plant based proteins in these regions. Also, growing vegetarianism and emergence of marine plants such as spirulina, chlorella, and seaweeds as a promising and novel future protein source provides significant opportunities for protein manufactures as it increases the demand for plant protein.
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Plant proteins in the human diet include a diverse range, which vary in terms of amino acid composition and digestibility. They are perfectly capable of satisfying human needs for all ages when consumed in appropriate mixtures. Plant based proteins are derived from various plant protein sources like soybean, wheat, pea, canola, potato, rice, corn, fava protein, algae, and others such as oat, hemp, chia seed, and sorghum across the globe. Soybeans are among the best source of plant-based protein. With the high price of animal proteins and increased demand of meat protein alternatives, food manufacturers are increasingly replacing animal proteins with soya proteins, resulting in growing demand for textured soya proteins as a meat alternative. Also, easy availability and low cost than other sources of plant protein are some of major reasons behind growing demand of soya protein from various industries, especially food and beverages and animal feed. However, among all the protein types, pea proteins are enjoying particularly strong demand due to their growing use in wide range of applications such snacks, beverages, nutritional supplements, and meat alternatives & extenders.
Further, these proteins are most widely used in food and beverages, animal feed, nutrition and health supplements, and pharmaceutical industries. Food and beverages industry is the largest consumer of plant-based proteins, owing to growing awareness and demand for protein rich food products, their compatibility with vegetarian and vegan lifestyles, and rising clean label trend. Moreover, plant based proteins also find their major application in the nutrition and health sector as its functions are most required in this industry. Incorporation of plant based protein into health supplements gives benefits to brain health, eye health, heart health, muscle mass, growth issues, enhanced immunity, weight management, beauty from within, and sports performance. The applications of plant based protein in nutrition and health supplements are mainly fueled by growing ageing population, health and wellness trend, and increasing prevalence of various diseases.
Geographically, North America consumes more plant based proteins than any other region in 2017, and is expected to dominate this market in the next five years. The factors such as well-established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products, rising health & wellness trend, and presence of large number of plant based protein manufacturers are contributing to growth of plant based protein market in this region. However, Asia Pacific region is witnessing rapid growth in the demand of plant based protein, mainly attributed to increasing protein rich diet awareness, increasing health consciousness, booming food & beverages industry, growing economy, rapid urbanization, and the large base of vegan population.
The key players operating in the global plant based protein market are Archer Daniels Midland Company(U.S.), Cargill, Incorporated (U.S.), Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), NOW Foods (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), AMCO Proteins (U.S.), Burcon Nutrascience Corporation (Canada), Beneo GmbH (Germany), Glico Nutrition Co., Ltd. (Japan), Glanbia plc. (Ireland), Corbion NV (the Netherland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Wilmar International Ltd. (Singapore), and CHS Inc. (U.S.).