Plant-based protein Market: Segmented by Form (Dry and Liquid); By Source (Soy, Wheat, Pea and Other); By Distribution Channel (Convenience stores, Pharmacies, Hypermarkets & supermarkets, E-commerce platforms and Other); and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Plant-based protein Market to surpass USD 9.49 billion by 2030 from USD 5.23 billion in 2020 at a CAGR of 8.9 % in the coming years, i.e., 2021-30.
Protein is an essential nutrient for our bodies' development, maintenance, and repair. To keep one's body-safe, one must eat enough high-quality protein every day. Protein is, in a nutshell, essential to our bodies' basic structure. Plant protein is essentially a useful source of protein derived from plants as a food. Pulses, tofu, soya, tempeh, seitan, nuts, beans, some grains, and even peas fall into this category. Chickpeas, lentils, beans (such as black, kidney, and adzuki beans), and split peas are all part of the legume family. Plant proteins are nutrient-dense, not only because they are rich in protein, but also because they contain other nutrients including fibre, vitamins, and minerals. Fibre intake is often inadequate; but, by including plant proteins such as pulses, peas, and nuts in one’s diet, one can easily increase one’s fibre intake. Consumer tastes are shifting, indicating an increasing change toward a more nutritional diet based on a more sustainable lifestyle and less reliance on animal proteins, which could drive the market.
Global Plant-based protein market is expected to project a notable CAGR of 3.9% in 2030.
The growth of online stores is also propelling the selling of high-end products. Growing health & wellness trend, increasing consumers' interest in meat alternatives, the demand from the food & beverage industry, and numerous advances in ingredient technology such as microencapsulation are driving factors in the market.
Dry form segment to grow with the highest CAGR during 2020-30
Global Plant-based protein market is segmented by form into dry and liquid. Dry form segment held the largest market share in the year 2020. Protein concentrates are produced using a dry method of protein processing. It entails the use of dry milling technology to reduce the particle size of raw material into fine particles. Pulses and cereals are processed using this method, which is linked to their tissue architecture and milling behaviour. Differential particle size and density inside the milled flour are used in the process. The air classification method separates the smaller protein rice fragments from larger starch-rich granules or fibre-rich granules after they've been milled.
Soy protein segment to grow with the highest CAGR during 2020-30
Global Plant-based protein market is divided by source into soy, wheat, pea and others. Over the forecast period, the soy protein segment is projected to expand at the fastest pace owing to the easy availability of raw material along with its super nutritious value. The Pea protein segment is expected to expand at a large rate due to its high popularity and increasing utilization in dietary supplements.
Hypermarkets & supermarkets segment to grow with the highest CAGR during 2020-30
Global Plant-based protein market is segmented by distribution channel into Convenience stores, pharmacies, Hypermarkets & supermarkets, E-commerce platforms and others. Hypermarkets & supermarkets segment held the largest market share in the year 2020. During the forecast period, it is predicted to be the largest and fastest-growing market. The wide variety of products available and the convenience of real-time brand comparison for customers are the primary reasons for hypermarkets and supermarkets' popularity in this market.
Nutritious protein as compared to other sources as well as health benefits associated with it
Plant-based meat substitutes have been described as nutritious protein sources that, when compared to meat, provide a number of social, environmental, and health benefits. Plant proteins have some distinct advantages over animal proteins. Furthermore, there is a growing emphasis on reducing meat product consumption due to the high cost and limited supply of animal proteins in many countries, consumer concerns about the health benefits of animal-based proteins, and growing flexitarians. Additionally, processed meat, in general, is the subject of numerous studies aimed at demonstrating the connection between consumption of these items and health concerns. Plant-based meat substitutes have been described as healthier sources of protein that, when compared to meat, provide a number of social, environmental, and health benefits, and may play a key role in meat consumption reduction. As a result, there is an increasing demand for meat substitutes, which drives the global market for plant-based proteins.
Economic factors and surging demand from end-users
Rising demand of Plant-based protein from numerous end-user industries is the key factor contributing in market growth. Plant-based proteins are extremely important on a global scale, and there is a lot of interest in their ability to satisfy the growing demand for protein from non-meat sources. Animal diseases, a global scarcity of animal protein, high demand for wholesome and religious food, and economic factors have all contributed to an increase in the direct consumption of plant proteins in meat analogues or meat alternatives. Meat analogues are plant-based meat substitutes that look and taste like meat and can help people change their eating habits.
Negative health consequences as well as allergies to some sources
Plant-based foods and beverages have practical health benefits and contain important minerals; however, some sources, such as soy and wheat, have been reported as allergens, prompting cautious consumer acceptance. Soybeans have a high nutrient profile, including vitamins, minerals, and proteins; however, antinutritional components in soy can trigger allergic reactions. Furthermore, soy protein contains a lot of phytic acids, which can prevent essential minerals like calcium, magnesium, copper, iron, and zinc from being absorbed. In humans, soy allergy can cause itching and hives. The other factor is gluten sensitivity, which is normal in wheat proteins with similar properties and has had an effect on the growth prospects of both protein sources.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Plant-based protein market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Global Plant-based protein in North America held the largest market share in the year 2020. Plant protein demand is rapidly increasing as a result of changing lifestyles, a lack of balanced dietary intake, and increased R&D to develop new types of plant-protein enriched products. The United States continues to dominate the plant protein market, with Canada and Mexico following closely behind. The demand for processed and low-cholesterol foods in the area has paved the way for the region's plant-based protein industry. Consumers all over the world are moving to other alternatives, such as green label food products, as well as raising awareness of organic and plant-based products, which is propelling the industry forward.
Global Plant-based protein is further segmented by region into:
Plant-based protein Segments:
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