The past decade has witnessed a surge in the demand for protein, driven by better identification of protein deficiencies and a growing focus on fitness and workout regimes. This trend has extended to a high demand for plant-based protein, which is seen as a natural and clean label product.
According to a recent study by DuPont Nutrition & Health, 52% of consumers in the US are now consuming more plant-based foods. This shift in consumer preference towards plant-based food products, along with an increasing lactose-intolerant population, is fueling the demand for plant-based protein and propelling the growth of the global plant-based protein market.
For More Industry Insight Read: https://www.fairfieldmarketresearch.com/report/plant-based-protein-market
Pea Protein Takes the Lead in Consumption Patterns
Soy protein has been widely used in various food products due to its easy availability and affordability. It has also found applications as an alternative to animal milk. However, pea protein is expected to surpass all other types in the plant-based protein market. Processed food manufacturers are now shifting their preference towards pea protein due to its texture-lending properties. The isolate form of pea protein is easy to incorporate into various food products, providing high protein content and adding color and flavor, making it a perfect ingredient for items like sports drinks and infant formula.
COVID-19 Impact and Recovery
The outbreak of COVID-19 disrupted the supply chain and led to a halt in the supply and sale of organically derived pea protein. However, as the world slowly returns to normalcy, the demand for pea protein is expected to gain prominence due to its cost-effective nature, driving the expansion of the plant-based protein market.
North America and Europe Lead the Market
North America is estimated to hold the largest share of the global plant-based protein market, followed by Europe. The increasing popularity of vegan products and higher awareness of lactose intolerance in these regions have driven the demand for plant-based protein. Additionally, both regions boast a high number of plant-based protein manufacturers, leading to high product penetration at the retail level. These factors are expected to further boost the growth of the plant-based protein market in Europe and North America in the coming years.
Collaborations as Key Strategic Developments
Plant-based food products are now shaping the product portfolios of key manufacturers. Processed food manufacturers are offering processed plant-based protein food products, such as burgers, chicken nuggets, and seafood alternatives. Many companies have launched new products and acquired brands to gain a prominent space in the alternative protein category, influencing the plant-based protein market landscape.
Key Market Players
The plant-based protein market includes prominent players such as Royal Ingredients Group, Sotexpro, Glanbia, Kerry Group, Roquette Freres, Cargill, Emsland Group, The Greenlans LLC, DuPont, Batory Foods, Aminola, Ingredion, BurconNutracience, Archer Daniels Midland Company, AGT Food & Ingredients, Beneo, ProlupinGmbh, Puris, Cosucra Group, Wilmar International, and Parabel.
The rise of veganism and the increasing awareness of the health and environmental benefits of plant-based protein are setting the ball rolling for a remarkable growth trajectory in the global plant-based protein market. As consumer preferences continue to shift towards sustainable and plant-based food choices, the future of plant-based protein looks promising, offering a healthier and greener alternative to conventional protein sources.
