Plant Protein Market Will Reach Nearly 17.52 Billion by 2028, Expanding at a CAGR of 6.8%

Market Summary

The global Plant protein market was valued at USD 10.28 Billion in 2020 and is expected to reach USD 17.52 Billion by the year 2028, at a CAGR of 6.80%. The growing trend about sustainable products is going to drive the market during the forecast period. Moreover, the constant rise in demand for food with organic ingredients and immense opportunity in the need for alternative solutions to meet the increasing meat demand will prove to be opportunities for this industry. However, the increase in production of and adulteration with genetically modified (GM) soybean is expected to challenge the growth of this market.

There has been considerable innovation and investment in meat-free options that are attempting to replicate the taste and texture of meat. For example, there are versions of meat-free burgers that replicate the bleeding from traditional mince, and a large range of meat alternatives to suit a variety of taste buds. The combination of the growing number of consumers looking to eat vegan alternatives, and the significant investment in new product innovation, is having a spiralling effect, driving the large growth in the overall market. This trend is expected to continue to accelerate.

The alternative consumption of people who are slowly shifting towards vegan choices from consuming meat/ fish (called flexiatrian) could take the form of specific substitutes or meat/ dairy-free meal choices. Previously, vegan diets were mostly consumed by the relatively small market of vegans or vegetarians. In recent years the number of such people has increased. For example, the Vegan Society estimated that the number of vegans in the U.K. increased by a factor of 2.6 times during the time period 2006-2016. However, the considerable growth in the this industry is driven by the flexitarian consumer.

In addition to an increase in sales, there has also been a large inflow of investment into the vegan food industry in the past five years. In total, USD 17 billion has been invested in the plant-based food industry, including USD 13 billion in 2017 and 2020. Investors include visionary tech entrepreneurs, VCs, accelerators, and multinational food conglomerates like Nestle, General Mills, and Danone. Several leaders in the conventional meat industry have also begun to invest in, and acquire, new plant-based meat food products in-house, all while rebranding themselves as protein companies that aim to provide the most options to consumers.

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Further key findings from the report suggest

  • Today, most of the people shaken by Type 2 diabetes, and it is one of the growing health problems over the world. It becomes a matter for teenagers and children. Healthy nutrition practices may play a role in managing and helping type-2 diabetes. Here, plant protein is the high biological, high quality, and value protein, which is an excellent choice for the people who have diabetics. Plant protein helps to control the blood glucose levels and also provides additional benefits for weight management which are a concern for people with type-2 diabetes
  • The supply of whey is mainly propelled by cheese production, which accounts for nearly 95% of the world’s liquid whey and projected to grow by approx. 2% annually. The leftover 5% of whey production stems from casein production, which is somewhat stagnant. Need for whey ingredients, however, has been growing much faster, at approx. 4-5%, on average, around all whey and lactose ingredients, while the most dynamic components have increased by approximately 10% annually. Both nutritional markets, such as sports nutrition, infant nutrition, and clinical/medical nutrition and commodity markets such as food and animal feed, are taking this development.
  • The growth in the plant-based segment has primarily been driven by the mainstream advent of the ‘flexitarian’ customer (people who still consume meat and dairy but seek to reduce the levels they consume), as well as augmented numbers of vegetarians and vegans, as customers respond to a mixture of ethical, environmental and health concerns.
  • A significant reason in the growth of the plant-based industry, particularly in the UK, is the increased ethical focus of the consumer. This partially led by the millennial generation and the advent of the ‘flexitarian’ consumer. The ‘flexitarian’ customer is an individual who still devours meat and dairy but wishes to reduce the quantity of ethical, environmental, and health grounds.

Companies considered and profiled in this market study

Glanbia Plc, Cargill Inc., Archer Daniels Midland Company, DuPont, Kerry Group, Ingredion Incorporated, Tate & Lyle, Royal DSM, Roquette Freres, and Axiom Foods. Existing companies in the food and beverage industry are moving to protect and enhance their positions in the market, both through product development & innovation and in organic growth through the acquisition of the new disruptor brands and products.

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For the purpose of this report, Reports and Data has segmented the Plant protein market on the basis of type, source, form, distribution channel, application, and region:

Form (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)

  • Protein Isolates
    • Wheat Protein Isolates
    • Soy Protein Isolates
    • Pea Protein Isolates
    • Others
  • Protein Concentrates
    • Wheat Protein Concentrates
    • Soy Protein Concentrates
    • Pea Protein Concentrates
    • Others
  • Textured Proteins
    • Textured Wheat Protein
    • Textured Soy Protein
    • Others
  • Others

Source (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)

  • Wheat Protein
  • Soy Protein
  • Pea Protein
  • Others (Canola Protein, Potato Protein, Rice Protein, Corn Protein, among others)

Type (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)

  • Powder
  • Tablets
  • Bars
  • Others

Distribution Channel (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)

  • Online
  • Specialty Stores
  • Supermarkets & Hypermarkets
  • Departmental Stores
  • Others

Application (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)

  • Food
    • Meat alternatives
    • Processed meat, poultry, and seafood
    • Bakery products
    • Convenience food
    • Nutritional supplements
    • Other processed food
  • Dairy & Other Beverages
    • Protein beverages
    • Dairy alternatives
  • Others

 Regional Outlook (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • Rest of the Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia-Pacific
  • Middle East & Africa
  • Latin America
    • Brazil

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