REDDING, Calif., April 7, 2021 /PRNewswire/ -- According to a new market research report titled "Plant-based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein), Crop Type (GMO), Source Process (Organic), Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Forecast to 2027". The plant-based proteins market is expected to grow at a CAGR of 9.5% from 2020 to 2027 to reach $21.23 billion by 2027.
Consumer interest in boosting protein intake is increasing with more attention being paid to the specific types of protein being consumed. With increasing population and welfare, the demand for protein as a food-nutritional component is rising sharply. The high protein trend is gaining traction and will continue to evoke interest in the upcoming years. Consumers have become more aware of protein benefits in supporting an active lifestyle. The desire for clean labels, ease of digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan lifestyles, and concerns about sustainability among the general population are putting the spotlight on plant proteins. Consumer notions of what constitutes a good protein source are expanding to include a wider variety of plant protein ingredients. Subsequently, interest in plant protein ingredients among food manufacturers and foodservice operators is intensifying, fueling the global plant-based protein market's growth.
The overall plant-based proteins market is mainly segmented based on type, crop type, source process, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Increasing demand for plant-based food during the COVID-19 pandemic to drive market growth
The COVID-19 provided a substantial increase in sales of plant-based products, which proved beneficial for all stakeholders in the plant-based proteins market. Few to be listed are:
As of May 2020, Green Monday's (China) online sales have doubled, citing the impact of the coronavirus. Among the most popular purchases was a pork substitute called Omnipork.
In April 2020, JUST, a U.S.-based company that makes egg products from mung beans, announced that its sales on Chinese e-commerce platforms JD.com and Tmall of JUST Egg had surged 30% since the outbreak.
As of May 2020, U.S.-based California Farms grocery sales increased by 50% as compared to 2019. An upsurge in sales was mainly attributed to increased sales of oat milk and nutritional plant-based butter.
In April 2020, in the U.S., retail sales of fresh plant-based meats grew 279.8%. Also, oat milk sales grew 476.7% in the week ending March 2020, while dairy milk sales grew 32.4%, according to Nielsen data. Additionally, according to IRI data, retail sales of meat grew 77% in the week of March 2020.
Key Findings in the Plant-based Protein Market Study:
Based on type, the plant-based protein market is segmented into soy, wheat, pea, canola, potato, rice, corn, and others. The soy proteins segment accounted for the largest share of the overall plant-based proteins market in 2020. This segment's leading position is mainly attributed to higher consumer acceptance, the presence of a large number of manufactures, lower cost than other types of plant proteins, easy availability of raw materials, and large number of applications in various industries. However, the pea proteins segment is expected to grow at the highest CAGR during the forecast period. This segment's rapid growth is mainly attributed to its nutritional qualities and its allergen-free, gluten-free, and lactose-free properties.
Based on crop type, the plant-based proteins market is mainly segmented into genetically and non-genetically modified organism crops. The non-genetically modified organism crops segment accounted for the largest share of the overall plant-based proteins market in 2020. This segment's leading position is mainly attributed to increased awareness about the harmful effects of genetically modified crops and the increasing trend of clean label products. This segment is also expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising demand for eco-friendly, natural, and organic food products and stringent regulations for GM crops in Europe and Asia-Pacific.
Based on source process, the plant-based proteins market is mainly segmented into organic and conventional plant-based protein ingredients. The conventional plant-based protein ingredients segment accounted for the largest share of the overall plant-based proteins market in 2020. The leading position of this segment is mainly attributed to their low price than organic protein ingredients, longer shelf life, and availability of substantial crop varieties. However, the organic plant-based protein ingredients segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the plant-based protein market is segmented into food and beverages, animal feed, nutrition and health supplements, pharmaceuticals, and others. The food and beverage segment accounted for the largest share of the overall plant-based proteins market in 2020. This segment's large share is mainly attributed to high consumer demand for sustainable products, growing awareness about plant protein health benefits, increasing health concerns over animal products & ingredients, increasing vegan population, and rising meat prices and clean label trends. However, the nutrition and health supplements segment is expected to witness significant growth. This segment's rapid growth is mainly attributed to changing lifestyles, growing health & wellness trends, and increasing prevalence of diseases.
Geographically, North America accounted for the largest share of the global plant-based protein market in 2020. This region's large share is primarily attributed to the 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, and growing health & wellness trend. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This region's rapid growth is mainly attributed to growing protein-rich diet awareness, increasing health consciousness, growing technological advancements in the food & beverages industry, and increasing raw material availability.
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), DuPont de Nemours, Inc. (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 Netherlands), 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.) among others.
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