The food segment is anticipated to hold a considerable share in the global plant based proteins market. The increasing vegan population and rising research and development activities for the production of innovative and tasty protein alternatives are driving the segment's growth. Additionally, rising popularity of egg, poultry, and meat alternatives is supporting the steady growth of the segment. The key companies operating in the market are emphasizing on the launch of new meat alternatives to capture a wider marketplace. For instance, in December 2021, ITC announced the launch of plant-based meat products in anticipation of the growing demand for meat substitutes and vegan meals in India. Furthermore, increasing lactose intolerance in the population is another factor driving the demand for plant-based dairy products.
Growing product variety is also driving the growth of global plant based proteins market. Companies are starting to experiment with ingredients such as flax, quinoa, hemp and pea milk, all of which offer health benefits such as high protein and omega-3 content. In Europe, almond, coconut, rice, and oat milk sales doubled in the last few years. The increasing popularity of protein alternatives, especially dairy alternatives, is expected to drive the plant based proteins market growth in the upcoming years.
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The accessibility of information on food provenance, the increasing reach of social media, and concerns around transparency in the food industry worldwide impact customer purchasing decisions and behaviour. Consumers are more inclined towards food that is sourced sustainably, good for health and has no impact on the environment. Therefore, the demand for plant based proteins market has been growing in recent years. Moreover, there is a rising consumer inclination towards reducing the meat and poultry intake to improve health. This is mainly driven by a rising awareness of a connecting link between high meat and poultry consumption and some non-communicable diseases, validated by a mounting body of scientific evidence. For instance, according to the study published in the British Medical Journal, there is a link between high levels of red meat consumption to a 26% increase risk of contracting nine non-communicable diseases, including cancer, type 2 diabetes, strokes, Alzheimer's, and others. Moreover, the World Health Organization (WHO) has also classified processed and red meat as carcinogenic. Such data published by government organizations and rising awareness among consumers regarding the health benefits of plant originated protein intake are expected to drive the global market.
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Key Findings:
- In terms of revenue, the global plant based proteins market was valued at US$ 9,831 Mn in 2020, growing at a CAGR of 15.32% over the forecast period (2021 – 2029).
- By type, the pea segment registered for the major share of revenue in the global plant based proteins market in 2020.
- By composition, the conventional segment accounted for the highest market share in the market in 2020
- By application, the food industry segment accounted for the major share in 2020, owing to rising awareness and benefits of consuming plant based proteins.
- By sales channel, the offline segment accounted for the major share in 2020.
Our 420+ Pages Report titled, “Plant Based Proteins Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021 - 2029”, will include extensive information on the following pointers:
- Global market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) by segments/sub-segments.
- Split of the market revenue (US$ Million) into all the relevant segments & sub-segments across all major regions/countries.
- Years Considered (2015 – 2029)
- Historic Years: 2015 - 2019
- Base Year: 2020
- Forecast Years: 2021 – 2029
- Market determinants and Influencing Factors
- Market Dynamics (Drivers, Restraints, Opportunities and Trends)
- Impact of Covid-19: Global Plant Based Proteins Market
- Macro-Economic and Micro-Economic Indicators
- Porter’s Five Forces Analysis
- Competitive Benchmarking: Global Presence and Growth Strategies
- Market Share Analysis, 2020
- Detailed profiles of major market participants operating in the market, encompassing information pertaining to company details, company overview, product offerings, key developments, financial analysis, SWOT analysis and business strategies
- Region specific reports including North America, Europe, Asia Pacific, Middle East & Africa and Latin America are also available in our repository.
- The reports can be provided in different languages including French, Korean, Japanese, Arabic, Spanish, German, Russian, Chinese and other languages.
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Competitor Insights:
The key companies profiled in the global plant based proteins market are mentioned below:
- ADM
- AMCO Proteins
- BENEO
- Burcon
- Cargill, Incorporated.
- DuPont Nutrition Biosciences ApS
- Emsland Group
- ETChem
- Glanbia plc
- Ingredion Incorporated.
- Kerry
- NOW Foods
- Parabel Nutrition
- PURIS
- Roquette Frères.
- Tate & Lyle
- The Green Labs LLC
- Other Market Participants
Global Plant Based Proteins Market:
By Type
- Pea
- Chia
- Hemp Seeds
- Lentils
- Caesin
- Rice
- Wheat
- Chickpea
- Potato
- Soy
- Sacha Inch
- Nutritional Yeast
- Quinoa
- Pumpkin Seed
- Others
By Composition
- Organic
- Conventional
By Applications
- Food
- Meat, eggs Alternatives
- Dairy Products
- Bakery and Confectionary
- Spreads
- Sauces and Seasonings
- Baby Food
- Others
- Beverages
- Instant powder drinks
- Functional waters
- Sports beverages
- Ready-to-Drink Beverages
- Dry Blended Beverages
- Others
- Animal Nutrition
- Pet food
- Aqua feed
- Pig feed
- Ruminant feed
- Poultry feed
- Health and Nutrition
- Sports Nutrition
- Pharmaceuticals
- Others
By Sales Channel
- Online
- Offline
- Supermarkets/Hypermarkets
- Specialty Stores
- Others
By Form
- Isolates
- Concentrates (Protein Powder)
- Hydrolysates
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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