The global plant protein market was valued at USD 17,225 million in 2020 and is expected to reach USD 27,980 million by 2027, growing at a CAGR of 6.5% during the forecast period, 2021–2027.
Proteins consists of amino acids and are essential nutrients that are required by the human body. When acquired from plants, the proteins are known as plant proteins. With the rise in consumption of plant-based foods, there is a rise in the plant protein market. The increasing awareness about the health benefits of plant protein among consumers is a boosting factor for the growth of the plant protein market. Plant protein is low in saturated fat and cholesterol and is a good source of unsaturated fat, fibers, vitamins, and minerals. The new database of consumers has opened up the market for plant proteins. The so-called millennials have made a major shift in diet from junk foods to organic, vegan and plant-based foods. The rising vegetarian consumer base is also another factor for the rise of the plant protein market. With many options available in terms of meat substitutes, vegans and vegetarians have many options to choose from. For instance, Pacific Foods offers Organic Seitan Korean BBQ, and Organic Seitan Original made from plant-based ingredients. Therefore, with increasing customer preference for plant-based foods, rise in vegan consumers, food manufacturers are formulating plant protein foods.
In the sports fraternity there is a demand for high-protein content products as protein levels similar to that of animal sources and plant protein products meet nutritional needs of the vegetarian and vegan consumers. A recent study published in 2020 established that a plant-based diet does not weaken athletes’ performance rather it enhances the morphology and function of the heart. With the innovative food and beverages available in the plant protein market, the sportspersons are also shifting to plant protein products which acts as a vital driver for the growth of the plant protein market. The increasing awareness about the health benefits of plant-based foods among consumers is boosting the growth of the market.
Stringent government regulations and guidelines are a setback for the growth of the plant protein market. For instance, as there is no regulatory framework, plant-based products can be classified as misbranded, under the Food Safety and Standards Act, 2006 and regulations of India. Rising cases of allergies have also been a cause of concern for the plant protein market. Lack of availability of raw materials and high cost of plant protein products as compared to meat-based products are stated to be setbacks for the growth of the plant protein market. However, due to the rise in health awareness and demand for plant protein products, companies are investing in the manufacturing of the plant protein products. For instance, Roquette Frères S.A. launched Food Customer Technical Service Center (CTS) in Tokyo in 2018 with ingredients such as plant-based proteins, fibers, and healthy carbohydrates. Another example is of Danone S.A. which introduced its sports nutrition brand Vega One, which includes plant protein products, in China in 2018.
North America plant protein market was valued at USD 6580 million in 2020. Rising awareness among the consumers with regard to health and nutrition, chronic diseases, healthy eating, weight management, are factors driving the growth of North America Plant protein market. The growing vegan population in North America is another factor that will drive the growth of plant protein market in North America. The US is accounted for the major market share of 80% in 2020 in the North American region. The US and Canada are the significant countries which will be responsible for the growth of the plant protein market during the forecast period, due to major key players based there.