Plant Protein Market by Source (Soy Protein, Pea Protein, Wheat Protein, Corn Protein, Others); By Type (Protein Isolate, Protein Concentrate, Textured Protein); By Application (Bakery & Confectionery, Dairy Alternatives, Meet Alternatives, Animal Feed, Nutrition Supplements, Others); By Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa): Opportunity Analysis and Industry Forecast 2021-2027

Date : Jul 2021

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Report ID : 30

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Category : Food & Beverages

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Report Format:  PDF EXCEL PPT WORD

Market Overview:

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).

Plant protein is a natural protein derived from plant sources such as soy, wheat, pea, and others. Plant protein provides building blocks for healthy muscles and tissues in the human body and is also beneficial for weight loss. Plant-based proteins tend to be lower in calories and fat as compared to animal proteins but higher in fibre and essential nutrients. Plant protein foods can help to tackle diabetes and other chronic diseases. There has been a major shift worldwide from fast foods to nutrition-based foods. A major portion of the millennial population has been observed to have changed food habits from animal-based products to organic, vegan and plant-based food products. For instance, a report from USDA Economic Research Services, in 2015, stated that 65% of calories consumed by the US population, as early as 2010, were from plant-based foods.

Plant Protein Market

Due to the availability of alternatives and substitutes, the adoption of plant origin foods in recent years have floated a demand for plant origin food and beverages among the consumers. This is mainly due to the broader scope of product availability, improved development in product and innovation and a wider scope of available alternatives and substitutes. Plant products such as soy protein, pea protein among others, are becoming progressively popular for a variety of reasons. A recent survey by Vox in 2019, in India displayed that the respondents chose plant food products over animal-based products because they follow a vegetarian or vegan diet. According to, European Consumer Survey on Plant based foods, 2020, in Europe, 1% of consumers claim to be vegan and only 3% are vegetarian, yet the plant protein market is trending in Europe. High in health benefits and nutritional value, plant proteins have been identified. Plant proteins have a high nutrient content and with the rising demand manufacturers are venturing into developing innovative products.

Plant Proteins are healthy and also aid in weight loss unlike meat-based products. Plant proteins are said to reduce cholesterol and in turn aid in heart related issues. Health benefits is one of the key reasons of the rising demand for the plant protein market. Sportspersons worldwide are also adopting veganism and plant protein foods globally. Superstar Tennis Sisters Venus and Serena Williams switched to a Vegan diet in 2011 after Venus was diagnosed with Sjogren’s Syndrome. The sisters not only qualified for the Olympics in 2012, but went on to win the Gold in the double’s category. Luminary Indian Cricket team captain Virat Kohli not only turned vegan but owns a Vegan restaurant too. Constant new launches in the plant protein market are providing manufacturers growth opportunities. For new launches companies are partnering with local companies to expand and ensure steady market for plant proteins. For instance, Farbest Brands and Shandong Jianyuan Foods collaborated in 2018, to facilitate the manufacturing and distribution of pea protein to the food and beverage industries in countries like Japan, Russia, Australia, and several others around the world.

One of the biggest restraints of the plant protein market is the allergic reactions to certain plant protein foods such as peanuts or even soy. A report by the Cleveland Clinic states that soy is one of the “Big Eight” allergens, along with cow’s milk, eggs, peanuts, fish, and shellfish, which is highly responsible for 90% of food allergic reactions. Stringent government regulations surrounding plant proteins are another drawback for the growth of the plant protein market. The FSSAI, India had established a task force to set up policies on 'vegan foods' in 2020. Additionally, as compared to the meat-based products, plant protein products are more costly and this is expected to hinder the growth of the plant protein market to some extent. However, major investors are heavily investing in the plant protein market globally for the production and manufacturing of innovative products. With a variety of options to choose from, the consumer base is expanding. This will drive the growth of the plant protein market during the forecast period. In addition, Roquette America, in the year 2018 has invested USD 320 million for a new pea protein manufacturing site in Portage la Prairie, Manitoba, Canada for addressing the rising demand for plant proteins in the worldwide.

The Global Plant Protein Market Segmentation:

By Source

  1. Soy Protein
  2. Pea Protein
  3. Wheat Protein
  4. Corn Protein
  5. Others

By Type

  1. Protein Isolate
  2. Protein Concentrate
  3. Textured Protein

By Application

  1. Bakery & Confectionery
  2. Dairy Alternatives
  3. Meat Alternatives
  4. Animal Feed
  5. Nutrition Supplements
  6. Others

By Region

  1. North America
  2. Europe
  3. Asia Pacific
  4. Latin America
  5. Middle East & Africa

Based on type, the concentrate segment held the largest share during the base year 2020 in the global plant protein market

Based on the type, the concentrate segment accounted for the largest share in the year 2020 and is expected to witness growth over the forecast year. Plant protein concentrates are produced by extracting protein from whole food my means of heat treatment and acid or enzymatic abstraction procedures and supply nearly 70% protein required. The lower prices of concentrated plant proteins are the reason for the demand for plant protein concentrates.

Based on source, the soy protein segment accounted for the highest share during the base year 2020.

By source, the soy protein segment, accounted for the largest share in the plant protein market in 2020. Apart from reducing levels of cholesterol, bringing improvements in metabolism and bone mineral density, and decreasing the risk of cancer, soy protein has major benefits. Soy proteins are used in various food products and their superior nutritional value and easy availability of raw materials are some of the driving factors for the growth soy protein segment in the plant protein market. For instance, Boca Foods, Worthington Foods, and many other companies, use soy protein as the main ingredient in their plant-based meat products.

Based on application, the global plant protein market, the meat alternatives segment held the largest share during the base year 2020.

By application, meat alternatives segment held the largest share in the market in 2020. The growth of this market segment is owing to health concerns among consumers and budding fondness for vegan food. Additionally, increasing cases of obesity from the consumption of meat and meat products have been reported and this has led to consumers opting for meat substitutes. As reported by ScienceDaily, meat contributed to 15% obesity globally. GoodDot, an Udaipur based startup in India, has gained prominence for its mock meat products.

Based on regions, North America is Expected to Hold the Largest Share in the Plant Protein Market during the forecast period.

By region, North America is set to hold the largest share in the plant protein market during the forecast period, and is expected to show similar growth trends during the forecast period. This is owing to a large presence of the key players and large investments which are being made into the plant protein market by the key players and other manufacturers Nestlé, USA, acquired Moss Landing, CA, from Sweet Earth, in 2017. Moreover, rising awareness about plant proteins, in the US, Canada, in Mexico is reinforcing the growth of the plant protein market in North America. Food and beverage manufacturers in the region are experimenting to use healthy ingredients in bakery products, meat alternatives, dairy alternatives, processed foodstuffs, confectioneries, drinks, juices, etc., to enhance their taste, flavor, appearance, and nutritional value. With obesity, cardiovascular diseases, and instances of high cholesterol on the rise, consumers are readily adopting a healthier lifestyle by opting for plant based and vegan diets. All these factors are said to bolster the North America regional plant protein market.

Company Profiles and Competitive Intelligence:

The major players operating in the Global Plant Protein Market include DSM, ADM, DuPont, Kerry Group, Cargill, Glanbia, Wilmar International, Emsland Group, Puris, Cosucra Group, Batory Foods, Roquette Freres, Ingredion. These companies are focusing on collaborating with various stakeholders and innovating new products.

The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges

Drivers

  1. High nutritional value and health benefits
  2. Rise in Vegan population
  3. Innovative products

Restraints

  1. Allergies surrounding plant proteins
  2. Raw material shortage or not available

Covid 19 Impact on the Plant Protein Market

The Covid 19 pandemic did not spare any industry or economy globally. The wrath and havoc created by the pandemic has affected several countries, organizations and businesses. Due to the social distancing policies and lockdown situations, the food and beverage manufacturing industry has suffered immensely. The plant protein market has also faced its shares of trouble owing to the pandemic. For instance, the US which is the significant manufacturer plant protein products has faced shutdowns of various plants and factories which has affected the global supply hampering product supply worldwide and creating delay in delivery. Several countries such as Europe and Asia have collaborated for business purposes, but these have been hampered due to global travel bans imposed by countries. These factors are impeding the food and beverages industry, thereby restraining the growth of the plant protein market.

The report also provides in-depth analysis of key market trends

Sr. No. Trends Impact
1 Growing online forums and magazines that offer lifestyle and diet information. Positive
2 Increased culture of Veganism Positive
3 Difficulty in availability of raw material of plant protein products Negative
4 Popularity amongst the vegan and vegetarian global population Positive

The report also provides in-depth analysis of recent News Developments and Investments

  • In order to strengthen its position in the health and wellness sector in Brazil, Archer Daniels Midland, 2020 acquired Yerbalatina Phytoactives. Yerbalatina Phytoactives is a manufacturer of natural plant-based extracts. This acquisition will ensure an alternative protein production facility as well as beverage extracts, bases, and compounds.
  • In December 2019, DuPont Nutrition & Biosciences launched a new plant-based solution portfolio to help food producers in addressing the rising demand for healthier, more sustainable food and beverages that are free of meat and dairy.

The key players operating in the Global Plant Protein Market are:

  • DSM
  • Archer Daniels Midland
  • DuPont
  • Kerry Group
  • Cargill
  • Glanbia
  • Wilmar International
  • Emsland Group
  • Puris
  • Cosucra Group
  • Batory Foods
  • Roquette Freres
  • Ingredion
  • Burcon Nutracience
  • Sotexpro
  • AGT Food & Ingredients

Frequently Asked Questions (FAQs)

How big is the Global Plant Protein Market?

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.

What is the estimated market growth rate?

The estimated market growth rate is 6.5%.

What is the share of North America in Plant Protein Market?

North America Plant Protein Market accounted for 38.2% of the share in the base year 2020.

Who are the key players in the Plant Protein Industry?

The key players in Medic Laser Market are DSM, ADM, DuPont, Kerry Group, Cargill, Glanbia, Wilmar International, Emsland Group, Puris, Cosucra Group, Batory Foods, Roquette Freres, Ingredion.

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Table of Contents Plant Protein Market

Section 1: Introduction

  • Engagement Objective
  • Scope of the Study: Segmentation 
  • Timeframe, Currency and Limitations

Section 2: Research Methodology

  • 3P Research Approach
  • Market Sizing Approach
  • Data Sources
  • Primary Research Coverage

Section 3: Executive Summary

  • Global Plant Protein Market Summary
  • Market Snapshot
  • Regional Snapshot

Section 4: Market Overview of Plant Protein Market

  • Drivers
  • Restraints
  • Opportunities
  • Market Trends

Section 5: Premium Insights

  • Industry Prospects
  • Major Market Segments
  • Key Trends
  • Competitive Benchmarking
  • SWOT Analysis
  • Strategies Adopted-Benchmarking Heat Map
  • Recent News and Developments
  • Value Chain Analysis
  • Pain-Point Analysis
  • Porter’s Five Forces Analysis

Section 6: Market Overview of Plant Protein Market

  • By Source
    • Soy Protein
    • Pea Protein
    • Wheat Protein
    • Corn Protein
    • Others
  • By Type
    • Protein Isolate
    • Protein Concentrate
    • Textured Protein
  • By Application
    • Bakery & Confectionery
    • Dairy Alternatives
    • Meet Alternatives
    • Animal Feed
    • Nutrition Supplements
    • Others

Section 9: Future Forecast & Impact of COVID-19

  • Covid 19 - Prevalence Analysis
  • Key Trends Analysis
  • 2020 Market Forecast (Pre & Post Covid-19)
  • Key Factor Analysis
  • Ecosystem Impact & Opportunity Analysis

Section 10: Regional Market Analysis (US Millions)

  • North America
    • Market Overview
    • Market Outlook
    • Key Countries & Market Estimates
      • United States
      • Canada
  • Europe
    • Market Overview
    • Market Outlook
    • Key Countries & Market Estimates
      • Germany
      • France
      • United Kingdom
      • Rest of Europe
  • Asia Pacific
    • Market Overview
    • Market Outlook
    • Key Countries & Market Estimates
      • China
      • Japan
      • India
      • South Korea
      • Rest of APAC
  • Latin America
    • Market Overview
    • Market Outlook
    • Key Countries & Market Estimates
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Middle East & Africa
    • Market Overview
    • Market Outlook
    • Key Countries & Market Estimates
      • GCC
      • Rest of MEA

Section 11: Competitive Scenario

  • Competitive Landscape
  • Investment Scenario by key Players
  • Key Player Overview
  • Top 5 Player Comparison
  • Player Wise Geographic Presence
  • Player Wise Target Applications
  • Competitive positioning and strategies of market players

Section 12: Company Profiles

  • DSM
  • ADM
  • DuPont
  • Kerry Group
  • Cargill
  • Glanbia
  • Wilmar International
  • Emsland Group
  • Puris
  • Cosucra Group
  • Batory Foods
  • Roquette Freres
  • Ingredion

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