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Plant Proteins Market |Market Analysis|Global Industry|Market Forecast to 2026

(Food-Beverage-News.Com, October 29, 2019 ) Market Overview

• The global plant protein market is expected to grow at a rapid pace owing to the high protein content and many health benefits of plant protein. Plant protein is gotten from sources, for example, soy, wheat, and other plant sources. It is important for vegetarians and vegans to mix their protein sources and ensure that they are getting all of the essential amino acids. Most plant proteins need at least one of the important amino acids required by the human body for ideal development and fix. Most of the plant proteins are extracted from seeds and vegetables.

Market Dynamics

• Rising consumption of plant-based food due to health benefits, increasing demand for high-protein content products and growing demand for sports nutrition products are the vital drivers for the market growth. The increasing awareness about the health benefits of plant-based foods among consumers is boosting the growth of the market. Plant-based packaged foods have emerged as a good nutritional option, especially for vegetarians and vegans. Plant protein is low in saturated fat and cholesterol and is a good source of unsaturated fat, fibers, vitamins, and minerals. Therefore, with increasing customer preference for plant-based foods, food manufacturers are formulating plant-based foods with a vegan claim to tap the market demand. For instance, Pacific Foods offers Organic Seitan Korean BBQ, and Organic Seitan Original prepared from plant-based ingredients.

• Plant proteins such as pea protein have 85% of protein content, which is higher than other vegetable proteins. With protein levels similar to that of animal sources, it adequately meets the nutritional needs of the vegetarian and vegan populations. Pea protein and all other plant proteins such as wheat have complementary amino acid profiles, and when combined, offer improved nutritional benefits. It contains essential and non-essential amino acids such as lysine and glutamine. The global wheat protein market is also growing due to the rising demand for meat-free food and low-calorie products, which can be fulfilled by wheat protein, as it has high protein and is low in fat content.

• Stringent government regulations and guidelines, sensory properties related to plant protein potential and an increasing number of gluten allergy incidences are the market restraints for the market growth. Despite all the health benefits associated with plant protein, it is still not universally accepted due to its sensory properties such as flavor. Many consumers do not prefer the beany aroma and grassy flavor. The unfavorable flavor profile of soy products includes bitterness and astringency. Conjugated saponins cause bitterness and off-flavor, and heat-treated or less processed soy products have an astringent taste.

Market Segmentation

• On the basis of application, the market is classified into pharmaceuticals, food ingredients, and animal food. Based on type, the global market for plant protein is broadly segmented as protein concentrate, protein isolate, and textured protein. Global textured plant protein market was valued at $3.93 billion in 2018 and is expected to grow at a CAGR of XX% to reach US$ XX billion by 2026. By type, the textured protein segment accounted for the largest market share of about 36% in 2018 followed by Protein Isolate with XX% of the market share in 2018. Popularly known as a meat extender, textured protein is used to partially substitute meat in burgers, chicken nuggets, and meatballs. Textured protein is categorized as dry textured and wet textured. Owing to their high fiber content, textured pea protein is incorporated in dietary supplements and beverages. They gain a fibrous consistency after rehydration and assume texture and mouthfeel comparable to that of meat. They are therefore perfectly suited for use in prepared meat applications, readymade vegetarian meals, and Bolognese-type sauces. Thus, due to wide usage, they are expected to register rapid growth during the forecast period.

• By source, the plant protein market is segmented into pea protein, soy protein, wheat protein, and others. The pea protein market segment was valued at $0.04 billion in 2018 and is expected to grow at a CAGR of 14.48% to reach US$ XX billion by 2026. The global pea protein market will grow at a steady pace during the forecast period due to its high nutrition profile and the rise in demand for healthy food products. Pea protein supports weight management, helps maintain healthy muscle mass, enhances blood circulation, improves calcium absorption, boosts metabolism, and regulates blood sugar. The rising vegan and vegetarian populations seek plant-based high-quality proteins, and pea proteins cater to these segments. However, wide-spread availability of a range of textured soy products in the global nutrition industry will likely challenge the global pea protein market. Breakthroughs in food science and processing technology have enabled the use of soybean ingredients in novel ways to create foods with familiar taste profiles but with the added nutrition of soy.

Geographical Share

• The global Plant Protein Market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa.

• North America plant protein market is valued at US$ 5.19 billion in 2018, and is expected to reach a market value of US$ XX billion by 2026, at a CAGR of 6.53% over the forecast period 2018 to 2026. Rising awareness among the consumers for health and nutrition, healthy eating, weight management, and environmental protection are driving the growth of North America Plant protein market in recent years. Rising demand for Plant-based proteins and vegan trends will further drive the growth of plant-based protein market in North America. The US is accounted for the major market share of 77% within North American plant protein market in 2018. The US and Canada are the key countries that are contributing to the growth of North American Plant Protein Market in recent years.

• The Asia-Pacific plant protein market was worth US$ 1.61 billion in 2018 and is forecasted to reach US$ XX billion by 2026, growing at a CAGR of 8.10% during the forecast period 2018-2026. The plant protein market in China holds significant market share 28.43%, of the overall Asia-Pacific market. The developing economy of the nations and growing population have increased the plant protein demand in the region. The production of soy protein is the highest in China, and it is followed by India. Plant protein extracted from soy has the highest demand due to high nutritional content and economic feasibility.

• The increase in per capita disposable in the region, coupled with the demand for adequate nutrition and rise in awareness of consumer’s health consciousness, are the primary factors positively influencing the market growth. The companies are focusing on the expansion of regional production facilities in order to strengthen market position in Asia-Pacific. For instance, in May 2018, Roquette Frères S.A. announced the opening of its Food Customer Technical Service Center (CTS) in Tokyo to respond to increasing demand in personalized nutrition, with ingredients such as plant-based proteins, fibers, and healthy carbohydrates.

Competitive Analysis

• Some of the key market players are Archer Daniels Midland Company, Axiom’s Foods, Amco Proteins, Cargill Incorporated U.S, E.I Du Pont de company, Glanbia Nutritionals, Growing Naturals, LLC, Kerry Group, Manitoba harvest hemp foods, Omega Protein Corporation, Roquette Foods, Scoular Companys Food Ingredient, Sodrugestvo Groups and Sunwarrior.

• Vendors collaborate with raw material suppliers to facilitate uninterrupted supply. They also partner with distributors and food and beverage companies to ensure a steady market for plant proteins. New product launches, as well as new investments in plants for the production of protein and expansions, have also been providing manufacturers growth opportunities in the market.

• In a strategic partnership, Farbest Brands and Shandong Jianyuan Foods manufacture and distribute pea protein to the food and beverage industries in Japan, Russia, Australia, and numerous countries in Europe and North America.

• In January 2017, Roquette America announced a notable investment of more than $300 million to build a new pea protein manufacturing site in Portage la Prairie, Manitoba, Canada for addressing the growing demand for plant proteins in the global marketplace. This decision also reaffirmed the company's strategy to grow in the specialty foods and nutrition market. It aims to build the largest pea protein processing facility to date for the health, nutrition, and food markets.

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