Protein is the essential nutrient required by every part of the body including hair, skin, bone, and muscles. Most of the time, as best sources of protein, food such as chicken breast, pork, and beef come in mind. But nowadays most people are reducing the use of animal-based products or following a vegan or vegetarian diet. For such a population, plant-based proteins play a crucial role to fulfill the needs of proteins.
The growing trend of veganism is the primary factor for a substantial rise in global plant-based proteins. In addition to this, the availability of a wide range of food products including tofu, chickpeas, soybeans, lentils, almonds, peanuts, and many more as a source of protein is fueling the market growth. Further, an increase in the use of plant-based proteins in nutritional supplements, a growing focus on a healthy lifestyle, and a rise in key marketing strategies & effective advertising are some of the key aspects that are spurring the overall market growth. Furthermore, the launch of innovative products with additional benefits will offer lucrative opportunities for the growth of global plant-based proteins over the forecast period.
The global plant-based proteins market is classified based on nature, form, source, application, and region. Based on nature, the global plant-based protein market is categorized into conventional and organic. The plant-based proteins are available in the form of hydrolysates, concentrates, and isolates. The sources of plant-based protein include pea, wheat, soy, and others. Plant-based proteins have applications in nutrition supplements, meat alternatives, dairy alternatives, protein beverages, and others.
Among the regions, North America is estimated to be the highest revenue generator in the global plant-based proteins during the forecast period. The growing trend of veganism and the increase in the use of nutritional supplements are the factors that are propelling the growth of the market in this region. Europe is also expected to account for a significant share in the market growth. Asia Pacific is anticipated to be the fastest-growing region owing to rising inclination towards a healthy lifestyle and growing demand for organic & non-GMP products.
To be in the front position in the global plant-based proteins markets, key players are investing in R&D for innovative product development and adopting mergers & acquisitions and collaborations to expand the product portfolio. Some of the predominant players operating in the global market are Cargill, Incorporated, Prolupin GmbH, A&B Ingredients, Axiom Foods, Inc., Roquette Frères, AGT Food and Ingredients, Kerry Group, DuPont de Nemours, Inc., Glanbia, Plc, and Archer Daniels Midland Company among others.
Key development: In April 2021, Archer Daniels Midland Company advanced protein innovation with the launch of a new plant-based laboratory in Singapore dedicated to plant-based protein.