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Plant Protein Market Size to Reach USD 17.52 Billion in 2028 from USD 10.28 Billion in 2020, with soy leading among source segments: Reports and Data
According to most recent analysis by Reports and Data, the global Plant protein market size was USD 10.28 Billion in 2020 and is expected to reach USD 17.52 Billion in 2028, and register a revenue CAGR of 6.80% over the forecast period 2021–2028.
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Increasing consumer focus on source or origin of food and ingredients consumed and tendency to avoid food products believed to be unnaturally grown or those containing ingredients that are unnatural or unhealthy is a key factor driving market revenue growth. Although meat has always been an ideal source of protein and fiber, a major shift towards more vegan-based diets and changing food preferences and reducing inclination toward meat and meat-based products and protein and ingredients has been more prominent among consumers in countries in Europe and North America . Demand for traditional plant protein has risen majorly once again in markets in both, developed and developing countries, after some period of time being dependent on protein from animal and other sources as a food ingredient.
Changing consumer behavior, consumption patterns, and preferences, as well as interest in alternative-protein sources, has been changing partially due to personal health and environmental concerns and animal welfare and related concerns. Cleaner-greener eating trends, driven primarily by millennials, are resulting in higher preference for foods that are organic and healthy, ethically and naturally sourced, and involve less processing between source and table. Demand for plant-based protein has been high and continues to increase, driven by the above mentioned trends.
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Incline in sales has also resulted in major investment into the plant-based food business in the past few years. Major Investors include sustainable agriculture visionaries, VCs, accelerators, and global food conglomerates and companies such as Nestle, General Mills, and Danone to name a few. Some major players in the conventional meat protein industry have also been investing in, acquiring, and building new plant-based meat products in-house, as well as rebranding themselves as plant-based protein provider companies.
Some major factors negatively impacting market growth include availability of non-plant protein sources, global climate change, unpredictable weather conditions, reducing arable land to cultivate crops, and rapidly increasing water scarcity. Whey protein is a very widely available and preferred protein type globally, and accounts for majority revenue share among the protein sources for the dietary supplements industry. Many protein producing companies are also exploring with consumer willingness to explore or experiment with newer food options and ingredients. Food companies are also leveraging opportunities and offering a variety of products and ingredients using different plant-based proteins (soy, pea), new animal sources (insects), and biotechnological innovations (cultured meat or fungal protein).
An increasing number of consumers globally have been opting to be flexitarians or vegan. This is a factor opening up lucrative opportunities for manufacturers to explore, innovate, and offer wider options in the plant protein segment. Increasing traction of new and more advanced agriculture techniques and methods such as hydroponics and vertical farming can aid in addressing issues related to judicial use of water and soil, and reduce "food miles" associated with distribution, thereby reducing carbon footprint as well.
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Soy continued to remain the most widely used and preferred source of plant protein globally. Soy accounted for majority revenue share, with soy protein isolates and soy protein concentrates accounting for significantly larger share than other forms and sources.
Pea segment accounted for second-largest revenue share, and growth of this segment is impacted primarily due to low production and availability of peas for protein extraction and sales. Fresh peas are highly preferred and most stock is depleted/consumed fresh and the production volumes fail to match demand enough to be able to extract protein.
North America plant protein market accounted for significantly larger revenue share in the global market and is expected to continue to dominate other regional markets over the forecast period. Demand for plant proteins has been high in countries such as the US and Canada , and has increased further in the past decade. This can be attributed to an increasingly younger and growing consumer base opting for more organic, natural, as well as healthy food options. This can be attributed to rising prevalence of obesity among young individuals and incidence of obesity-related health diseases and conditions. Also, an increasing number of consumers are focused on health and well-being and the trend is expected to continue over the forecast period.
Consumers in countries such as India and China have been going through various changes due to factors such as rapidly developing economy, increasing spending capacity, changing lifestyle and eating patterns, and rising focus on health and wellness. A large majority of the population in India are essentially vegetarian and demand for products that are healthy and organic, and ideally sourced from a plant origin continue to remain in high demand. Sports and bodybuilding, and making and posting videos of events and workouts on social media platforms etc., are trends that are gaining increasing traction among younger individuals and persons in countries in the region. Sales of supplements and protein beverages and flavored drinks have increased significantly over the past decade and the trend remains robust even currently.
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For the purpose of this report, Reports and Data has segmented the Plant protein market on the basis of type, source, form, distribution channel, application, and region:
Top 8 Trends That Will Shape the Food Industry In 2021 And Beyond
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