The major factors expected to drive the growth of the plant-based protein industry are the growing number of product launches, expansions, and investment by major players, consumers cutting down on meat consumption and adopting plant-based proteins,nutritional benefits offered by plant-based food, and increasing preference of consumers for the adoption of a vegan diet.
The plant-based protein market is estimated at USD 18.5 billion in 2019 and is projected to reach USD 40.6 billion by 2025, at a CAGR of 14.0% during the forecast period. Consumers are focused toward a better understanding of the provenance of their food and avoid products deemed unnatural or unhealthy. These “clean” eating trends, driven primarily by millennials, favor foods that are healthy, ethically and naturally sourced, and less processed. Increased plant-based protein product consumption is a direct consequence of this shift.
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Plant-based protein manufacturers are focusing on product launches to expand their consumer base in the market. Leading players operating in the plant-based protein market include Cargill Inc. (US), ADM (US), DuPont Danisco (US), Glanbia (Ireland), Kerry Group (Ireland), Tate & Lyle (UK), Ingredion Inc. (US), Burcon NutraScience Corporation (Canada), Royal DSM N.V. (Netherlands), Sotexpro S.A (France), Axiom Foods (US), and The Scoular Company (US).
By source, the pea segment is projected to be the fastest-growing segment within the global plant-based protein industry during the forecast period. The pea segment is driven by the rising demand for plant-based meat and healthy food products. A significant increase in the usage of pea as a key ingredient is being noticed in the plant-based meat industry. It is gradually becoming the primary choice for plant-based meat consumers due to its high nutritional profile and rich protein content. Leading players in the global plant-based meat industry are now shifting their interest toward pea and have also started developing pea-based meat products such as patties, sausages, and slides, which are high in protein content.
On the basis of application, the demand for protein beverages was the highest in 2019; as a result, the protein beverages segment is estimated to account for the largest market share, followed by dairy alternatives, meat alternatives, protein bars, nutrition supplements, processed meat, poultry, and seafood, bakery products, sports nutrition, and convenience food. The perception of consumers about beverage products has changed as beverages are no longer just thirst-quenching drinks. Considering these requirements, beverage manufacturers across the world are actively developing and introducing plant-based beverage products. Moreover, in response to this trend, leading plant protein producers are introducing new and high-protein sources in the global market. For instance, DuPont Nutrition & Health expanded its plant-based protein product range with a new pea protein for beverages called TRUPRO 2000 Pea Protein in 2018.
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North America is the fastest-growing market for plant-based protein; it is projected to record the highest CAGR during the forecast period. The presence of leading plant-based protein companies in this region, along with the availability of a variety of plant-based protein products that are manufactured using different sources such as soy, wheat, pea, canola, and rice, is a key factor driving the North American plant-based protein market. Consumers in the region are incorporating plant-based protein products in their daily routine diets, owing to the health concerns related to the consumption of animal protein products.
Collagen Peptides Market worth $795 million by 2025
Food & beverage manufacturers have started using collagen peptides increasingly as an ingredient in a wide range of products. Also, with biotechnological advancement, collagen peptides have found its use in various biomedical applications. The versatile nature of collagen peptides makes it useful in the pharmaceutical industry for the production of orally administrative medicines.
Pea Starch Market is Expected to Reach $203 Million by 2026
Growth in the demand for pea starch in the end-user application industries is driving the market growth of pea starch. Further, increase in the demand for gluten-free products is also a major factor resulting to the rise in the demand for pea starch.
Shrink Plastic Film Market is Estimated to Grow $3.0 billion by 2025
Based on type, the shrink plastic film market for beverage multipacks is dominated by the unprinted shrink plastic film segment.
