The food industry of the plant-based protein market is at the forefront of the plant-based revolution. Changing consumer preferences driven by awareness toward meat sourcing practices, its ecological impact, and animal-borne diseases have led to more consumers opting out of meat consumption.
The plant-based protein market is projected to grow at a CAGR of 7.2% during the forecast period
According to MarketsandMarkets, the plant-based protein market is estimated to be valued at USD 10.3 billion in 2020 and is projected to reach USD 15.6 billion by 2026, recording a CAGR of 7.2 %, in terms of value. Some of the major factors driving the growth of the plant-based protein market include growing demand in the food industry, increasing demand for pea-based protein, and the opportunity to expand in the high growth potential markets.
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Leading players profiled in this report include the following:
Asia Pacific is projected to record the highest growth during the forecast period
The Asia Pacific region is projected to record the highest growth during the forecast period. The rising vegan food consumption has led to an increased demand for plant-based food. The feed sector is also growing in countries such as China, India, and Japan, which aids the growth of the plant-based market in the region. Some of the leading players operating in the region include Herblink Biotech Corporation (China) and ET Chem (China). Apart from regional manufacturers, major foreign players such as Cargill (US), DSM (The Netherlands), and ADM (US) have established their production and research & development facilities in countries in the Asia Pacific region.
The plant-based protein market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, South America, and RoW (Middle East & Africa).
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By application, the food segment is projected to dominate the plant-based protein market throughout the forecast period
The food segment is projected to dominate the plant-based protein market, by application, in terms of value, due to their extensive use in human nutrition. Plant-based protein is incorporated in food to add nutritional value to various food products. Different product sources are developed into types such as isolates, concentrates, and even textured proteins, which can be utilized in different types of plant-based foods, including dairy and meat alternatives, ready meals, confectionery, and other food types.
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