According to The Insight Partners’ research, the size of global plant protein market is expected to reach US$ 27,965.9 million by 2027 from US$ 16,653.6 in 2018. The market is estimated to grow at a CAGR of 6.2% from 2019 to 2027. Plant proteins are low in calories; they can be consumed as a substitute for animal protein for weight loss. Also, growing adoption of vegan lifestyles among the population, growing demand for plant-based food coupled with rising consumer interest in high protein food is the key growth stimulants for market expansion of plant protein market.
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According to National Health and Nutrition Examination Survey (NHANES), 39.6% of the adults and 18.5% of the youth were categorized as obese, among these 7.7% of adults and 5.6% of youth had critical obesity problems during 2015–2016 in the US. A few nonprofit and government institutions, such as the American Institute for Cancer Research, 2015–2020 Dietary Guidelines for Americans (DGA), and Health Canada, encourage plant-based diets. According to the Mintel 2017 Food and Trend “Power of the Plants” report, US consumers perceive plant-based food and beverage products as more natural (68% vs. 41%) and healthy (68% vs. 39%) than US food and drink products derived from other sources. Thus, rising health concern among people drive the plant protein market.
A recent report from the organization called USDA Economic Research Services stated that 70% of calories consumed by the US population in 2010 were from plant-based foods. The plant-based diet offers various health advantages such as ideal weight loss and lower blood sugar levels, as well as a reduced risk of heart diseases. Furthermore, it reduced LDL and cholesterol levels. These benefits are attracting customers toward of plant-based protein products and is further expected to drive the plant protein market.
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Based on source, the global plant protein market is divided into soy, wheat, pea, and other sources. Among these, the soy segment held 81.1% of the market share in 2018. The segment was valued at US$ 13,506.9 million in 2018 and is anticipated to reach US$ 22,932.1 million by 2027, expanding at 6.4% CAGR over 2019–2027.
As per the application, the global plant protein market is segmented into protein beverages, dairy alternatives, meat alternatives and meat extenders, protein bars, bakery and other applications. Among these, meat alternatives and meat extenders segment led the plant protein market with a share of 27.1% in 2018. The segment was valued at US$ 4,519.3 million in 2018 and is anticipated to reach US$ 7,942.3 million by 2027, expanding at 6.8% CAGR throughout.
From the regional frame of reference, the North America plant protein market is expected to grow at the highest rate during the forecast period. The plant protein market in North America is driven by a growing demand for alternative protein types that are more sustainable, clean and creates less environmental impact during production. Additionally, plant proteins contain low cholesterol and saturated fat, and it contains a high nutritional value, which appeals to health-conscious consumers in developed countries. The plant protein market in North America is expected to reach US$ 10,431.3 million by 2027 from US$ 6,258.8 million in 2018 by expanding at 6.1% CAGR over the analysis period.
Leading companies formulating the competitive landscape of the global plant protein market Archer Daniels Midland Company; Axiom Foods, Inc.; Burcon NutraScience Corporation; Cargill Incorporated; E. I. Du Pont De Nemours and Company; Glanbia plc; Ingredion Incorporated; Kerry Group; Koninklijke DSM N.V.; and Roquette Frères.
- In January 2020, Archer Daniels Midland (ADM) acquired a natural plant-based extracts and ingredients manufacturer Yerbalatina Phytoactives, so as to strengthen its position in the health and wellness market. Such acquisition is aimed to expand ADM’s business in Brazil, which includes an alternative protein production facility in Campo Grande, and its beverage extracts, bases and compounds production in Manaus and Uberlândia.
- In 2019, International Flavors and Fragrances Inc. entered into a deal that aims to buy DuPont Inc.’s nutrition and biosciences unit for $26.2 billion. Such a deal aims to create a new consumer goods company valued around $45.4 billion.
- In March 2019, DuPont Nutrition & Biosciences expanded its plant protein range under the brand DuPont Danisco which features pea and soy protein options and adds crunchy texture and higher protein content to snacks, cereals, nutritional bars and more
- In December 2019, Brenntag Food & Nutrition entered into an agreement with Axiom Foods for the distribution of its plant-based products in EMEA, excluding UK & Ireland.
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