Demand of plant protein ingredient is expected to grow exponentially and is projected to create an absolute $ opportunity of US$3.0 Bn during forecast period 2019 – 2027. Meat-based ingredients have been a primary source of protein in developed countries for several years. However, a significant uptick in meat consumption have made their procurement complex for alternative applications such as protein ingredients. This has also imparted price pressure on meat based protein products. This has caused a veritable shift in manufacturing processes of companies to increase volume of plant based protein ingredients in their portfolio. Emerging shift towards alternative protein ingredient sources such as plant based protein is expected to decelerate growth of meat protein by half.
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Key Takeaways of Global Plant Protein Ingredient Market
- The surge in demand for concentrate type of plant protein ingredients accounts for more than 60% market share and is expected to indicate a rising growth curve in plant protein ingredient market during period of forecast 2019 – 2027.
- Wheat plant protein ingredient type is a major contributor to global plant protein ingredient market and is projected to grow 1.4X over period of forecast 2019 – 2027.
- North America and East Asia plant protein ingredient market together hold more than 3/5th market share. East Asia will grow at a higher CAGR than the global average.
- South Asia and Oceania plant protein ingredient market to hold more than 10% market share in terms of volume and are likely to gain 178 BPS over forecast period 2019 – 2027.
- United States spending on plant protein ingredients is 1.7X as compared to Europe’s per capita spending on plant protein ingredient which is around US$ 6. Moreover, per capita spending by these regions is projected to grow by more than 20% in next three years
- Pea protein and soy protein are gaining traction as compared to other plant protein ingredients across the globe owing to increased applications in nutrition.
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Plant Protein Ingredient Market: Segmentation
FactMR’s study has done the segmentation of plant protein ingredient market on the basis of product type, form, application and region.
Product Type
- Soy Protein
- Wheat Protein
- Pea Protein
- Rice Protein
- Potato Protein
- Others
Form
- Isolate
- Concentrate
- Other Forms
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Tier 1 Players to Hold Nearly 1/3rd of Overall Plant Protein Ingredient Market in Terms of Value
Plant protein ingredient market is partially consolidated in nature. However, tier 1 market leaders hold more than 2/3rd of market share. The regional and domestic players in plant protein ingredient market will cater to the domestic market demand whereas, market leaders such as Cargill Inc., A & B Ingredients, Axiom Foods Inc., and Prinova USA collectively hold more than 1/3rd share of global plant protein ingredient market.
Cargill Inc. is increasing its production capacity in North America by investing US$ 100 Mn in their North America’s pea protein production industry. Cargill Inc. is looking for new opportunities in pea protein ingredients market. Cargill Inc. has invested US$ 75 Mn in PURIS which is a strategic partner of the company in order to double the production capacity of pea protein ingredient.
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