The global plant-based protein market size is projected to grow from USD 10.3 billion in 2020 to USD 15.6 billion by 2026, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the plant-based protein market include the growing demand for wellness-focused organic food & beverages among consumers.
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The plant-based protein market is segmented, based on application, into food, and feed. The food segment is projected to be a leading segment in the plant-based protein market, since, plant-based foods represent the growing consumer segment of the market with an increasing number of manufacturers utilizing the characteristics of plant-based proteins to develop new product types and alternatives to conventional products. Plant-based foods are now occupying mainstream presence driven by large-scale manufacturers such as Beyond Meat (US), Impossible Foods (US), Danone (France), and Tyson Foods (US).
The plant-based protein market is segmented, based on source, into soy, pea, wheat, and others, that include potato, canola, and rice. The pea-based protein segment is projected to grow at a higher CAGR during the forecast period, owing to its nutritional benefits and easy integration into final products. Furthermore, the demand for pea protein continues to grow from application industries. Moreover, rising consumer preference for pea-based protein due to increasing health consciousness and awareness regarding the benefits of pea-based protein, particularly in the European and the North American regions, is expected to drive their market growth.
The plant-based protein market is segmented, based on type, into isolates, concentrates, and textured protein. The isolates segment is projected to grow at the highest CAGR during the forecast period since it has a high concentration of protein with the advantage of color, flavor, and functional properties. This makes it an ideal raw ingredient to be used in applications such as beverages, infant foods, children food, textured protein products, and other types of specialty foods.
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The Asia Pacific region is projected to grow at the highest CAGR in the plant-based protein market during the forecast period due to the growing application of plant-based protein in the food segment. The Asia Pacific region continues to be a strong prospect for manufacturers based in North America. The young demographic and growing interest in plant-based products have resulted in organizations expanding their scope for improved geographic coverage in the region. Countries such as China and India with a strong agricultural background have emerged as key entry points into the region with a well-established infrastructure suited for the processing of plant-based proteins.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as DSM (Netherlands), Kerry Group (Ireland), ADM (US), Roquette Freres (France), Cargill (US), Glanbia (Ireland), DuPont (US), Ingredion (US), Emsland Group (Germany), Puris (US), Cosucra Group (Belgium), Batory Foods (US), Burcon Nutrascience (Canada), AGT Food & Ingredients (Canada), and Axiom Foods (US).