The global plant-based protein market is estimated to be valued at USD 18.5 billion in 2019 and is likely to reach USD 40.6 billion by 2025, growing at a CAGR of 14.0% during the forecast period, according to a new study.
The market in plantbased protein is experiencing positive growth worldwide. In the North American region, high growth is expected due to increase in population, with improving economic conditions, and growth in concerns toward health has led to a rise in the demand for nutritional food and healthy diets in the region. Owing to these factors, the market in the North American region is projected to grow at a significant rate.
Based on the source, the soy segment is estimated to account for the largest share in the plant-based protein market in 2019. This segment is driven by the increasing popularity and rising demand for a high-protein diet among individuals. Soy protein helps to reduce the cholesterol level, improve metabolism, bone mineral density, and reduce the risk of cancer. Soy protein isolates are used in applications such as nutritional bars, meat alternatives, bakery products, sports nutrition products, and beverages.
Protein beverage segment
Consumers are continually demanding beverages that provide sensory taste as well as nutritional benefits. The rise in the adoption of plant-based protein food & beverages owing to the awareness among consumers about the benefits offered by a plant-based diet is one of the major factors spurring the demand of plant-based protein beverages across the world. 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 October 2018.
North American plant-based protein market projected to witness significant growth
The presence of leading plant-based protein companies in North America, along with the availability of a variety of plant-based protein products that are made of different sources such as soy, wheat, pea, canola, and rice, is a key factor driving the North America plant-based protein market. According to the news website, “South China Morning Post,” the number of new US food and beverage products that mentioned “plant-based” grew by 268% between 2012 and 2018, which drove the demand for plant-based protein products in the region. Furthermore, 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.
This research includes a study of marketing and development strategies along with the product portfolios of the leading companies in the plant-based protein market. It includes the profiles of leading companies such as 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).