A recent study published by PMR projects that the global plant-based protein market is expected to reach ~ US$ 9.6 billion by the end of 2019, and is forecasted to reach US$ 17.3 billion by the end of 2029. The study points to the increasing popularity of plant-based proteins in the nutraceuticals for sports supplements to help athletes boost the stamina and enhance performance.
The PMR study finds that the market would exhibit growth at a value CAGR of ~ 6% during the forecasted period.
Exhibitions and Conferences – New Launching Pads for Plant-based Proteins
Plant-based proteins are perceiving substantial demand from the mature markets such as North America and Europe. These regions are hosting various events, exhibitions, and conferences where manufacturers of plant-based proteins are getting the opportunity to showcase their ingredients and products. These events are also turning out to be the successful launching platforms for showcasing innovative and new products by plant-based protein manufacturers. These launches help manufactures to better connect with their audience and promote better understanding of product innovations in the plant-based proteins category.
Decrease in Dairy Consumption Positively Impacting the Market
Dairy milk consumption has been declining in recent years in regions such as North America and Europe. This considerable decrease in dairy consumption is driven by factors such as the aging population, the rise of veganism, concerns about animal welfare, and preferences for other sources of protein. The study shows that consumers from these regions are giving maximum preference to plant-based proteins over dairy proteins, which is expected to have a long-term positive impact on the plant-based protein market.
Acquisition Strategies Playing a Vital Role for Top Competitors
The plant-based protein market is witnessing a continuous rise in demand across the globe. The number of new entrants in the plant-based protein market is also increasing. This results in the tough competition for the established market players around the globe. The study shows that more than 35% of the market share is held by top 10 manufacturers of plant-based protein markets.
The endlessly increasing demand for the plant-based proteins and the increasing number of new competitors are adversely affecting the market share of the top players in the plant-based protein market. It is also creating growth opportunities for top players in terms of increasing production capacity, diversified product portfolio, and increasing global footprint.
For instance, in April 2018, Kerry Group completed the acquisition of Ojah BV, a Dutch manufacturer and supplier of plant-based proteins. This acquisition helped the company to bulks up its plant protein portfolio.
Key players in the global plant-based protein market continue to invest in growth strategies, which are likely to help them retain or increase their market share in the global plant-based protein market. According to the report, manufacturers are also focusing on the expansions of their plant-based protein product offerings by investing in research and development, which will help them increase their global portfolio of plant-based proteins.