The increasing focus of health-conscious consumer in finding alternatives for animal-based food is driving the demand for plant-based proteins. Product manufacturers are taking efforts to increase the production of plant-based proteins. There is a surging demand for such products after the coronavirus outbreak. The increasing popularity of veganism is accelerating the plant-based protein market in the Asia Pacific region. Small- and medium-scale product manufacturing companies are taking advantage of the growing trend of consuming plant-based food, and marking their presence in the global market.
Plant-based Protein Market size is projected to reach USD 16.80 Billion by 2028 from an estimated USD 10.67 Billion in 2021, growing at a CAGR of 6.7% globally.
The plant proteins industry has been vibrant at stepping up to the challenge. The shortage of traditional meat options on grocery store shelves presents a unique opportunity to accelerate the adoption of plant protein-based products. For the next couple of years, the meat processing industry is likely to decline as some large meat processing companies, such as Tyson and Smithfield plant closures due to outbreaks of COVID-19. There is a potential meat shortage looming. With the major meat manufacturers being hard hit, consumers are looking towards plant-based foods.
The Major Players In The Plant-based Protein Market Include:
· Cargill Incorporated (US)
· Archer Daniels Midland Company (ADM) (US)
· DuPont (US)
· Kerry Group (Ireland)
· DSM (Netherlands)
· Wilmar International (US)
· Cosucra Groupe (Belgium)
· Emsland Group (Germany)
· Axiom Foods (US)
· Ingredion (US)
· Roquette Frères (France)
· PURIS (US)
· Burcon NutraScience Corp. (Canada)
· Sotexpro (France).
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Market has segmented the global Plant-based Protein market on the basis of type, application, and region:
By Type:
· Isolates
· Concentrates
· Textured
By Application:
· Food And Beverages
· Animal Feed
· Nutritional Supplements
Global Plant-based Protein Market: Regions Covered
· North America (U.S., Canada, Mexico)
· Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
· Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
· Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
· South America (Brazil, Argentina, Rest of South America)
The Plant-based Protein market is segmented by type and application. Growth between segments over the period 2022-2028 provides accurate calculations and forecasts of revenue by type and application in terms of volume and value. This analysis can help you expand your business by targeting eligible niches.
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Covid-19 Impact and Recovery Analysis on Industry:
The COVID-19 pandemic has had devastating effects on several industry verticals globally. To constrain the number of cases and slow the coronavirus spread, various public health guidelines were implemented in different countries across the globe. COVID-19 protocols ranging from declaring national emergency states, enforcing stay-at-home orders, closing nonessential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders. With the growing vaccination rate, governments are uplifting the protocols to give a boost to the stagnant economy. Like other industries, Plant-based Protein Market have experienced slowdown the growth, however market is expected bounce back as restrictions are being lifted up by governments across the globe.
Reasons to Purchase the Plant-based Protein Market Report:
· The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
· Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
· Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
· The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
· Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
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