The global plant protein ingredients market is expected to rise to a valuation of 14760.3 million by 2027, according to the latest research report from Market Research Future (MRFR). The global plant protein ingredients market is expected to exhibit a solid 7.05 % CAGR over the forecast period from 2022 to 2027, according to the report.
Rising health awareness among consumers is likely to be a major driver for the global plant protein ingredients market over the forecast period. In recent years, the consumption of fat- and carbohydrate-rich foods has increased among consumers all over the world, due to the steady growth of the fast food industry and the convenience of fast food for consumers living hectic lives in busy urban areas. This has led to a rising prevalence of lifestyle diseases such as diabetes, hypertension, and others. Growing awareness about these conditions has led to a growing awareness about the benefits of a high-protein diet. This has led to a growing consumption of protein-rich foods in recent years. This is likely to remain a major driver for the global plant protein ingredients market over the forecast period. Increasing awareness about the ability of high-protein foods such as plant protein ingredients is also likely to be a major driver for the global plant protein ingredients market over the forecast period.
The growing demand for vegan and vegetarian food is also likely to be a major driver for the global plant protein ingredients market over the forecast period. The demand for vegan and vegetarian food has grown in recent years, as many consumers have switched to a vegan or vegetarian lifestyle for various reasons. Some people have switched to veganism to protest animal cruelty, while some have joined the bandwagon due to concerns about the animal products industry’s impact on the environment. This has driven the demand for plant-based protein products, as replacing the proteins from animal sources is important for the health of vegans and vegetarians. The growing adoption of veganism and vegetarianism is likely to be a major driver for the global plant protein ingredients market over the forecast period.
The global plant protein ingredients key market players include Archer Daniels Midland Company, Kerry Group plc, Cargill Inc., AMCO Proteins, The Scoular Company, A & B Ingredients Inc., Jungbunzlauer Suisse AG, Glanbia Nutritionals Inc., Roquette Freres SA, Reliance Private Label Supplements, Ingredion Inc., Batory Foods, Cambridge Commodities Inc., PLT Health Solutions, and Axiom Foods Inc.
The global plant protein ingredients market overview is segmented on the basis of source, form, application, and region.
By source, the global plant protein ingredients market is segmented into soy, wheat, pea, rice, potato, and others. The soy segment holds the largest share in the global plant protein ingredients market due to the complete nature of the proteins in soy and the ease of extracting soy proteins. The highly nutritive nature of soybeans is likely to ensure the segment’s dominance in the global plant protein ingredients market over the forecast period.
By form, the global plant protein ingredients market is segmented into dry and liquid categories. The dry segment holds the largest share in the global plant protein ingredients market and is likely to retain the highest growth rate over the forecast period from 2022 to 2027.
By application, the global plant protein ingredients market is segmented into food and beverages, pharmaceuticals and nutraceuticals, animal feed, and personal care. The food and beverages segment is further sub-segmented into bakery and confectionery products, dairy and frozen desserts, beverages, meat alternatives, dietary supplements, and others. The food and beverage segment is expected to dominate the global plant protein ingredients market over the forecast period by application.
Geographically, the market can be segmented into five regions: North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
North America is the largest regional market in terms of plant protein ingredients market size, followed by Europe. The growing health consciousness among the population in North America is the major driver for the plant protein ingredients market in the region.
With a market share of over 32.85% of the global market and a touted market valuation of USD 5530.89 million during the forecast period, North America is proving its superiority. A stellar CAGR of 7.19% is on the cards for the region. Canada is expected to register the highest CAGR during the period, with Mexico following the lead.
The APAC region is anticipating the fastest CAGR, and India will take the onus to ensure that by expanding the market for plant protein ingredients considerably within its boundaries. An astounding 8.70% CAGR can be anticipated from the Indian market. So far, China is the regional market leader with a market share of 25.46% in 2017.
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