The rise in consuption of vegan products coupled with the rising awareness about health awareness and the need for nutrients in the regular diet among the end users is propelling the global plant based protein market. Also, the increasing environmental concern across the globe is making end-users shift from meat, seafood and dairy products to the vegan diet. According to Oxford, it was found that cutting down the meat and dairy consumption from the consumer’s diet would help in reducing the carbon footprint from food up to 73%.
Moreover, the continuous rise in the food and beverage outlets using the plant-based protein is helping the market to grow. Also, the soaring demand for a high protein diet from the fitness and gym enthusiasts across the globe is contributing to the growth of the market.
According to the MarkNtel Advisors’ research report, “Global Plant Based Protein Market Analysis, 2020”, the global plant-based protein market is set to grow at a CAGR of around 13.82% during 2020-25 on account of the rising food and beverage outlets, rising consumption of protein snacks and desserts by the millenniums and the growing inclination towards the vegan products.
North America dominated the market in 2019 due to the adoption of vegan food and rising population of vegetarians. According to the Organization for Economic Co-operation and Development (OCED), the meat consumption per head in Canada decreased from 18.07 kilograms per capita in 2017 to 17.76 kg per capita in 2018. Same way, per capita meat consumption in Mexico reduced from 8.86 kg in 2017 to 8.85 kg in 2018. So, the shift from the meat products to vegan products is contributing to the growth of the market.
Isolates dominated the global plant-based protein market 2019 due to the benefits such as ease of digestion and application in the beverages, nutrition supplements, and sports nutrition. Also, the soy ingredient dominated the plant-based protein market on account of the growing need for a protein-rich diet coupled with the higher adoption rate in 2019. Moreover, the presence of raw material and manufacturers in a large number is contributing to the growth of the market. Also, low prices in comparison to other types of protein coupled with the high protein available ate the key factors of the demand for the soy protein market worldwide.
Products Innovation by the Companies to stimulate the Global Plant Based Protein Market
The demand for snacks and other food products specifically from the young millennials is contributing to the sales of plant-based protein products. Also, the companies are innovating to expand their product portfolio to attract consumers. For instance, DuPont, provider of plant-based products launched the six new plant-based protein nuggets which would be consisting of high protein and low sodium. These kinds of products would attract health-conscious consumers across the globe and would contribute to the market to grow as reveled by MarkNtel Advisors, in its report on “Global Plant Based Protein Market Analysis, 2020”.
According to MarkNtel Advisors, with the growth in the vegan consumer across the globe, the companies are expanding geographical coverage and investing in new production facilities to capture the major market share in the industry. The leading players which grabbed the major share in the industry are Cargill, Archer daniels midland company, Dow, DuPont, Kerry Group, axiom foods, etc. A few of the instances of the geographical expansions by the companies are: In 2019, “Archer daniels midland” announced the construction of a complex for the soy protein production in Brazil worth USD 250 million. Also, in the same year “Maple leaf foods” announced to invest USD 310 million to open a plant-based protein facility in North America.
“Global Plant Based Protein Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for plant based protein providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go To Market Strategies and identifying the blue ocean for their offerings.
1. By Type (Isolates, Concentrates, Protein Flour)
2. By Application (Protein, Beverages, Dairy Alternatives, Meat Alternatives, Protein Bars, Nutrition Supplements, Processed Meat, Poultry and Sea Food, Bakery Products, Convince Food, Sports Nutrition)
3. By Source (Soy, Wheat, Pea, Others)
4. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
5. By Country (The United States, Canada, Mexico, Brazil, Germany, The U.K, France, Italy, Spain, Russia & CIS, Saudi Arabia, UAE, Qatar, Turkey, South Africa, Egypt, China, India, Japan, South Korea, South East Asia)
6. By Competitors (Cargill, Archer Daniels Midland Company, DowDuPont, Glanbia Plc, Kerry Group, Tate & Lyle PLC, Others)
Key questions answered in the study:
1. What are the current and future trends of the global plant based protein market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global plant based protein industry?
6. What are the customer orientation, purchase behavior, and expectations from the plant based protein suppliers across various regions?