Veganism Sets the Ball Rolling for Plant-based Protein Consumption
Better identification of protein deficiencies and focus on workout regimes have fuelled the demand for protein in the past decade. This trend has percolated to high demand for plant-based protein, which is a natural product and thus a clean label. According to a recent study from DuPont Nutrition & Health, 52% of the consumers in the US eat more plant-based foods. Thus, shifting consumer preference towards plant-based food products coupled with an increasing number of lactose-intolerant population is supporting the demand for plant-based protein, thereby accelerating the growth of global plant-based protein market.
Pea Protein to Dominate Consumption Patterns
Soy protein has a wide application in various food products due to its easy availability and affordability. Furthermore, its milk is also used as an alternative to animal milk, which has fuelled the demand for this protein in recent years. Meanwhile, pea protein is expected to surpass all other types in plant-based protein market as processed food manufacturers are shifting their preference to a better texture-lending ingredient. The isolate form of protein is easy to incorporate with various food products. It has high convergence of protein and brings in the benefit of colour and flavour, making it a perfect ingredient for food items such as sports drinks, and infant formula among others.
The outbreak of COVID-19 has brought the supply and sale of organically derived pea protein to a screeching halt due to a disrupted supply chain. However, as the world limps back to normalcy, demand for pea protein will gain prominence with its cost-effective nature, favouring the expansion of plant-based protein market.
North America, and Europe Remain Lucrative Markets for Plant-based Protein
Globally, North America is estimated to account for the largest value share followed by Europe. Increasing popularity towards the consumption of vegan products is expected to support the demand in the region. Furthermore, this region has higher awareness about lactose intolerance, which has caused a significant switch in demand for food ingredients. Both the regions have a high number of plant-based protein manufacturers, which has laid the foundation for high product penetration at the retail sector level. All these factors are expected to boost the build-up of plant-based protein market in Europe, and North America throughout the forecast period.
Collaborations to Remain a Key Strategic Development for Manufacturers
Fairfield has observed that plant-based food products are now shaping some of the key manufacturer product portfolio. Processed food manufacturers are offering processed plant-based protein food products burgers, chicken nuggets, and seafood. These companies have recently launched a variety of new products and acquired brands to get prime space in the alternative protein category, influencing the plant-based protein market landscape.
Key Market Players
Royal Ingredients Group, Sotexpro, Glanbia, Kerry Group,Roquette Freres, Cargill, Emsland Group, The Greenlans LLC, DuPont, Batory Foods , Aminola, Ingredion , BurconNutracience, Archer Daniels Midland Company, AGT Food & Ingredients, Beneo, ProlupinGmbh, Puris, Cosucra Group, Wilmar International, and Parabel
Recent Notable Developments in Global Plant-based Protein Market
The plant-based protein market has been segmented as below:
Key Elements Included In The Study: Global Plant-based Protein Market
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