Plant-based Protein Market
Global Industry Analysis (2017-2020), Growth Trends and Market Forecast (2021-2025)
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Veganism Sets the Ball Rolling for Plant-based Protein Consumption
Better identification of protein deficiencies and focus towards workout regimes have fueled 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 U.S. 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.
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 of plant-based proteins 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 a high convergence of protein. It also brings in the benefit of color 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 the demand for conventional pea protein with gain prominence due to its cost-effective nature.
North America and Europe Remains Lucrative Market 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 e region has a higher awareness of lactose intolerance, which has caused a significant switch in demand for food ingredients. Both 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 demand for plant-based protein in Europe and North America throughout the forecast period.
Collaborations to Remain a Key Strategic Development Amongst 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, seafood etc. These companies have recently launched a variety of new products and acquired brands to in order to get prime space in the alternative protein category.
Some of the key developments in the global plant-based protein market are:
- In 2020, Good Catch a subsidiary of Gathered Foods launched frozen plant-based seafood. The products launched under three category New England Style Plant-Based Crab Cakes, Thai Style Plant-Based Fish Cakes and Classic Plant-Based Fish Burgers.
- In 2020, field roast is already known for plant-based sausages, deli slices, hot dogs, etc. launched Plant-Based Nuggets. According to the company, the new product is made from roasted garlic, wheat and pea protein.
- In Jan 2020, Nestle announced a collaboration with two key players Burcon and Merit involved in the production of plant proteins. This partnership was done by Nestle in order to develop and commercialize plant-based foods and beverages with the help of protein produced by Burcon and Merit.
Some of the major players studied in this report are 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.