The global plant protein ingredient market will reach a valuation of $3 Billion during 2019 – 2027, as projected by a new Fact.MR report. Key players in the plant protein ingredient market are eying profitable opportunities generated by increasing production of pea and soy protein sources, particularly in emerging countries.
“Rapid shift towards alternative protein ingredient sources such as plant based protein is expected to decelerate the growth of meat protein sources by almost 50% in the near future,” says the Fact.MR report.
Plant Protein Ingredient Market: Key Findings
- Concentrate type plant protein ingredients account for a major market share, with projections of a strong growth curve through the forecast period.
- Wheat plant protein ingredients are major contributors, with 1.4X expansion projected through 2029.
- Pea protein and soy protein remain highly preferred sources.
- The United States, followed by Europe, is set to account for a large portion of the overall global revenue, with strong per capita spending.
- Despite capturing a substantial volume share in the market, South Asia and Oceania are projected to display a steady growth rate through 2029.
Plant Protein Ingredient Market: Key Driving Factors
- The rising trends of protein fortification and standardization are pushing demand for plant protein ingredients, which supports the rise of market.
- Significant increase in population of vegan consumers is a key driver of market growth.
- Proliferation of athletes preferring plant proteins over meat products bolsters global adoption rate.
- Rising demand for vegan options in infant nutrition formula would sustain demand.
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Plant protein ingredient Market: Key Restraints
- High costs associated with sourcing adequate raw material for plant protein ingredients is a key challenge for manufacturers.
- Fluctuations in crop yields, and resultant deficits of supplies prevail as challenges to market profitability.
Manufacturers are leveraging high growth potential of plant protein ingredient market by bolstering production capacities to meet rising demand. Industry heavyweights are targeting investments towards optimizing production processes through tech and material innovations, to meet the global demand for plant protein ingredients. Prominent companies operating in plant protein ingredient market include, but are not limited to, A&B Ingredients, Cargill Inc., Axiom Foods Inc., and Ingredion Inc.
About the Report
This 170-page study offers detailed market forecast on the plant protein ingredient market. The key categories covered in the report include product type (soy protein, wheat protein, pea protein, rice protein, potato protein, and others), form (isolate, concentrate, and others), and application (sports nutrition, clinical nutrition, infant nutrition, bakery & confectionary, fortified food & beverages, and others). This analysis has been tracked on a country-wise level, with a total of 30+ countries across 6 key regions.