Plant Protein Ingredient Market
Plant Protein Ingredient Market Size, Trend Analysis & Competition Tracking By Product Type (Soy Protein, Wheat Protein, Pea Protein, Rice Protein, Potato Protein), By Form (Isolate, Concentrate), By Application (Sports and Clinical Nutrition, Infant Nutrition, Fortified Food & Beverages) - Global Market Insights 2021 to 2031
Weight Management to be Key Driver for Plant Protein Ingredients, With Asia Pacific as Lucrative Pocket
Protein fortification is gaining traction among consumers. Protein is soaring on popularity as it is a sought after addition to food and beverages notably for the weight management and sports nutrition segments of the market.
Attributed to the above mentioned factors, plant protein Ingredients have witnessed an impressive growth in the last few years especially in regions such as East Asia, South Asia and Latin America.
Protein fortification and standardization is propelling the plant protein ingredient market on an upward growth trajectory as plant protein’s nutritional profile is attractive to consumers and is anticipated to create an absolute dollar opportunity US$ 3.0 Bn during forecast period.
The influx of veganism has upheld demand for plant protein ingredients. Proliferation of vegan population across key countries such as Brazil, United Kingdom, Germany, and India etc has surged the demand of plant protein ingredients over dairy based protein ingredients.
Rise in Number of Sports Athletes Upholding Demand for Plant Protein Ingredients
Sports athletes participating in vigorous aerobic and anaerobic activity require greater amounts of protein which has prompted the adoption of protein in their daily diet. Proliferation of athletes favoring plant proteins as a substitute for meat products is on the rise thus giving immense traction to the plant protein ingredient market.
A massive upswing has been noticed in the number of athletic and sports events which is leading to high demand growth of plant protein ingredients. The rising consumption of plant protein ingredients by the sport segment is projected to boost sales by more than US$ 1.0 Bn by end of forecast period.
Advanced Technologies for Obviating Lactose Intolerance to Propel Demand
With heightened demand for infant nutrition formulas, manufacturers of plant protein ingredients across the globe are introducing notable developments in the quality of infant formulas.
Market players are channelizing efforts in research and using advanced technologies to develop nutritional formulas for infants that are rich in protein.
The growing dilemma of lactose intolerance in infants in the last few years has increased traction of plant protein ingredients.
Increasing Demand of Soy and Pea Protein Ingredients
Pea protein has gathered significant momentum in the market on back of its high fiber properties. Pea protein has a higher nutritional value as compared to other plant based protein ingredients.
Overall pea protein consumption rate is expected to double by the end of 2029. A surge in iron deficiency notably in countries such as the US has given an uptick to consumption of pea Protein.
Soy protein ingredients on the other had has garnered significant attention amongst gymnasts. The proliferation of fitness centers across the globe has given further impetus to this trend which is not likely to abate in the foreseeable future.
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Consumption to Spike in Emerging Countries, with Increased Spending on Health and Wellness
While there has been a consistent demand of plant protein ingredients in developed countries, emerging economies consumption has witnessed a spike with increased spending on health and wellness in consumer driven markets such as China, India, and Brazil etc.
The consumption of East Asia, South Asia and Latin America region is poised to grow at a higher CAGR than that of the global average and is projected to create ample opportunities for emerging companies in plant protein ingredients.
Enhancement of Production Capacity to be Key Market Tenet
The major companies in the plant protein ingredient market such as A & B ingredients, Axiom Foods Inc., Cargill, Inc. etc are front runners in the plant protein ingredient market.
These players are focusing on increasing their production capacities to meet the growing supply of plant protein ingredients in the market. For instance, In January, 2019 Ingredion, Inc. has announced its investment of US$ 185 Mn for expansion of plant protein ingredient plant based in Vanscoy, Saskatchewan and Canada in order to increase the company’s production capacity which is likely to capture the market in the coming years.
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Plant Protein Ingredient Market: Segmentation
FactMR’s study has done the segmentation of plant protein ingredient market on the basis of product type, form, application and region.
- Soy Protein
- Wheat Protein
- Pea Protein
- Rice Protein
- Potato Protein
- Other Forms
- Sports Nutrition
- Clinical Nutrition
- Infant Nutrition
- Bakery & Confectionary
- Fortified Food & Beverages
- Other Applications
- North America
- Latin America
- East Asia
- South Asia & Oceania
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