Veganism to drive the plant-based protein market

Plant-based proteins contained in food and beverages do have functional health benefits. Soybeans are reported to be rich in proteins, minerals, and vitamins. However, allergens present in soy could result in people choosing these plant proteins cautiously. As per the Research Institute of Organic Agriculture, the year 2018 witnessed 71.5 Mn hectares being organically managed. This factor is bound to catalyse the plant-based protein market in the forecast period.

How is the plant-based protein market categorized?

By type of product, the global plant-based protein market spans wheat protein, soy protein, pea protein, and likewise. By form, it’s hydrolysates, concentrates, and isolates. Nature-wise, it’s conventional and organic. Application-wise, it’s nutritional products (medical nutrition, sports nutrition, and infant nutrition), snacks & cereals, bakery, dairy, desserts & confectionery, beverages, animal feed, and others. Out of these, organic plant-based proteins hold the largest market share. By application, nutritional products dominate the market. Sports nutrition has already been doing the rounds.

On the other hand, isolates are the major revenue generator as they are capable of being incorporated into diverse food products and are digestible. These isolates are developed from legumes like canola, pea, soy, and various other sources like oats and rice.

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Region-wise Landscape

North America and Europe collectively hold more than 50% of the total market share. This could be attributed to increase in customers’ awareness regarding hazards related to animal-based proteins. Also, the trend to go “vegan” is expected to hold the hopes high for plant-based protein market in these regions going forward.

LATAM is expected to throw pleasant surprises on this count. DuPont Nutrition & Biosciences, from its survey, has stated that Argentina, Colombia, and Brazil are witnessing an interest of close to 65%, 78%, and 67% population in plant proteins. Plus, the millennials over here are going for flexitarian diets. The Asia-Pacific is already there to witness substantial growth in the upcoming period with more number of people preferring plant-based protein. MEA is yet to catch up. It may start evolving in the years to come.

Donning the Competitors’ Hat

The key players in the plant-based protein market include Archer Daniels Midland Company, Cargill, Inc., Glanbia Plc, DuPont de Nemours, Inc., Kerry Group, AGT Food and Ingredients, Roquette Freres, Axiom Foods, Inc., A&B Ingredients, Prolupin GmbH, NOW Health Group Inc., Vestkorn Milling AS, The Green Labs LLC, Farbest Brands, Royal Ingredients Group, Aminola, BENEO GmbH, Greenway Organics (Tianjin) Co. Ltd., and Gemef Industries.

Coming to developments, BurconNutraScience Corporation, in May 2019, did launch novel canola and pea protein blends. Also, Amazing Glass, in January 2019, tabled its new-fangled “Amazing Protein Glow” as a substitute to animal-derived collagen supplements.

Cargill, in September 2018, did expand production capacity of its line of “CLARISOY soy protein isolates” for catering to the growing demand on this count. Glanbia Plc, in February 2019, did acquire Watson to expand its portfolio comprising edible films, bakery ingredients, and high-quality custom nutrient premixes.