Vegetable proteins, or veggie proteins, are the protein products that are extracted from plant sources. These sources may include soya, peas, and lentils among other sources. Soya is the most common source of vegetable proteins. And it has been used as the main source of vegetable protein since long, available in a powdered, granulated and textured form for various applications and end-use segments. Vegetable proteins have been utilized by multiple industries for their nutritional benefits and textural properties. Since vegetable proteins provide all the nutrition profile of a complete protein rich diet without the downside of the animal cruelty that comes into play in normal animal-derived proteins, vegetable protein is being preferred over animal sourced proteins by the modern consumer.
The rise of vegan culture and flexitarianism is a key factor for increased vegetable protein demand in the market
Vegetable protein plays an important role in the vegan/ vegetarian diet. To obtain a proper nutrition profile which might result from a strict vegan diet, individuals often turn to vegetable protein supplements to acquire those. With the increase in the vegan population, more and more companies are trying to accommodate to the changing food culture and are pushing forward more vegetable protein products in the market. One more segment of a vegetable protein that has seen a surge in demand is that of texturized vegetable proteins with the increased vegetarianism, more of the non-vegetarian population is shifting to vegetarianism. This is accompanied by the need for food products that mimic animal-derived products. This is where texturized vegetable proteins are playing an important part. Texturized vegetable proteins are an integral part of meat analogs and meat substitutes which have found a strong base in the food and beverage industry over the last few years. As more companies globally are trying to adapt to the newfound love of people for meat substitutes, the demand for vegetable proteins has only witnessed an upward trend of growth. The vegetarian trend has also affected the Horeca and processed foods sector as well, hydrolyzed vegetable proteins are now being used instead of animal proteins or yeast proteins as a flavor enhancer in multiple food products to serve the requirements of vegetarian food products.
Vegetable proteins have found its way into health supplements.
For decades, health supplements, especially protein supplements have been consisting of that derived from animal milk or eggs and so on. The preference for vegetable proteins has seen multiple companies coming out with vegetable proteins based health supplements that now appeal to a wider consumer base. The marketing effort from the vegetable protein based supplements has been focused on the benefits of a purer form of proteins and cruelty-free nature while delivering the same or better results than that of the whey protein counterparts.
By Form, The Global Vegetable Protein Market Has Been Segmented As:
By Source, The Vegetable Protein Market Has Been Segmented As:
By End-Use, The Vegetable Protein Market Has Been Segmented As:
- Health supplements
- Processed foods
Global vegetable protein market: key players
Some of the key market player in the global vegetable proteins market are, ADM Specialty Ingredients (Europe) B.V, Cargill, Incorporated, E.I. du Pont de Nemours & Co, Roquette S.A., BENEO GmbH, OPTIMUM NUTRITION, Cosucra Groupe Warcoing SA, Coperion GmbH, House Foods America Corporation, SunOpta, Puris etc.
Opportunities for market participants in the vegetable proteins market
Opportunities for market participants in the vegetable protein are plenty owing to the rise of vegetarianism worldwide. The modern consumers are more aware than ever of the negative impact a non-vegetarian diet is leaving onto the planet and is urging them to move towards a more sustainable vegetarian/ vegan diet. This growth is further fueled by the marketing effort taken by the manufacturers of vegetable protein and an increased social media influence upon the consumers. Region wise, developed regions are of more interest for the short term owing to high consumer awareness and spending capacity. However, as evident from the past, developing regions soon tend to adapt to food cultures from developed regions, and this soon is anticipated to catch up as well and fuel the growth for vegetable proteins market in during the forecast period.
Regional analysis includes
- North America
- Latin America
- Asia Pacific Excluding China
- Middle East & Africa
- Shifting Industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size Recent industry trends
- Key Competition landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
The vegetable protein market is driven by growing cultures such as veganism and defiance for animal exploitation. Different plant sources as peas and soy are gaining rapid popularity amongst the demographics for their health benefits. These vegetable protein products are witnessing a surge in demand across a wide range of industries for their unique nutritional content and texture.
The vegetarian population is increasing the demand for vegetable protein to maintain the proper nutrition profile of their food. The substantial surge in the vegan population has compelled the vegetable protein manufacturing companies to adapt to this mainstream food culture. With growing awareness regarding animal cruelty, a huge chunk of the non-vegetarian population is turning vegetarian, creating growth avenues for different vegetable proteins such as textured vegetable protein. These products are made to stand as animal product alternatives in taste and texture.
Consumption of textured vegetable protein has significantly hiked in different type of meat substitutes created for the vegetarians. Such developments are increasing the demand for food products that efficiently mimic animal products. The processed food sector is adopting these vegetable proteins and replacing them with animal protein and yeast protein. Hydrolyzed vegetable protein is now used as a flavor enhancer in different products, creating a new revenue pool in the market.
Owing to the wide range of applications, the vegetable proteins are consumed in powdered as well as textured form. Prominent vegetable protein sources in the global market include soy, hemp, rice, and pea. Different major end-use in the global market are health supplements, bakery, Horace, and processed foods. The health supplements sector has emerged as a major revenue-generating segment where vegetable protein is used as the base for nutritional supplements.
The leading regions in the global market include Latin America, North America, China, Asia Pacific Excluding China, Europe, and the Middle East & Africa. The growing trend of vegetarianism and veganism is estimated to drive the growth in the regional markets. The developed economies are generating lucrative growth prospects for the manufacturers on the back of high consumer awareness about such products along with the high spending capacity. The developing economies are rapidly adapting to the new consumer trends in the market, creating white spaces of growth for the market players. The new food culture is projected to escalate the growth of the vegetable protein market in the scaling economies.
The market players are evolving their market strategies according to the changing consumer patterns. They are strengthening their market presence in the emerging economies to gain from the thriving market. They are using social media to influence consumers into buying their brands. Market competitors are investing in innovations to introduce new products, flavors, and textures in the market. Many companies are launching vegetable protein-based health supplements. Manufacturers are marketing their products as healthy and cruelty-free options.
Established players in the global market include OPTIMUM NUTRITION, ADM Specialty Ingredients (Europe) B.V, Cosucra Groupe Warcoing SA, BENEO GmbH, SunOpta, and House Foods America Corporation.