Rise of Plant-based Alternatives to Conventional Protein Sources Majorly Expected to Drive Global Market Expansion: Persistence Market Research Study

Published On : Aug 08, 2022

The plant-based proteins market has seen significant growth in recent years across the world, and increasing demand from vegan and vegetarian consumers is anticipated to continue during the forecast period of 2022 to 2032. The global plant-based proteins market is expected to reach US$ 23.84 Bn, increasing at a steady value CAGR of 6.2% through 2032.

Proteins are an essential macronutrient for human nutrition and health. Their digestibility, amino acid composition, bioavailability, processing, and purity, all have an impact on their nutritional quality. In terms of nutrition, the proper inclusion of proteins from various plant sources can provide an acceptable number of necessary amino acids to meet human health requirements.

Plant-derived proteins have recently gained popularity due to their wide range of culinary and non-edible applications, as well as their biodegradability. The food and processing sectors are highly interested in the physicochemical qualities, structural features, amino acid content, and functional attributes of plant-based proteins. Social expectations are leading to changes in the way consumers purchase food, including proteins. New food categories are emerging and consumers are willing to try new variations.

There has also been a significant rise in the vegan population in developed countries; for instance, there was a 600% increase in people who have turned vegan in the U.S. in 2018.

Key Takeaways from Market Study

  • North America holds a major market volume share of 33.1% of the global plant-based proteins market and is expected to reach 2,186,303 tons by 2032.
  • The plant-based proteins markets in East Asia and South Asia have the highest growth potential and are estimated to expand at CAGRs of 9.9% and 8.8%, respectively.
  • Demand for pea protein and wheat protein types is expected to surge at 7.9% and 6.5% CAGRs, respectively. Soy protein type holds the highest market value share of 51.2%.
  • Plant-based proteins are largely used in nutritional products. The nutritional products application segment holds a market share of 25.7%.

Plant-based proteins are considered to be best for weight management. The increasing need for weight management and rising concerns regarding dairy allergens are expected to fuel market demand for plant-based proteins,” says a Persistence Market Research analyst.

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Competitive Landscape

Participating in food-based product summits, food ingredient exhibitions, and highlighting the application of plant-based proteins in the food processing sector are all approaches followed by plant-based protein manufacturers to strategically position their products.

  • Kerry Group showcased its products at Vitafoods Asia in Singapore in September 2018, signifying greater focus on Asia Pacific. The company is seeking to expand in Asia Pacific where demand for functional additives and protein is significantly expanding.
  • Tate & Lyle focuses on enhancing its customer base by participating in various tradeshows. It aims to showcase its versatile portfolio of ingredients and solutions while also promoting its clean-label food ingredients. The company is focusing on collaborating with other leading food specialty ingredient manufacturers to strengthen its market presence.

Explore More Valuable Insights

Persistence Market Research, in its new report, offers an impartial analysis of the global plant-based proteins market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

The study offers compelling insights on the basis of type (soy protein, wheat protein, pea protein, others), form (isolates, concentrates, hydrolysates), nature (organic, conventional), and application (nutritional products, bakery, snacks and cereals, dairy alternatives, confectionery & desserts, beverages, animal feed, others), across seven major regions of the world.

For additional insights on how the growth of the plant-based proteins market will shape up over the decade, write to media@persistencemarketresearch.com

About Food & Beverage Division at Persistence Market Research

The Food & Beverage team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.

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