The global plant-based protein market size is projected to grow from USD 10.3 billion in 2020 to USD 15.6 billion by 2026, in terms of value, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The rise in population with lactose intolerance is one of the major factors driving the market growth for plant-based protein. North America region accounted for the largest market share in the global plant-based protein market.
The market for pea-based protein is estimated to be the fastest-growing segment in the plant-based protein market, by source, during the forecast period. Pea protein is derived and extracted in powder from yellow split peas. The powder form extracted is further processed and produced in three different types, namely, pea protein isolate, pea protein concentrate, and textured pea protein. The pea protein isolate is obtained by the process of wet fractionation and is higher in concentration. In contrast, pea protein concentrates are obtained by the process of dry fractionation and are lower in protein concentration. Owing to its nutritional benefits and easy integration into final products, the demand for pea protein continues to grow from application industries
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=14715651
The concentrates segment is projected to dominate the market, by type, in terms of value, during the forecast period. Plant-based protein concentrates deliver balanced nutrition, offering fibers and micronutrients, along with protein. They are sourced sustainably from peas, lentils, and fava beans, which can generally comprise up to 80% of protein content. The production of plant protein concentrates is of great interest in the food industry due to greater requirement for protein, and an increase in applications of plant-derived proteins in foods, especially in developing countries.
In terms of geographical coverage, the plant-based protein market has been segmented into five regions, namely North America, Europe, Asia Pacific, South America, and the Rest of the World (RoW). Asia Pacific is projected to be the fastest-growing region during the forecast period. The development of protein-based feeds, including isolates, represents the growing shift toward high-grade premixes. Among the feed applications, the use of pea protein isolates has gained popularity for their use in the aquafeed industry. Asia Pacific offers lucrative opportunities to manufacturers and suppliers of plant-based protein, owing to the cost advantage and high demand in this region. China is the outright leader of plant-based protein in the Asia Pacific region, followed by Japan and India.
There is a significant demand for pea protein since textured pea protein is used in food products as a substitute for conventional meat products. Moreover, pea proteins are used in alternatives to conventional dairy products. The development of new technologies provides growth opportunities for manufacturers to increase production levels.
The Asia Pacific region is projected to grow at the highest CAGR in the plant-based protein market during the forecast period due to the growing application of plant-based protein in the food segment. The Asia Pacific region continues to be a strong prospect for manufacturers based in North America. The young demographic and growing interest in plant-based products have resulted in organizations expanding their scope for improved geographic coverage in the region. Countries such as China and India with a strong agricultural background have emerged as key entry points into the region with a well-established infrastructure suited for the processing of plant-based proteins.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=14715651
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as DSM (Netherlands), Kerry Group (Ireland), ADM (US), Roquette Freres (France), Cargill (US), Glanbia (Ireland), DuPont (US), Ingredion (US), Emsland Group (Germany), Puris (US), Cosucra Group (Belgium), Batory Foods (US), Burcon Nutrascience (Canada), AGT Food & Ingredients (Canada), and Axiom Foods (US).
About
MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
