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The
isolates segment is projected to grow at the highest CAGR during the forecast
period.
The plant-based protein market is segmented,
based on type, into isolates, concentrates, and textured protein. The isolates
segment is projected to grow at the highest CAGR during the forecast period
since it has a high concentration of protein with the advantage of color,
flavor, and functional properties. This makes it an ideal raw ingredient to be
used in applications such as beverages, infant foods, children food, textured
protein products, and other types of specialty foods.
The food
segment is projected to account for the largest market share in the plant-based
protein market during the forecast period.
The plant-based protein market is segmented,
based on application, into food, and feed. The food segment is projected to be
a leading segment in the plant-based protein market, since, plant-based foods
represent the growing consumer segment of the market with an increasing number
of manufacturers utilizing the characteristics of plant-based proteins to
develop new product types and alternatives to conventional products.
Plant-based foods are now occupying mainstream presence driven by large-scale
manufacturers such as Beyond Meat (US), Impossible Foods (US), Danone (France),
and Tyson Foods (US).
The
pea-based protein market is projected to grow at a higher CAGR during the
forecast period.
The plant-based protein market is segmented,
based on source, into soy, pea, wheat, and others, that include potato, canola,
and rice. The pea-based protein segment is projected to grow at a higher CAGR
during the forecast period, owing to its nutritional benefits and easy
integration into final products. Furthermore, the demand for pea protein
continues to grow from application industries. Moreover, rising consumer
preference for pea-based protein due to increasing health consciousness and
awareness regarding the benefits of pea-based protein, particularly in the
European and the North American regions, is expected to drive their market
growth.
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The Asia
Pacific region is projected to grow at the highest CAGR during the forecast
period.
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.
The prominent vendors in the plant-based protein
market include 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)
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