The global Plant based Protein Market is estimated to reach an annual growth rate of above 8% between 2020 and 2025. New composition studies and modified high humidity extrusion processes are helping to grow the vegetable protein market.
Plant-based Protein is extracted from botanical sources such as wheat, beans, peas, etc. They are used in a variety of applications in nutritional supplements, dairy substitutes, protein bars, meat substitutes, poultry and seafood, and bakery foods.
In January 2019, ADM expanded its presence in Brazil by building a new $ 250 million soybean protein production complex in Campo Grande, Mato Grosso do Sul, Brazil.
Walgreens, a pharmaceutical company, based in the United States, has a big store with a separate sports nutrition section for the nutraceutical hall.
The main factor that is expected to lead the global Plant-based Protein Market is the consumer’s preference for the vegan and nutritional benefits that plant foods provide. The “clean” trend of the elderly population is also expected to boost market growth during the forecast period. In addition, in developed markets, including Germany and the United States, there is supposed to be a more significant concern for glutamic disorders and lactose intolerance of the millennium generation and the use of soy protein and protein supplements will be promoted. Most manufacturers sell their products through various distribution channels, including direct sales contracts, e-commerce portals and supermarkets. These products come in multiple forms, such as powders, liquids, beverages to read and capsules.
Higher cost and allergies related to the usage of soy in some people had become a significant challenge for players in the market.
By Type: The plant-based protein market is divided into soybeans, wheat, peas, corn, potato and rice. The soy sector in the world market for plant-based proteins has the largest market share in terms of sales.
Depending on the application, the global plant-based protein market is divided into food & beverages, health supplements, pharmaceuticals, nutrition, and animal feed.
By distribution channel, the global market for plant-based proteins has been divided into supermarket/hypermarket, specialty stores, departmental stores, online retail and others.
North America now occupies the largest share in the global plant-based protein market. The remarkable growth in the fitness industry in the region, along with growing health problems in the elderly population in plant protein foods, is foreseen to drive market growth in the forecast schedule. With the growth of the health food industry, growth in the health industry is anticipated to increase the demand for nutritional supplements in the Asia-Pacific region, which will stimulate market demand in the expected years.
The main actors operating in the Plant-based Protein Market are Axiom Foods, Cargill, Sotexpro S.A, ADM, The Scoular Company, Royal DSM, Burcon Nutrascience Corporation, Tate & Lyle, Kerry, Ingredion, DowDuPont and Glanbia.
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Sales Manager at Market Data Forecast