Plant Proteins Market: Industry Analysis & Opportunities-DataM Intelligence
The global plant protein market is expected to grow at a rapid pace owing to the high protein content and many health benefits of plant protein. Plant protein is gotten from sources, for example, soy, wheat, and other plant sources. It is important for vegetarians and vegans to mix their protein sources and ensure that they are getting all of the essential amino acids.
Rising consumption of plant-based food due to health benefits, increasing demand for high-protein content products and growing demand for sports nutrition products are the vital drivers for market growth. The increasing awareness about the health benefits of plant-based foods among consumers is boosting the growth of the market. Plant-based packaged foods have emerged as a good nutritional option, especially for vegetarians and vegans.
Plant protein is low in saturated fat and cholesterol and is a good source of unsaturated fat, fibers, vitamins, and minerals. Therefore, with increasing customer preference for plant-based foods, food manufacturers are formulating plant-based foods with a vegan claim to tap the market demand. For instance, Pacific Foods offers Organic Seitan Korean BBQ, and Organic Seitan Original prepared from plant-based ingredients.
Plant proteins such as pea protein have 85% of protein content, which is higher than other vegetable proteins. With protein levels similar to that of animal sources, it adequately meets the nutritional needs of the vegetarian and vegan populations. Pea protein and all other plant proteins such as wheat have complementary amino acid profiles, and when combined, offer improved nutritional benefits.
It contains essential and non-essential amino acids such as lysine and glutamine. The global wheat protein market is also growing due to the rising demand for meat-free food and low-calorie products, which can be fulfilled by wheat protein, as it has high protein and is low in fat content.
On the basis of application, the market is classified into pharmaceuticals, food ingredients, and animal food. Based on type, the global market for plant protein is broadly segmented as protein concentrate, protein isolate, and textured protein. By type, the textured protein segment accounted for the largest market share of about 36% in 2018 followed by Protein Isolate. Popularly known as a meat extender, textured protein is used to partially substitute meat in burgers, chicken nuggets, and meatballs.
Textured protein is categorized as dry textured and wet textured. Owing to their high fiber content, textured pea protein is incorporated in dietary supplements and beverages. They gain a fibrous consistency after rehydration and assume texture and mouthfeel comparable to that of meat.
They are therefore perfectly suited for use in prepared meat applications, readymade vegetarian meals, and Bolognese-type sauces. Thus, due to wide usage, they are expected to register rapid growth during the forecast period.
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Rising awareness among the consumers for health and nutrition, healthy eating, weight management, and environmental protection are driving the growth of North America Plant protein market in recent years.
Rising demand for Plant-based proteins and vegan trends will further drive the growth of plant-based protein market in North America. The US is accounted for the major market share of 77% within North American plant protein market in 2018. The US and Canada are the key countries that are contributing to the growth of North American Plant Protein Market in recent years.
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Some of the key market players are Archer Daniels Midland Company, Axiom’s Foods, Amco Proteins, Cargill Incorporated U.S, E.I Du Pont de company, Glanbia Nutritionals, Growing Naturals, LLC, Kerry Group, Manitoba harvest hemp foods, Omega Protein Corporation, Roquette Foods, Scoular Companys Food Ingredient, Sodrugestvo Groups and Sunwarrior.
Vendors collaborate with raw material suppliers to facilitate uninterrupted supply. They also partner with distributors and food and beverage companies to ensure a steady market for plant proteins. New product launches, as well as new investments in plants for the production of protein and expansions, have also been providing manufacturers growth opportunities in the market.
In a strategic partnership, Farbest Brands and Shandong Jianyuan Foods manufacture and distribute pea protein to the food and beverage industries in Japan, Russia, Australia, and numerous countries in Europe and North America.
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