According to MarketsandMarkets, 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.
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The isolate segment, by type, is projected to grow at the highest revenue CAGR during the forecast period. Isolates are the most refined form of protein products containing a higher concentration of protein. They are easily digestible and can be incorporated into different food products. Protein isolates have been developed from a variety of legumes such as soy, pea, canola, and other sources such as rice and oats. It has a high concentration of protein, with the advantage of color, flavor, and functional properties, which make it an ideal raw ingredient to be used in applications such as beverages, infant foods, children's food, and other types of specialty foods.
The food industry of the plant-based protein market is at the forefront of the plant-based revolution. Changing consumer preferences driven by awareness toward meat sourcing practices, its ecological impact, and animal-borne diseases have led to more consumers opting out of meat consumption. The resulting change has led to consumer demand shifting from conventional animal-based proteins to plant-based alternatives. The growing vegan trend has led to an upsurge in manufacturer presence in the sector.
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.
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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).
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