Plant Protein Ingredients Market Research Report: Information by Source (Soy, Wheat, Pea, Rice, Potato and others), Form (Dry and Liquid), Application [Food & Beverages (Bakery & Confectionery, Dairy & Frozen Desserts, Beverages, Meat Alternatives, Dietary Supplements and others), Pharmaceuticals & Nutraceuticals, Animal Feed and Personal Care] and Region (North America, Europe, Asia-Pacific and RoW) - Forecast till 2024
Plant Protein Ingredients Market is Anticipated To Show Strong Growth At A Healthy CAGR of Over 7.45%
The major key players in plant protein ingredients are:
- I. du Pont de Nemours and Company (U.S.)
- Archer Daniels Midland Company (U.S.)
- Kerry Group (Ireland)
- Cargill Incorporated (U.S.)
- Amco Proteins (U.S.)
- Scoular Company’s Food Ingredient (U.S.)
- Axiom's Foods (U.S.)
- Roquette Foods (France)
- Pinnacle Foods Inc. (U.S.)
- Glanbia Nutritionals (U.S.)
- Reliance Private label supplements (U.S.)
- Sunwarrior(Sun Brothers, LLC)(U.S)
- Growing Naturals, LLC (U.S.)
- AjinomotoInc. (Japan)
- Showa Sangyo Co., Ltd. (Japan)
- Omega Protein Corporation (U.S.)
- Manitoba Harvest hemp foods (Canada)
- Sodrugestvo Groups (Russia)
- Azaki Gulico Co., Ltd. (Japan)
- Kyowa Hakko Kogyo Co., Ltd. (Japan)
Plant protein ingredients are large molecules which are formed from one or more chains of amino acids in a specific order. From last few years companies are promoting the nutritional profiles of various plant protein ingredients such as pea & soy protein along with their health benefits on social media and health magazines which has enhanced the knowledge and awareness about functional properties of various protein ingredients. Many plant protein ingredients are used as medicinal agents as they are produced by using molecular tools of biotechnology. Plant proteins come from various sources such as soy protein, wheat protein, pea protein, vegetable protein, and many more.
The global market for plant protein ingredients has been experiencing high demand for the last few years and is projected to reach USD 17081.20 million by 2023 compared to USD 11100.03 million in 2017. Consumers have started preferring vegan food due to many reasons such as health, religious convictions, and concerns about animal welfare or the use of antibiotics and hormones in livestock which is driving the growth of the plant protein market. Moreover, increasing awareness about the plant protein-based sports nutrition products is further propelling the growth of the plant protein ingredients market.
Based on the source, soy protein is dominating the market and is also expected to grow rapidly during the forecast period. Pea protein segment is expected to witness the highest growth rate of 10.10% on a global level. Moreover, pea protein is further segmented into protein isolates, protein concentrates, and others. Among them, protein isolate is dominating the market. Moreover, on the basis of the application, foods segment is dominating the market over past years. However, sports nutrition is projected to witness high growth at a CAGR of 7.99% over the forecast period followed by the beverages segment.
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By Downstream Analysis:
On the basis of source of the plant protein ingredients, soy protein is dominating the market holding a global market share of 53.9%. Moreover, soy protein segment is further segmented into protein isolate, protein concentrates, and others. However, the pea protein is expected to grow substantially over the forecast period in which protein isolate is anticipated to dominate the market.
The potential application of plant protein ingredients in food segment has a positive impact on its market growth with the major market share of 44.1% in the year 2017. However, sports nutrition segment is likely to witness the highest growth rate followed by beverages segment over the coming years.
Among the regions, North America is dominating the plant protein ingredients market with over 32.85% of the global market share and is projected to reach more than USD 5530.89 million by 2023. In North America, Canada is expected to grow at the highest rate followed by Mexico over the forecast period. Moreover, Asia Pacific is projected to witness the highest growth rate during the forecast period 2017-2023 in which India is expected to grow at the highest growth rate. In Asia Pacific, China is dominating the market with market share of 25.46% in the year 2017.