LONDON, Dec. 05, 2017 (GLOBE NEWSWIRE) -- The global plant based protein market will grow at a CAGR of 6.7% from 2017 to 2022 to reach USD 10,892.3 million by 2022, according to the latest publication from Meticulous Research™. The plant based protein market is driven by increasing awareness about the benefits of protein and growing demand for protein rich diet, growing health & wellness trend, increasing consumers’ focus on meat alternatives, growing demand from food & beverage industry, and various advancements in ingredient technologies such as microencapsulation. However, significant preference for animal based protein and fluctuating raw material prices restricts the growth of this market to some extent.
On the basis of type, soy protein commanded the largest share in the global plant based protein market in 2016, mainly attributed to the factors such as its easy availability, cheaper than other sources of protein, increased demand of meat protein alternatives, wide range of applications in various products, greater consumer awareness, and multiple health benefits.
On the basis of application, food & beverages segment accounted for the largest share in 2016, owing to increasing consumer preference for plant based foods and ingredients, growing awareness and demand for protein rich food products, versatile functionality of these proteins, compatibility with vegetarian and vegan lifestyles, and rising clean label trend.
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Geographically, North America accounted for the major share in the global plant based protein market in 2016, due to its well established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference to meat alternatives, increasing demand for healthy & nutritional products, and health & wellness trend. However, Asia Pacific market is expected to witness a rapid growth during the forecast period.
The key players in the global plant based protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), NOW Foods/NOW Health Group, Inc. (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), AMCO Proteins (U.S.), Burcon Nutrascience Corporation (Canada), Beneo GmbH (Germany), Glico Nutrition Co., Ltd. (Japan), Glanbia plc. (Ireland), Corbion NV (the Netherland), Cosucra Groupe Warcoing SA (Belgium), SOTEXPRO SA (France), Farbest Brands/Farbest-Tallman Foods Corporation (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Wilmar International Ltd. (Singapore), and CHS Inc. (U.S.).
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