Rockville , July 02, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global plant protein ingredients market is likely to reach around US$ 6 billion in 2023. By the end of 2033, the worldwide market valuation will exceed US$ 11 billion.
Global plant protein ingredient sales are forecast to rise at a CAGR of 6.2% between 2023 and 2033. Growing trend of veganism and burgeoning demand for plant-based proteins are driving the global market.
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Popularity of plant protein ingredients is also rising due to increasing awareness of the health and environmental benefits. Consumers look for healthy and sustainable alternatives to animal proteins. This has increased demand for plant protein ingredients, as they offer an economical and eco-friendly option to animal proteins.
Rapid shift towards plant-based diets is further pushing up demand for plant protein ingredients. Growing awareness about the benefits of plant-based foods is encouraging people to opt for them. This will create new opportunities for plant protein ingredient manufacturers.
As per an article published in the National Library of Medicine, demand for plant protein-based items will rise at a considerable pace over the next ten years. This is due to potential health benefits of consuming plant-based diets. Consequently, awareness about the adverse effects of consuming too much animal protein will elevate demand.
Rising trend of using plant protein ingredients for food fortification will fuel sales through 2033. Plant protein ingredients are being adopted in functional foods, infant nutrition, & sports nutrition.
Demand remains especially high for pea protein in the market. The target segment currently holds around 50% share of the global market. This is due to presence of all essential amino acids in pea protein.
North America will continue to dominate the global plant protein ingredients market. Currently, it holds about 50% share of the global market. Rising vegan population is a key factor driving North America market. Besides this, increasing interest in plant protein ingredients will elevate demand in the region.
Key Takeaways:
- By product type, pea protein segment currently holds around 50% share of the global market.
- By application, sports nutrition is likely to generate lucrative revenues through 2033.
- North America holds around ½ share of the global plant protein ingredients market.
- Plant protein ingredient demand in Germany is likely to rise at a healthy pace through 2033.
- Japan is set to emerge as a lucrative market for plant protein ingredients.
Growth Drivers:
- Rising trend of veganism coupled with high demand for plant-based proteins will drive the market.
- Increasing usage of plant protein ingredients in infant formulas will boost sales.
- Growing awareness about health benefits of plant-based proteins is likely to elevate demand.
- Rising popularity of plant protein ingredients among athletes and sportspersons will fuel sales.
- Intolerance for animal protein will sway consumers towards plant protein ingredients.
Restraints:
- Volatility in raw material supply is restraining market development.
- Low absorption rate of plant protein ingredients might limit market expansion.
- High prices of plant-based protein products is also hampering sales to a large extent.
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Competitive Landscape:
Leading plant protein ingredient manufacturers are focusing on increasing their production capabilities. They are also investing in research and activities to develop new and innovative plant protein ingredients that can be used in food and beverage applications.
Additionally, they are looking to expand their presence in the global market by forming strategic partnerships with local manufacturers.
For instance,
- In November 2022, Royal DSM introduced Vertis CanolaPRO, a premium canola protein extract.
- In November 2022, Supro Tex, a plant protein component derived from soy, was launched by International Flavors & Fragrances. It is used to create goods that have a similar texture to pieces of whole muscle meat. Companies employing it don't need extra machinery or high moisture extrusion procedures because it is fully made at IFF's facilities.
Key Companies Profiled by Fact.MR
- Kerry Group
- AMCO Proteins
- The Scoular Company
- A&B Ingredients
- Glanbia PLC
- Axiom Foods Inc.
- Batory Foods
- Arla Food Ingredients
- Archer Daniel Midland Company
- NutraScience Labs
- ABH Pharma Inc.
- Sun Brothers, LLC
More Valuable Insights on Plant Protein Ingredients Market
In the latest study, Fact.MR offers a detailed study on global plant protein ingredients market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of plant protein ingredients through detailed segmentation as follows:
By Product Type:
- Soy Protein
- Wheat Protein
- Pea Protein
- Rice Proteins
- Potato Protein
- Others
By Form:
- Isolates
- Concentrates
- Others
By Application:
- Sport Nutrition
- Clinical Nutrition
- Infant Nutrition
- Bakery & Confectionary
- Fortified Food & Beverages
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Plant Protein Ingredients Market Report
- What is the projected value of the plant protein ingredients market in 2023?
- At what rate will the global plant protein ingredients market grow until 2033?
- Which are the factors hampering the growth in the plant protein ingredients market?
- Which region is expected to lead in the global plant protein ingredients market during 2023 to 2033?
- Which are the factors driving the plant protein ingredients market during the forecast period?
Explore Fact.MR’s Coverage on the Food & Beverages Domain
Soy Protein Hydrolysate Market: The global soy protein hydrolysate market is likely to expand at a CAGR of 5% from 2021 to 2031. In 2031, the global market revenue will exceed a valuation of US$ 1.64 billion. Growth in the market is driven by rising inclination towards plant-based protein and growing demand for functional foods.
Rice Protein Market: As per Fact.MR, global rice protein demand is set to rise at 3.9% CAGR between 2023 and 2033. The global rice protein market will reach around US$ 1.15 billion by 2033. Rising demand for plant-based diets is expected to bolster rice protein sales over the next ten years.
Textured Soy Protein Market: The global textured soy protein is forecast to top a valuation of US$ 1.6 billion by 2031. Global textured soy protein sales are likely to rise at 6.4% CAGR through 2032. Growing trend of veganism and increasing demand for plant-based proteins are driving the global market forward.
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