Plant Based Protein Market Worth USD 10,892.3 Million By 2022

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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 plant based proteins market to some extent. In addition, growing demand for soy free and gluten free products is expected to pose a serious challenge to the growth of this market.

The global plant based protein market is mainly segmented by type (soy protein, wheat protein, pea protein, canola protein, potato protein, rice protein, corn protein, and others), by application (food & beverages, animal feed, nutrition & health supplements, pharmaceuticals, and others), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).

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In case of type, soy protein commanded the largest share in the global plant based protein market in 2016. The large share of soy protein is 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 other hand, in case of applications, 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, 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, followed by Europe, and Asia-Pacific. The largest share of this region is mainly attributed to the 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 growth of this region is mainly attributed to the increasing awareness of protein rich diet, growing health consciousness, booming food & beverages industry, growing economy, rapid urbanization, and large base of vegan population.

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The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global plant based protein market were expansions, and mergers & acquisitions. 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.).

About Meticulous Research®

MeticulousResearch® is founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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Viren Shrivastava
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Meticulous Research®
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