23-Dec-2020 | Zion Market Research
As per the researchers at Zion Market Research, the value of the global plant-based protein market in 2018 was nearly USD 16.1 billion and is expected to expand at a CAGR of about 13.8% during the time-interval between 2019 and 2025. Few of the key participants profiled in the global plant-based protein industry include Kerry, Burcon Nutrascience Corporation, Sotexpro S.A, Cargill, ADM, Axiom Foods, The Scoular Company, DowDuPont, Royal DSM, Tate & Lyle, Ingredion, and Glanbia.
Massive intake of vegan as well as vegetarian diet and diminishing preference for meat or meat-based food items in western countries will define the growth of plant-based protein market over the forecast timeframe. Moreover, protein is the building block of muscles and its proportion in plant range from nearly 50% to 60%. Hence, consumption of plant-based protein food has increased manifold in the recent years.
Escalating Consumer Inclination Towards Plant-Based Food To Steer Market Revenue By 2026
Growing purchasing pattern of the consumers are displaying preference for plant-based diet. Apparently, research has found that plant-based food contains nearly same proportion of protein as meat and hence inhabitants in U.S. and European countries prefer intake of vegetarian or vegan food. All these aforementioned aspects are expected to steer the business growth over the estimated timeframe.
Furthermore, humungous demand for plant-based meat substitutes due to environmental concerns will drive the market trends. According to NIH researchers, meat production results in more greenhouse gases emissions and requires more nitrogen and land along with adversely affecting terrestrial as well as aquatic biodiversity. Moreover, observational research has found that persons consuming red as well as processed meat on large-scale have high risk of getting infected due to colorectal cancer and suffering from heart disorder and all-cause mortality.
Reportedly, EAT Lancet has stated that intake of plant-based diet and reduction in meat consumption is a win-win situation for both human health and environment. According to NCBI, plant-based meat industry in Australia is likely to accrue revenue worth 3 billion Australian dollars by 2030. All these aspects will steer the market expansion over the forecast timeframe.
Soy To Dominate Source of Plant-Based Protein Segment By 2025
The massive demand for soy across the globe can be attributed to its high protein contents and presence of isoflavones. According to NCBI, the intake of soy products minimizes the risk of heart ailment as well as breast & prostate cancer. Additionally, the product reduces hot flashes and can improve the renal functions, and skin health. Reportedly, it can also lessen the symptoms of depression in human beings. Apparently, meat alternatives such as tofu made from soy milk and textured soy protein items have been consumed in the western countries since 1960s. However, the product has gained popularity across the globe with Australian & Canadian Dietary Guidelines highlighting shifting from consumption of meat-based products to plant-based foods such as tofu, nuts, and legumes.
Asia Pacific Market To Witness Lucrative Growth Over 2019-2025
The growth of the plant-based protein market in Asia Pacific zone is attributed to massive demand for vegan products in countries like Australia and China. As per NIH report, Australia is considered as third fastest expanding vegan market across the globe succeeding UAE and China. Reportedly, the adult populace consuming vegetarian food increased from 1.71 million in 2012 to nearly 2.11 million in 2016. In addition to this, availability of plant-based meat substitute items in Australian supermarkets will pave a way for the growth of the plant-based protein market in Asia Pacific zone over the forecast timeframe.
Browse the full “Plant-Based Protein Market - by Source (Soy, Wheat, Pea, and Others), by Application (Protein Beverages, Dairy Alternatives, Meat Alternatives, Nutrition Supplements, and Others), and by Type (Isolates, Concentrates, and Protein Flour): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2026.” Report at https://www.zionmarketresearch.com/report/plant-based-protein-market
The global Plant-Based Protein market is segmented as follows:
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