LONDON, Feb. 10, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the plant-based protein market, the diet pattern is considerably changing in western countries. People are showing more interest in plant-based eating patterns, i.e., opting for a vegetarian or vegan diet rather than conventional meat. Weight and metabolic improvements are the key components driving the adoption of the vegan or vegetarian diet among western countries. The emergence of COVID has also accelerated the change in food habits as people are more conscious about their health, avoiding unhealthy foods and opting for protein-rich plant-based foods. The wide range of varieties offered by plant-based food providers, including meat, cheese, milk, etc., is supporting people to shift their eating habits from becoming non-vegetarians to vegans or vegetarians. The studies by ‘Healthline’ highlight that a diet high in plant protein, such as a vegan or vegetarian diet, leads to lower blood pressure levels, lower cholesterol levels, and lower body weight. People, specifically in western countries, are adopting a healthier lifestyle by turning vegetarian or vegan.
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The global plant-based protein market size is expected to grow from $13.18 billion in 2023 to $14.58 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The change in this plant-based protein market growth trend is mainly due to companies’ stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic. The market is expected to reach $21.29 billion in 2026 at a CAGR of 9.9%.
Plant-based milk is increasingly gaining popularity in the plant-based protein market trends. There is an increase in demand for plant-based milk as it contains more protein as compared to regular milk. People have become more health-conscious and are looking to consume less dairy and replace it with healthier alternatives. This increasing demand for the product is driving innovation across the plant-based protein market to offer unique products with enhanced quality. For instance, in January 2023, Danone SA subsidiary Danone North America introduced a new multi-serve beverage, namely, ‘silk ultra’ containing plant-based protein. The target audience for the product is mostly athletes and fitness enthusiasts. The product is comprised of a total of 20g of plant-based protein per serving. Silk Ultra can be used with coffee as well as other milk applications, leading to its increasing utilization. Coconut milk or almond milk blended with pea protein is also another example of a plant-based protein with increasing demand across the market.
The plant-based protein products market is fragmented, with a large number of players. The key players in the market are focusing on increasing their business presence through the development of innovative, efficient, and reliable technologies to meet customer demand. The top ten competitors in the market made up 15.9% of the total market in 2020. Archer Daniels Midland Company was the largest competitor, followed by Ingredion Incorporated, DuPont de Nemours, Inc., Roquette Frères Le Romain, Wilmar International, Kerry Group, Cargill Incorporated, Royal DSM N.V., Royal Avebe UA, and Glanbia PLC.
TBRC’s global plant-based protein market report is segmented by type into isolates, concentrates, textured; by source into soy, wheat, pea, others; by form into dry, liquid; by application into feed, food, others.
North America was the largest region in the global plant-based protein market, accounting for 37.8% of the total in 2023. It was followed by Western Europe, Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the plant-based proteins market will be Western Europe and North America, where growth will be at CAGRs of 24.1% and 23.8%, respectively. These will be followed by Asia-Pacific and South America.
Plant–Based Protein Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide plant-based protein market overviews, plant-based protein market analyze and forecast market size and growth for the whole market, plant-based protein market segments and geographies, plant-based protein market trends, plant-based protein market drivers, plant-based protein market restraints, plant-based protein market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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