Global Plant Protein Ingredients Market Outlook 2027

Global Plant Protein Ingredients Market Outlook 2027

Plant protein is simply a meaningful food source of protein that is obtained from plants. Plant-based protein provides plenty of nutrients, fiber, and antioxidants, which can improve a consumer’s health. The market's growth is being driven by the rising consciousness about the health benefits and ecological sustainability of food products. Across the globe, people are making a change in their food habits owing to different concerns such as health and the environment. In addition to that, growing adoption of veganism due to growing animal welfare concerns supported by rising awareness about animal edible production should drive the market. The growing popularity of vegan diets in emerging economies such as Southeast Asia, South America, the Middle East, and Africa presents significant growth opportunities for plant-based protein manufacturers. Proliferation of the vegan population across key countries such as Brazil, the United Kingdom, Germany, and India has also increased the demand for plant protein ingredients over daily-based ingredients. The high protein trend is gaining toehold and will continue to inducing interest in the upcoming years. Another important factor is that sports athletes participating in vigorous aerobic and anaerobic activity require a greater amount of protein, which has prompted the adoption of protein ingredients in their daily diet. Athletes are favoring plant proteins as a substitute for meat products across the globe.

According to the report titled Global Plant Protein Ingredients Market Outlook, 2027, published by Bonafide Research, the market is anticipated to grow at more than 7% CAGR during the forecast period. With accelerated demand for infant nutrient formulas, manufacturers of plant protein ingredients across the globe are developing and introducing notable improvements in the quality of products. With that, the growing dilemma of lactose intolerance in infants during the last few years has increased demand for plant protein ingredients. The global plant protein ingredients market is segmented into five prominent regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Among these regions, North America is leading the overall market. The increasing consumption of healthy food and beverages among health-conscious people, along with the rising adoption of organic food in the US and Canada, is fuelling the market growth. On the other hand, the European and Asia-Pacific regions are anticipated to witness higher market growth by 2027.

According to the report, based on country segment, the USA was dominating the market in 2021 and is expected to continue this market growth during the forecast period. Further, growth in product innovation, mainly in the UK and Germany, will have a positive impact on the overall market. The UK is launching a new product line claiming vegan or no animal content. These plant-based protein ingredients are considered as an alternative to animal-based products to meet nutritional demands. The global plant protein ingredients market is segmented into various types, including soy protein, pea protein, wheat protein, canola, rice, potato, etc. Among these types, soy protein is expected to acquire the highest market share by 2027. Soy protein ingredients contain less than 1% fat and are supported by high protein content, which may replace dairy protein. Also, this segment plays a vital role in infant nutrition. On the other hand, increasing adoption of functional foods, bakery products, meat substitutes, and nutraceuticals depending upon the higher benefits provided by the same is boosting the demand. These factors are propelling the demand for pea protein, which is expected to rise with a higher CAGR.
Further, the market is segmented into four major applications, including food & beverages; animal feed; cosmetics & personal care; pharmaceuticals & nutraceuticals. Among these types, the animal feed market is projected to have the highest market growth by 2027, with more than 40% market share. However, the food industry, which dominates the plant-based protein market, is at the forefront of the plant-based revolution. Changing consumer preferences driven by awareness of meat sourcing practices, its ecological impact, and animal-borne diseases have led to more consumers opting out of meat consumption. The resulting change has led to consumer demand shifting from conventional animal-based proteins to plant-based alternatives. By form, the market for dry plant-based dominated the plant-based protein market in 2021. The dry form of protein processing is used in the production of protein concentrates. It involves dry milling technology, which is used to reduce the particle size of raw material into fine particles.

According to the report, the market is segmented into dry and wet formulations. Among these types, the solid segment is expected to occupy a larger market share during the forecast period. The dry form of protein processing is used in the production of protein concentrates. It involves dry milling technology, which is used to reduce the particle size of raw material into fine particles. This method is used to process pulses and cereals, which is correlated to their specific tissue architecture and milling behavior.

COVID-19 impact
The COVID-19 outbreak had a significant impact on the plant protein ingredients market for food applications owing to the rising concerns associated with the consumption of traditional meat or animal protein sourced foods as COVID-19 is considered to be of animal origin. This factor has raised the demand for vegan food products and is anticipated to drive the soy-based protein ingredients industry. Protein intake helps to repair the wear and tear of the body and also helps to recover from post-COVID weakness by boosting the immune system. These factors are expected to fuel the market demand. However, disruptions in raw material supply have had an impact on food product sales. Trade restrictions in countries have further impacted the import and export of raw materials. Moreover, decreasing per capita income due to mass layoffs is expected to decrease the demand for plant-based products in developing countries as plant-based products are very expensive compared to traditional meat-based products. This factor will have an impact on the market for a short period of time.

Major Companies present in the market:
Cargill, Inc., DuPont de Nemours, Inc. (NUTRITION & BIOSCIENCES), Archer Daniels Midland (ADM) Company, Kerry Group plc., Bunge Limited, Arla Foods Ingredients Group P/S, CHS Inc., Agridient Inc., Ingredion Incorporated, AMCO Proteins Company

Considered in this report
• Geography: Global
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Protein Ingredients Market with its value and forecast along with its segments
• Region & country wise Protein Ingredients market analysis
• Application wise Protein Ingredients distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report
• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Italy, Spain, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• Latin America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

Based on Plant type of protein ingredients in the report:
• Soy protein
• Pea protein
• Wheat protein
• Others

By Application Type in the report:
• Food & Beverages
• Animal Feed
• Cosmetic & Personal care
• Pharmaceutical & Nutraceutical

By Formulation Type in the report:
• Dry
• Wet

By Source Process Type in the report:
• Organic
• Conventional

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to food and beverage industry, Medical industry, cosmetic industry, animal nutrition industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.