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Global Plant Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

Global Plant Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321765
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Global Plant Protein Market stood at 14.06 billion usd in 2021 and is projected to register a CAGR of 3.66% to reach 16.83 billion usd in 2026.

Key Highlights
Largest Segment by Product Type - Soy Protein : Among all, soy protein remained most favored, owing to its inexpensive cost and excellent quality. F&B and animal feed industry drove soy protein segment across the globe.
Largest Segment by End User - Food and Beverages : The higher supply of plant proteins like rice, pea and wheat proteins that has an ability to mimic meat texture together with protein fortification is catering the segment.
Fastest Growing Segment by Product Type - Pea Protein : Pea proteins are gaining demand from meat alternative, due to their quick rehydration, neutral flavour, and texturizing abilities, that has led in a slew of new products.
Fastest Growing Segment by End User - Supplements : The rise in health concerns boosted the demand for supplements in Australia. Thus, driving use of plant proteins such as soy, pea, and rice proteins in its supplement sector.

Key Market Trends

Largest Segment By End User : Food and Beverages

By end user, the market was led by the F&B sector, attributable to the growing demand for meat and dairy alternatives amid the growing demand for cruelty-free food ingredients. In 2020, the rise in demand from the F&B segment was mostly due to an increase in hoarding and panic buying during the pandemic’s lockdown. Bakery, one of the primary F&B industries, witnessed a Y-o-Y growth rate of 18.17% in 2020.
The F&B segment was closely followed by the animal feed segment. The demand was led by the economic aspects of plant protein, which enabled farmers to provide cost-effective optimal nutrition to rearing animals. Over the review period, plant proteins were more than 50% cheaper than animal proteins. The sports and performance nutrition sub-segment drove the segment during the studied period, and it is also projected to record the fastest CAGR of 4.32%, by value, during the forecast period. The rise is attributed to an increasing number of people joining gyms and health clubs. Globally, the total number of health and fitness clubs grew by 12% between 2014-2019.

Largest Region : North America

By region, North America is the largest market due to its large consumer base and robust food industry, which has established a strong position globally. Over the forecast period, the region is set to record a significant growth rate of 3.24% by volume. The region is also highly benefitted by the growing veganism trend and consumer demand for sustainability. As of 2020, the vegan population has increased by more than 3,000% over the past 15 years in the United States alone. This growth portrays a vast potential for plant-based food products in the region, further boosting the market.
In terms of growth, South America is projected to record the fastest volume CAGR of 4.67% during the forecast period. The demand is highly driven by Brazil, which is witnessing a huge consumer influx toward fitness and sports activities, zoning in the non-athletic population in the functional food and supplements sector. Additionally, the country has a vast consumer base, thus, receiving major focus from the competitors.

Competitive Landscape

The Global Plant Protein Market is fragmented, with the top five companies occupying 30.18%. The major players in this market are Archer Daniels Midland Company, CHS Inc., DuPont de Nemours Inc, Kerry Group plc and Südzucker AG (sorted alphabetically).

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