Plant Protein Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Plant Protein Market is Segmented by Source (Algae, Hemp, Soy, Wheat, Pea, Potato, Oat, Chickpea, Rice, and Lupin), Application (Food and Beverage, Animal Feed, Supplements, and Other Applications), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers the market size and forecasts in value terms in USD million for all the above segments.

Market Snapshot

Plant Protein Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: South America
Largest Market: North America
CAGR: 7.31 %
Plant Protein Market Major Players

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Market Overview

The plant protein market was valued at USD 9690.45 million in 2020, and it is projected to reach a CAGR of 7.31% during the forecast period, 2021-2026.

Despite some viral pictures of nearly empty shelves with only alternative meat products on them, plant-based foods (including plant-based meats) have been showing strong growth during the COVID-19 pandemic, which is likely to elevate the market space for plant protein in the food manufacturing industry.

Taste and variety are motivators, and during these challenging times, they may be more important factors for brands to promote than nutritional profiles alone. Early phases of the pandemic have led many consumers to indulge in familiar comfort foods. Yet, as normalcy returns, plant-based food brands are well-positioned to offer consumers better-for-you solutions as they transition back to a more balanced way of eating. Hence, better demand for plant protein ingredients is expected during the forecast period.

Changing dietary preferences among consumers are evident globally, and the low inclination toward meat and meat-based products is visible among European and North American consumers. The number of consumers becoming flexitarians or vegan is offering enough opportunities for manufacturers to introduce and innovate more in the plant protein segment. Over the past years, the segment has provided positive Y-o-Y growth for manufacturers.

Soy holds a major market share in the market, while the rapid escalation of pea and legume proteins drives the industry toward a new source that requires a higher volume of production. The need to eradicate global hunger does not involve seeking the alternative but combining the multiple alternatives from diverse sources to balance the supply. Therefore, plant protein mixed with that of algae may eventually provide opportunities in the short term.

Scope of the Report

Plant protein is simply a food source of protein derived from plants. This group can include pulses, tofu, soy, tempeh, nuts, seeds, certain grains, and even peas. The plant protein market is segmented by source, application, and geography. Based on source, the market studied has been segmented into algae, hemp, soy, wheat, pea, potato, oat, chickpea, rice, and lupin. Based on application, the market is segmented into food and beverage, animal feed, supplements, and other applications. Also, the study provides an analysis of the market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasting have been done in value terms of USD million.

Source
Algae
Hemp
Soy
Wheat
Pea
Potato
Oat
Chickpea
Rice
Lupin
Application
Food and Beverage
Animal Feed
Supplements
Other Applications
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
France
Germany
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa

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Key Market Trends

Increasing Incidences of Intolerance for Animal Protein

The National Institute of Allergy and Infectious Diseases reveals that more than a majority of food allergies are caused by eggs, milk, fish, and red meat. Due to animal protein allergies, most meat consumers are inclined toward meat substitutes made of vegan protein, which ultimately drives the plant protein market. According to the reference list of allergen data collection, the allergen from chicken meat ranges from 0.5-5% in Southern Europe.

Pea protein, recognized as a complete protein, can be incorporated into several egg-based products, like pasta, vermicelli, cakes, and cookies. According to the United States Centers for Disease Control and Prevention, 12.2 million people suffer from a food allergy, of which two-thirds are associated with egg allergy. Animal-based protein consumption may further increase the rates of allergies caused by them; hence, food manufacturers in developed nations are incorporating plant-based food ingredients to cater to the vegan population.

Plant Protein Market Growth

North America Holds the Largest Market Share

According to Mordor Intelligence analysis, the share of the North American plant protein market was 38% in 2019 in the global marketplace. The demand for plant proteins is growing at a fast rate, owing to changes in lifestyles, lack of balanced dietary intake, and improved R&D to develop new kinds of plant-protein enriched products. The United States continues to capture the largest market share for plant protein, followed by Canada and Mexico. The demand for processed and low cholesterol foods has paved the way for the plant-based protein market in the region. Nowadays, consumers around the world are switching to other alternative products, such as green label food products, coupled with rising awareness of healthy and plant-based products, which is driving the market forward.

Plant Protein Market Share

Competitive Landscape

The market is highly competitive owing to the large number of global and regional players operating in the market. Some of the key players are Archer Daniels Midland Company, DuPont de Nemours Inc., and Kerry Group. In order to increase their market shares, companies are focusing on new and innovative products. For instance, in December 2019, DuPont Nutrition & Biosciences built a new plant-based solution, Danisco Planit. It comprises a comprehensive portfolio of plant proteins, cultures, probiotics, enzymes, and stabilizing solutions that deliver all-around nutritional and functional benefits.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Source

      1. 5.1.1 Algae

      2. 5.1.2 Hemp

      3. 5.1.3 Soy

      4. 5.1.4 Wheat

      5. 5.1.5 Pea

      6. 5.1.6 Potato

      7. 5.1.7 Oat

      8. 5.1.8 Chickpea

      9. 5.1.9 Rice

      10. 5.1.10 Lupin

    2. 5.2 Application

      1. 5.2.1 Food and Beverage

      2. 5.2.2 Animal Feed

      3. 5.2.3 Supplements

      4. 5.2.4 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Germany

        5. 5.3.2.5 Russia

        6. 5.3.2.6 Italy

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Archer Daniels Midland Company

      2. 6.4.2 DuPont de Nemours Inc.

      3. 6.4.3 Kerry Group

      4. 6.4.4 The Scoular Company

      5. 6.4.5 Roquette Freres

      6. 6.4.6 Royal Avebe UA

      7. 6.4.7 PURIS

      8. 6.4.8 Cargill Incorporated

      9. 6.4.9 Cooke Inc. (Omega Protein Corporation)

      10. 6.4.10 A. Costantino & C. SpA

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Global Plant Protein Market market is studied from 2016 - 2026.

The Global Plant Protein Market is growing at a CAGR of 7.31% over the next 5 years.

South America is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Archer Daniels Midland Company, DuPont, Kerry Inc., Royal Avebe UA , Cargill Incorporated are the major companies operating in Global Plant Protein Market.

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