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

Plant Protein Market is segmented by Type (Soy, Pea, Wheat, Oat, Rice, and Others), by 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 Size
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 global 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.

COVID-19's interaction with animal sources will result in a broad population opting for plant-based proteins over animal proteins due to numerous health and environmental issues. Furthermore, unlike red meat, which is relatively labor-intensive, plant proteins are produced with less reliance on labor, making them less susceptible to staffing scarcity. This encourages the development of plant-based proteins. Moreover, with the consumers preferring plant-based protein products, owing to the high protein content and enhanced nutritional benefits, such as added fiber, antioxidants, probiotics, and vitamins, manufacturers operating in this space have been compelled to cater to the increasing demand by introducing plant-based ingredients with functional benefits.

Consumer preferences are shifting toward a more nutritional diet, focusing on a more sustainable lifestyle and less reliance on animal proteins. The percentage of consumers becoming more flexitarian, or vegan, has paved great opportunities for manufacturers to introduce more and innovate in the plant protein segment. Consumer acceptance of plant-based foods and beverages has increased in recent years due to a broader range of product availability, enhanced product development, innovation in plant-based proteins, and a broader range of options.

The existence of animal protein as a protein source has been highly recommended among developing nations, where plant protein adaptability is comparatively poor. However, pork is consumed as a rich protein source in China, and chicken and eggs are considered in the Middle East and Africa. However, the fact is linked to consumers' lack of knowledge about the health benefits of plant protein consumption and the limited visibility of plant protein items on supermarket shelves.

Scope of the Report

Plant protein is a source of protein derived from plants. The global plant protein market is segmented by type, application, and geography. Based on type, the market studied has been segmented into soy, pea, wheat, oat, rice, and others. 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 globe, 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.

By Type
Soy
Pea
Wheat
Oat
Rice
Others
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 Trends

North America Holds the Largest Market Share

 North American 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 Growth

Competitive Landscape

The global plant protein 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., Cargill Incorporated, Royal Avebe UA, 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.

Recent Developments

In 2021, The Scoular Company announced the name for its new sustainable and innovative barley-based protein source for aquaculture and pet food: Emerge™. Emerge, both traceable and non-GMO, is the only barley-based protein for feed customers.

In 2020, ADM announced the launch of Arcon® T textured pea proteins, Prolite® MeatTEX textured wheat protein, and Prolite® MeatXT non-textured wheat protein. These highly-functional protein solutions improve the texture and density of meat alternatives, and are particularly useful for achieving consumer-preferred, meat-like texture.

In 2019, DuPont launched new plant-based protein nuggets, expanding the DuPont™ Danisco® range, featuring protein and healthy snacking. The company unveiled six new plant protein nuggets featuring pea and soy protein options that add a crunchy texture and higher protein content to food products.

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 By Type

      1. 5.1.1 Soy

      2. 5.1.2 Pea

      3. 5.1.3 Wheat

      4. 5.1.4 Oat

      5. 5.1.5 Rice

      6. 5.1.6 Others

    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 Plant Protein Market market is studied from 2016 - 2026.

The 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 Plant Protein Market.

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