HYDERABAD, India, March 29, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the plant protein market. The report titled, "Global Plant Protein Market- By Product Type, Application, and Geography -Market Shares, Forecasts, and Trends (2015-2020)" explains the current landscape and outlook of the said market.
The plant protein market was valued at USD 7.67 billion in 2015 and is projected to reach USD 10.12 billion by 2020, at a compound annual growth rate (CAGR) of 5.7% during the forecast period from 2015 to 2020.
Plants differ from animals in their unique capability to synthesize all the important amino acids on their own. This offers a unique proposition to extract protein from the plant produce to be used as ingredients in various industries. For the scope of this report, we consider the plant protein, which is commercially extracted from various sources. This protein is used as an ingredient in various industries, such as the food & beverages, pharmaceuticals, and animal feed industry.
The current market share is dominated by North America, which is closely followed by Europe, while Asia-Pacific and other regions form a minor chunk. However, the Asia-Pacific market has a great potential; it is projected to grow at a CAGR of 6.1% during the given forecast period. It is an area with immense potential for the plant protein market, as the region has an increasing population, growing per capita income, and an unorganised livestock production system.
Plant protein ingredients act as excellent substitutes to the traditional meat-based protein ingredients. Increase in population, growing demand for protein products, and the attractive amino acid profile of plant proteins have increased the demand of plant protein ingredients in the market. The inclination of consumers towards plant proteins is driven by factors, such as easy digestibility, sustainability in production, relatively cheaper price, and ethical reasons for not choosing meat-based proteins. The extensive research to discover new sources and the need to improve the extraction techniques act as push factors for the increased usage of plant proteins.
The report is segmented by application, source, type, and geography. The market size and forecast values are provided for each of these regions in the report. By application type, the market is segmented into meat analogues, sports nutrition products, beverages, bakery, pharmaceuticals, animal feed, and others. Meat analogues and sports nutrition has the major share in the market, which is driven by the demand of growing health conscious consumers. Bakery and sports nutrition products are growing at the fastest CAGR. Based on source type, the soy protein segment dominates the market share followed by the wheat protein segment. However, due to healthy nutritional profiles of pea and other vegetable protein, it is moving at the fastest growth rate. On the basis of type, the market is segmented into isolated protein, protein concentrate, and textured protein. Textured protein is mostly used in meat analogues, thereby making a good share in the market, by type. Protein isolate, being the purer form, has relatively higher costs and is used in mostly pharmaceutical applications and sports nutrition products.
Some of the major players in the market are Archer Daniels Midland Company (U.S.), Kerry Group plc (Ireland), Cargill, Incorporated (U.S.), and E. I. du Pont de Nemours and Company (U.S.) among others.
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SOURCE Mordor Intelligence