NEW YORK, Jan. 6, 2020 /PRNewswire/ --
Report Scope:
The scope of this report is broad and covers various product type available in the plant protein market and potential application sectors.The plant protein market is broken down by product type.
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Revenue forecasts from 2018 to 2023 are given for each technology and end-users with estimated valued derived from the revenue of companies' total revenues.
The report also includes a discussion of the major players across each regional plant protein market. Further, it explains the major drivers and regional dynamics of the global plant protein market and current trends within the industry.
The report concludes with a special focus on the vendor landscape and includes detailed profiles of the major vendors in the global plant protein market.
Report Includes:
- 89 data tables and 37 additional tables
- A brief general outlook of the global plant-based protein market
- Analyses of global market trends with data from 2017 to 2018, and projections of compound annual growth rates (CAGRs) through 2023
- Identification of shifts in the market from animal protein towards proteins derived from plants and consumer demand for sustainable products, along with a global competitive landscape, major M&A deals, and strategic alliances
- Data corresponding to regional trade analysis, and import and export of plant-based protein ingredients in value and volumetric terms
- Elaboration on the role of government regulations, recent technological advancements, and economic trends and factors that shape and influence the future marketplace
- Company profiles of the market leading players, including Axiom Foods Inc., Cargill, Kerry Group, CHS Inc., and NOW Health Group, Inc.
Summary
The global plant protein ingredients demand was estimated at REDACTED tons in 2018 and is expected to reach REDACTED tons by 2023, growing at a CAGR of REDACTED from 2018 to 2023. In terms of revenue, the market was valued at REDACTED in 2018 and is expected to reach REDACTED by 2023, growing ata CAGR of REDACTED from 2018 to 2023.
Plant protein are being increasingly used in the foods & beverages sector on account of its supplementing protein content. Growth of the food & beverage sector primarily in Brazil, India, China, and Mexico on account of increasing domestic consumption coupled with adoption of modern farming technology is expected to drive the plant protein market in the near future.
The plant protein product segment is segmented into soy, wheat, pea, canola, potato, rice and others.These products are used in various applications, including food & beverages, infant formulation, personal care & cosmetics, animal feed and nutrition & health supplements among others.
Rising awareness towards nutrition enrichment as well as growing health awareness among consumers has increased the importance of dietary supplements and is expected to favorably impact market growth.Furthermore, rising importance of protein consumption among vegetarians is expected to have a positive impact on the market over the forecast period.
Rising concerns regarding dairy and meat allergies is expected to fuel the demand for plant protein fortified food products over the forecast period.
Shifting trend of functional ingredients fortification in the food & beverage industry on account of rising need for added health benefits in various types of food products is anticipated to fuel plant protein demand.Food & beverage industry growth primarily in the BRICS and Middle East on account of rising domestic consumption as well as growing foreign direct investments is expected to augment market growth.
In addition, population growth, rising disposable income, and increasing urbanization in Middle East countries, especially Saudi Arabia, are anticipated to promote food & beverage industry over the forecast period. This in turn is likely to have a positive impact on the plant & dairy protein market over the forecast years. Asia-Pacific is expected to be one of the most promising markets on account of growing domestic consumption in China and India in light of new product launches by numerous food & beverage manufacturers.
Governments of India as well as China have included the development of the domestic agriculture sector as part of their 12th Five Year plan, which is thus expected to increase the production of crops including rice, pea, canola, and potato.As a result, a greater number of raw material suppliers are expected to crop up in proximity.
The U.S. Food and Drug Administration and the European Food Safety Authority consider almost all plant protein safe for human consumption which is expected to have a positive impact on their use in the food & beverage sector over the forecast period.
Technological development in the field of plant protein ingredient development and manufacturing over the past few years has resulted in their increased use in the food processing sector. Plant proteins particularly soy and pea are popularly used as an egg substitute in bakery and pasta products.
Rising R&D expenditure by various companies for development of new pea protein extraction technology and its protein uses is anticipated to open new avenues for the market over the forecast period. In November 2011, Burdon NutraScience Corporation developed a new protein extraction technology for manufacturing a low pH, 100% soluble pea protein isolate aimed for its use in the food and beverage sector.
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