The Global Plant-Based Protein Market accounted for $16.23 billion in 2018 and is expected to reach $57.09 billion by 2027 growing at a CAGR of 15%.
Increase in trend of health and sustainability and increase in investments in plant-based food businesses are likely to boost the growth of the market. However, allergies associated with plant-based protein sources such as soy and wheat are likely to hamper the profit boundaries.
Based on the product, the soy segment is projected to dominate the market during the forecast period. This segment is driven by the increasing popularity and rising demand for a high-protein diet among individuals. Soy protein helps to reduce the cholesterol level, improve metabolism, bone mineral density, and also decrease the risk of cancer. Soy protein isolates are used in applications such as nutritional bars, meat alternatives, bakery products, sports nutrition products, and beverages.
By geography, North American region is mainly attributed to the well established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products, and health & wellness trend.
Some of the key players in the Plant-Based Protein Market include Tate & Lyle Plc, Roquette Freres Le Romarin, NOW Foods, Kerry Group, Ingredion Inc, Glico Nutrition Co Ltd, Glanbia Plc, E I Dupont De Nemours and Company, Corbion NV, Cargill Incorporated, Burcon Nutrascience Corporation, Beneo Gmbh, Axiom Foods Inc , Archer Daniels Midland Company and Amco Proteins.
What the report offers:
Market share assessments for the regional and country level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2017, 2018, 2019, 2023 and 2027