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Plant Protein Market

Plant Protein Market By Source (Soy Protein, Pea Protein, Wheat Protein, Corn Protein, Green Protein, Others), By Form (Protein Isolate, Protein Concentrate, Textured Protein), By Application (Bakery & Confectionery, Meat Alternatives, Dairy Alternatives, Animal Feed, Nutritional Supplement, Others) – Growth, Future Prospects & Competitive Analysis, 2018 – 2026
Report Book

Published Date: Sep 2018
Category: Food & Beverages
Report ID: 59300
Report Format: PDF
No of Pages: 190

Rating: Credence Reports

Market Insights:

The plant protein market is expected to reach a market value of US$ 18,667.6 million by 2026, with a 6.6% CAGR from 2018 to 2026. In 2017, North America dominated the plant protein market. Asia Pacific is estimated to be the fastest-growing region between 2018 and 2026.

Plant protein is an ingredient responsible for curbing the appetite and increasing muscle mass. The consumption of plant protein-enriched products is increasing on account of rising consumer inclination towards natural ingredients over their animal-based counterparts since animal proteins are high in cholesterol content and might have adverse effects on human health. Plant-based proteins are finding wide application in the food and beverage industry as supplements. Such proteins are derived from sources that include wheat protein, soy protein, pea protein, corn protein, and green protein, among others.

Consumers in developed regions such as North America and Europe are shifting their preferences towards the consumption of plant-based food products, which is one of the key factors driving the demand for plant proteins. Owing to the rising demand, food and beverage manufacturers actively involve themselves in incorporating plant ingredients into their food products. More than 50% of the U.S. population considers plants as the best source of protein, and they are increasingly demanding more non-meat food products such as bagels and non-dairy beverages. Consumption of plant proteins reduces the intake of saturated fats and reduces the incidence of cholesterol and allergic reactions from eggs and dairy products. Furthermore, the rising demand for organic food products in developed countries is a key factor supporting the growth of the plant protein market in those regions. Shifting the consumer base towards the consumption of plant-based food products is one of the key factors responsible for the high growth of the plant protein market at present.

Developed economies such as the U.S. are the frontrunners for the growth of this industry at present. High consumption of red meat is linked with high incidences of heart diseases because red meats such as ground beef are high in saturated fats, which are responsible for elevating the level of blood cholesterol, which increases the risk of cardiovascular diseases. Demand for nutritional supplements is on the rise at the global level and is largely spurred by the aging population, which has led consumers to look for remedies for their ailments and options that would help them stay healthy and active. Staying healthy has become a lifestyle choice and has boosted the demand for several health products, contributing to the thriving consumer market. All these factors are expected to drive the global plant protein market during the forecast period from 2018 to 2026.

Market Overview, Value (US$ Mn)

Pea Protein Segment: Propelling the Growth of the Plant Protein Market

According to the source, the pea protein segment is expected to be the fastest-growing segment during the forecast period from 2018 to 2026. The preference for a healthy diet among the majority of the population, owing to the increasing concerns about chronic diseases such as heart problems, is having a favorable impact on the demand for plant proteins. These products are rich sources of protein, as they contain 50% protein and less than 11% starch.

The rising importance of organic farming due to the strong regulatory framework in countries such as the U.S., Australia, and Brazil, among others, is generating incentives for farmers to produce pea crops and enhance the availability of raw materials. For example, in the U.S., the United States Department of Agriculture encourages organic farming, and there were 21,781 certified organic operations in 2016. Companies such as Cargill invest in plant-based proteins in order to meet rising consumer demands. For instance, in 2018, Cargill invested in PURIS, which is the largest North American producer of pea protein, in order to manufacture natural and sustainable plant-based products.

In 2017, Protein Isolate was identified as the Dominant Form Segment.

Rising preferences towards low-fat diets result in an increase in demand for protein isolate among consumers across the globe. Protein isolate refers to the protein powder that includes processing methods such as cooking, decanting, and filtering in order to collect the purest protein.

It is lactose, fat, and gluten-free, helps with digestion, and has fewer calories. Soy and pea isolates have shown rapid growth rates in recent years. Soy protein isolates have 90% protein content and are widely used in beverages, soups, sauces, and bakery items, among others. Pea protein isolates are expected to witness the fastest growth during the forecast period as they have the biggest potential as a food ingredient. These concentrates are made from pea flour and follow the processes of isoelectric precipitation and aqueous extraction. Pea isolating contains approximately 80% protein.

Meat alternatives are expected to be the fastest-growing application segment in 2017.

Meat alternative products include beans and lentils, soy foods (tofu, tempeh, etc.), mushrooms, and seitan (wheat gluten), among others. Soy food products as a meat alternative dominated the market as they consist of high-quality protein, iron, and vitamins. These products are low in calories and a good source of dietary fiber. Soyfood manufacturers use soy concentrates and textured soy flour with a combination of vegetable proteins and ingredients. Soy products that resemble the texture and taste of red meat have been developed as a result of new technology.

The presence of bioactive components such as isoflavones in soy products helps to maintain healthy bones, prevents colorectal and breast cancers, and provides relief during menopausal symptoms. Products such as tofu, made from soybean curds, are low in calories and free from gluten. These products are an important source of protein for people who follow a flexitarian or vegan diet. Mushrooms have also occupied a significant market share in recent years due to the rising demand for meat alternatives. According to the American Institute for Cancer Research, mushrooms are considered a meat substitute, but they do not provide an equivalent amount of protein to meat. However, they are rich in zinc, iron, and vitamins, which maintain the rich texture and flavor of the food. Another meat alternative, seitan, made from wheat, provides the texture of meat when cooked and has become popular in recent years. These products are high in protein and are preferred by the vegan population.

North America is the largest region in the global plant protein market.

Globally, North America accounted for the largest value share of the plant protein market. Various nutritional benefits of plant protein, followed by growing consumer awareness regarding health and wellness, are mainly driving this market. Trends show that there has been an increase in the consumption of red meat in the North American region. Because red meats, such as ground beef, are high in saturated fats, this is directly linked to a high incidence of heart disease.

This is basically responsible for elevating the blood cholesterol level and thereby increasing the risk of cardiovascular diseases. In addition, high consumption of red meat also results in obesity, thereby increasing the risk of type 2 diabetes. As per the Centers for Disease Control and Prevention (CDC), obesity prevalence in the U.S. was approximately 39.8%, which affected approximately 93.3 million adults in the country. Hence, consumers in this region are shifting from red meat consumption to natural alternatives that are derived from plant sources, which in turn is driving the plant protein market in this region.

Manufacturers’ primary strategies are product expansion, followed by mergers and acquisitions.

Key players operating in the global plant protein market include Cargill Incorporated, Archer Daniels Midland Company, Azaki Gulico Co., Ajinomoto Co., Inc., Ltd., Axiom’s Foods, E.I. Du Pont de Nemours and Company, Glanbia PLC, Growing Naturals, LLC, Kerry Group PLC, and Pinnacle Foods, Inc., among others. In 2017, ADM also expanded its production plant in Straubing, Germany. The facility manufactures a variety of non-GMO-based high-protein soybean meals. This expansion will facilitate the company’s ability to cater to the growing demand for soybean meals.

Periods of History and Forecast

This research considers 2017 as the base year and presents an analysis of segments from 2016 to 2026. In addition, the forecast period from 2018 to 2026is considered for the compound annual growth rate (CAGR) calculation for each respective segment.

Report Scope by Segments

The global plant protein market mainly focuses on quantitative and qualitative analysis of the overall market. The report also represents an understanding of the current strategies and market dynamics prevailing in the market. The report covers the global plant protein market by segmenting it in terms of form, source, application, and geography.

Key questions are answered in this report.

  • Who are the distributors, traders, and dealers of plant proteins?
  • What is expected to be the largest source, form, and application segments in the market during the forecast period from 2018 to 2026?
  • What are the fastest-growing segments in the market for the forecast period?
  • What are the current market trends in the plant protein market, and what are the valuable opportunities for the players?
  • How does the regulatory framework affect global as well as regional markets?
  • Which are the key players operating in the global market, and what are the strategies they have adopted?
  • What are the sales, revenue, business strategy, and product portfolio of the top manufacturers in the plant protein market?
  • What are the market size and trends in emerging and developed markets?

Chapter 1 Preface 11
1.1 Report Scope and Description 11
1.1.1 Study Purpose 11
1.1.2 Target Audience 11
1.1.3 USP and Key Offerings 11
1.2 Research Scope 12
1.3 Research Methodology 13
1.3.1 Phase I – Secondary Research 13
1.3.2 Phase II – Primary Research 14
1.3.3 Phase III – Expert Panel Review 14
1.3.4 Approach Adopted 14
1.3.4.1 Top-Down Approach 15
1.3.4.2 Bottom-Up Approach 15
1.3.5 Assumptions 16
1.4 Market Segmentation 16

Chapter 2 Executive Summary 17
2.1 Market Snapshot: Global PP Market 18
2.1.1 Global PP Market Value, by Source, 2017 (US$ Mn) 19
2.1.2 Global Plan Protein Market Value, by Form, 2017 (US$ Mn) 19
2.1.3 Global PP Market, by Application, 2017 (US$ Mn) 20
2.1.4 Global PP Market Value, by Region, 2017 (US$ Mn) 20

Chapter 3 Market Dynamics 21
3.1 Introduction 21
3.2 Market Dynamics 22
3.2.1 Market Drivers 22
3.2.1.1 Rising Awareness Regarding Adverse Effects of Red Meat, Resulting in Shift Towards Plant-Based Substitutes 22
3.2.1.2 Growing Demand for Nutritional Supplements Fuelling Market Growth of Plant Protein 24
3.2.2 Market Restraints 26
3.2.2.1 Price Volatility of Agricultural Commodities 26
3.2.3 Market Opportunity 27
3.2.3.1 Rising Sunflower Production in Brazil 27
3.2.3.2 Rising Demand for Plant Protein Infused Products Make Asia Pacific the Fastest Growing Market 28
3.3 Attractive Investment Proposition, by Geography, 2017 29

Chapter 4 Global Plant Protein (PP) Market, by Source 31
4.1 Overview 31
4.1.1 Global PP Market Value Share, by Source, 2017 & 2026 (Value, %) 32
4.1.2 Global PP Market, by Source, 2016 – 2026 (US$ Mn) 32
4.2 Soy Protein 33
4.2.1 Global PP Market, by Soy Protein, 2016 – 2026 (US$ Mn) 33
4.3 Pea Protein 34
4.3.1 Global PP Market, by Pea Protein, 2016 – 2026 (US$ Mn) 34
4.4 Wheat Protein 35
4.4.1 Global PP Market, by Wheat Protein, 2016 – 2026 (US$ Mn) 35
4.5 Corn Protein 36
4.5.1 Global PP Market, by Corn Protein, 2016 – 2026 (US$ Mn) 36
4.6 Green Protein 37
4.6.1 Global PP Market, by Green Protein, 2016 – 2026 (US$ Mn) 38
4.7 Others 39
4.7.1 Global PP Market, by Others, 2016 – 2026 (US$ Mn) 39

Chapter 5 Global Plant Protein (PP) Market, by Form 40
5.1 Overview 40
5.1.1 Global PP Market Value Share, by Form, 2017 & 2026 (Value, %) 40
5.1.2 Global PP Market, by Form, 2016 – 2026 (US$ Mn) 41
5.2 Protein Isolate 41
5.2.1 Global PP Market, by Protein Isolate, 2016 – 2026 (US$ Mn) 42
5.3 Protein Concentrate 43
5.3.1 Global PP Market, by Protein Concentrate, 2016 – 2026 (US$ Mn) 43
5.4 Textured Protein 44
5.4.1 Global PP Market, by Textured Protein, 2016 – 2026 (US$ Mn) 44

Chapter 6 Global Plant Protein (PP) Market, by Application 45
6.1 Overview 45
6.1.1 Global PP Market Value Share, by Application, 2017 & 2026 (Value, %) 46
6.1.2 Global PP Market, by Application, 2016 – 2026 (US$ Mn) 46
6.2 Bakery & Confectionery 47
6.2.1 Global PP Market, by Bakery & Confectionery, 2016 – 2026 (US$ Mn) 47
6.3 Meat Alternatives 48
6.3.1 Global PP Market, by Meat Alternatives, 2016 – 2026 (US$ Mn) 49
6.4 Dairy Alternatives 50
6.4.1 Global PP Market, by Dairy Alternatives, 2016 – 2026 (US$ Mn) 50
6.5 Animal Feed 51
6.5.1 Global PP Market, by Animal Feed, 2016 – 2026 (US$ Mn) 51
6.6 Nutritional Supplement 52
6.6.1 Global PP Market, by Nutritional Supplement, 2016 – 2026 (US$ Mn) 52
6.7 Others (personal care, cosmetics, pharmaceuticals etc.) 53
6.7.1 Global PP Market, by Others, 2016 – 2026 (US$ Mn) 53

Chapter 7 Global Plant Protein (PP) Market, by Geography 54
7.1 Overview 54
7.1.1 Global PP Market Value Share, by Geography, 2017 & 2026 (Value %) 55
7.1.2 Global PP Market, by Geography 2016 – 2026 (US$ Mn) 55
7.2 North America 56
7.2.1 North America PP Market, by Source 2016 – 2026 (US$ Mn) 57
7.2.2 North America PP Market, by Form 2016 – 2026 (US$ Mn) 58
7.2.3 North America PP Market, by Application 2016 – 2026 (US$ Mn) 58
7.2.4 North America PP Market, by Country (US$ Mn) 59
7.3 Europe 60
7.3.1 Europe PP Market, by Source 2016 – 2026 (US$ Mn) 61
7.3.2 Europe PP Market, by Form 2016 – 2026 (US$ Mn) 61
7.3.3 Europe PP Market, by Application 2016 – 2026 (US$ Mn) 62
7.3.4 Europe PP Market, by Country/Region (US$ Mn) 62
7.4 Asia Pacific 63
7.4.1 Asia Pacific PP Market, by Source 2016 – 2026 (US$ Mn) 64
7.4.2 Asia Pacific PP Market, by Form 2016 – 2026 (US$ Mn) 64
7.4.3 Asia Pacific PP Market, by Application 2016 – 2026 (US$ Mn) 65
7.4.4 Asia Pacific PP Market, by Country/Region (US$ Mn) 65
7.4.4.1 South East Asia PP Market, by Country/Region (US$ Mn) 66
7.5 Latin America 67
7.5.1 Latin America PP Market, by Source 2016 – 2026 (US$ Mn) 68
7.5.2 Latin America PP Market, by Form 2016 – 2026 (US$ Mn) 68
7.5.3 Latin America PP Market, by Application 2016 – 2026 (US$ Mn) 69
7.5.4 Latin America PP Market, by Country/Region (US$ Mn) 69
7.6 Middle East and Africa(MEA) 70
7.6.1 MEA PP Market, by Source 2016 – 2026 (US$ Mn) 71
7.6.2 MEA PP Market, by Form 2016 – 2026 (US$ Mn) 71
7.6.3 MEA PP Market, by Application 2016 – 2026 (US$ Mn) 72
7.6.4 MEA PP Market, by Region (US$ Mn) 72

Chapter 8 Company Profiles 73
8.1 Archer Daniels Midland Company 73
8.2 Ajinomoto Co., Inc. 75
8.3 Ezaki Glico Co., Ltd 77
8.4 Axiom’s Foods 79
8.5 Cargill Incorporated 81
8.6 E.I. Du Pont de Nemours and Company 83
8.7 Glanbia Plc 85
8.8 Growing Naturals, LLC 87
8.9 Kerry Group PLC 89
8.10 Pinnacle Foods Inc. 91

List of Figures

FIG. 1 Global Plant Protein (PP) Market: Research Methodology 13
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach 15
FIG. 3 Global PP Market Segmentation 16
FIG. 4 Global PP Market Value, by Source, 2017 (US$ Mn) 19
FIG. 5 Global PP Market Value, by Form, 2017 (US$ Mn) 19
FIG. 6 Global PP Market Value, by Application, 2017 (US$ Mn) 20
FIG. 7 Global PP Market Value, by Region, 2017 (US$ Mn) 20
FIG. 8 Top 20 Countries/Regions with High Per Capita Consumption of Beef, 2017 (Kg) 23
FIG. 9 Retail Sales of Herbal Supplements in the U.S., 2011-2016 (US$ Bn) 25
FIG. 10 Attractive Investment Proposition, by Geography, 2017 29
FIG. 11 Global PP Market Value Share, by Source, 2017 & 2026 (Value, %) 32
FIG. 12 Global PP Market, by Soy Protein, 2016 – 2026 (US$ Mn) 33
FIG. 13 Global PP Market, by Pea Protein, 2016 – 2026 (US$ Mn) 34
FIG. 14 Global PP Market, by Wheat Protein, 2016 – 2026 (US$ Mn) 35
FIG. 15 Global PP Market, by Corn Protein, 2016 – 2026 (US$ Mn) 36
FIG. 16 Global PP Market, by Green Protein, 2016 – 2026 (US$ Mn) 38
FIG. 17 Global PP Market, by Others, 2016 – 2026 (US$ Mn) 39
FIG. 18 Global PP Market Value Share, by Form, 2017 & 2026 (Value, %) 40
FIG. 19 Global PP Market, by Protein Isolate, 2016 – 2026 (US$ Mn) 42
FIG. 20 Global PP Market, by Protein Concentrate, 2016 – 2026 (US$ Mn) 43
FIG. 21 Global PP Market, by Textured Protein, 2016 – 2026 (US$ Mn) 44
FIG. 22 Global PP Market Value Share, by Application, 2017 & 2026 (Value, %) 46
FIG. 23 Global PP Market, by Bakery & Confectionery, 2016 – 2026 (US$ Mn) 47
FIG. 24 Global PP Market, by Meat Alternatives, 2016 – 2026 (US$ Mn) 49
FIG. 25 Global PP Market, by Dairy Alternatives, 2016 – 2026 (US$ Mn) 50
FIG. 26 Global PP Market, by Animal Feed, 2016 – 2026 (US$ Mn) 51
FIG. 27 Global PP Market, by Nutritional Supplement, 2016 – 2026 (US$ Mn) 52
FIG. 28 Global PP Market, by Others, 2016 – 2026 (US$ Mn) 53
FIG. 29 Global PP Market Value Share, by Geography, 2017 & 2026 (Value %) 55

List of Tables

TABLE 1 Market Snapshot: Global Plant Protein (PP) Market Value 18
TABLE 2 Global PP Market, by Source, 2016 – 2026 (US$ Mn) 32
TABLE 3 Global PP Market, by Form, 2016 – 2026 (US$ Mn) 41
TABLE 4 Global PP Market, by Application, 2016 – 2026 (US$ Mn) 46
TABLE 5 Global PP Market, by Geography 2016 – 2026 (US$ Mn) 55
TABLE 6 North America PP Market, by Source 2016 – 2026 (US$ Mn) 57
TABLE 7 North America PP Market, by Form 2016 – 2026 (US$ Mn) 58
TABLE 8 North America PP Market, by Application 2016 – 2026 (US$ Mn) 58
TABLE 9 North America PP Market, by Country 2016 – 2026 (US$ Mn) 59
TABLE 10 Europe PP Market, by Source 2016 – 2026 (US$ Mn) 61
TABLE 11 Europe PP Market, by Form 2016 – 2026 (US$ Mn) 61
TABLE 12 Europe PP Market, by Application 2016 – 2026 (US$ Mn) 62
TABLE 13 Europe PP Market, by Country/Region 2016 – 2026 (US$ Mn) 62
TABLE 14 Asia Pacific PP Market, by Source 2016 – 2026 (US$ Mn) 64
TABLE 15 Asia Pacific PP Market, by Form 2016 – 2026 (US$ Mn) 64
TABLE 16 Asia Pacific PP Market, by Application 2016 – 2026 (US$ Mn) 65
TABLE 17 Asia Pacific PP Market, by Country/Region 2016 – 2026 (US$ Mn) 65
TABLE 18 South East Asia PP Market, by Country/Region 2016 – 2026 (US$ Mn) 66
TABLE 19 Latin America PP Market, by Source 2016 – 2026 (US$ Mn) 68
TABLE 20 Latin America PP Market, by Form 2016 – 2026 (US$ Mn) 68
TABLE 21 Latin America PP Market, by Application 2016 – 2026 (US$ Mn) 69
TABLE 22 Latin America PP Market, by Country/Region 2016 – 2026 (US$ Mn) 69
TABLE 23 MEA PP Market, by Source 2016 – 2026 (US$ Mn) 71
TABLE 24 MEA PP Market, by Form 2016 – 2026 (US$ Mn) 71
TABLE 25 MEA PP Market, by Application 2016 – 2026 (US$ Mn) 72
TABLE 26 MEA PP Market, by Region 2016 – 2026 (US$ Mn) 72

Frequently Asked Question:

What is the size of Plant Protein Market?

The market for Plant Protein Market is expected to reach USD$ 18,667.6 Mn in 2026.

What is the Plant Protein Market CAGR?

The Plant Protein Market is expected to see significant CAGR growth over the coming years, at 6.6%.

What is the Forecast period considered for Plant Protein Market?

The report is forecasted from 2018 -2026.

What is the base year considered for Plant Protein Market?

The base year of this report is 2017.

Who are the major players in this market?

Cargill Incorporated, Archer Daniels Midland Company, Azaki Gulico Co., Ajinomoto Co., Inc., Ltd., Axiom’s Foods, E.I. Du Pont de Nemours and Company, Glanbia PLC. are some of the major players in the global market.

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