As per the research report, The Plant-Based Protein Market is expected to reach the market valuation of USD XX Billion by 2027 expanding at a reasonable CAGR of ~10% during the forecast period (2021-2027) from USD XX Billion in 2020. The global plant-based protein demand is projected to expand in response to consumers' increasing desire for a vegan diet. Plant-based protein is high in fibre, vitamins, and minerals, making it a nutrient-dense food. Soybeans and soy products such as tofu are the most important source of plant protein since they are rich in vitamin C, fibre, calcium, iron, and folate. It has all nine essential amino acids. Any cell in the human body contains protein. The protein's basic structure is made up of a series of amino acids. In order for the body to regenerate and destroy cells, it needs protein in the diet. Protein accounts for about 20% of the human body.
Veganism is growing in popularity at a rapid rate. Vegans rose by 600% in the United States, from 4 million in 2014 to 20 million in 2018. Between 2011 and 2016, Italy has the fastest-growing vegan population, with a 94.4 percent growth. Manufacturers have plenty of chances to launch and innovate in the plant protein market as more customers become flexitarians or vegans. Manufacturers and the plant-based protein industry have all benefited from the segment's success in recent years. The Vegan Trademark was established in 1990 to aid businesses in promoting products that adhere to The Vegan Society's true international vegan standard. Over 50,000 products have been approved worldwide by over 2,500 businesses, including 22,000 cosmetics and toiletries and 17,000 food and beverage goods. In only one year, The Vegan Society licenced 14,262 products with The Vegan Trademark. This is a 49 percent increase from last year's total of 9,590 products successfully reported.
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More people are transitioning to plant-based protein sources during the COVID-19 pandemic. Plant-based diets are becoming more common for a number of reasons, including meat shortages in certain countries, environmental concerns, and a need to consume a healthier diet. People all over the world have had to adapt to a lot of shifts in their daily lives as the COVID-19 pandemic unfolds. Food perceptions have shifted as a result of some of the changes. People have rethought what they consume, what they eat it, and where they eat it as a result of changes in the food system, as well as lack of ingredients on grocery store shelves and the closure of nearby restaurants. One trend that seems to be emerging during the outbreak is a preference for plant-based meat alternatives. According to ADM's research, 18% of substitute protein buyers in the United States purchased their first plant-based protein during the COVID-19 pandemic. Approximately 92 percent of these first-time consumers claim they'll buy meat substitutes again. In Germany, the United Kingdom, and the Netherlands, 80 percent of customers say they will continue to eat plant-based meat substitutes.
The industry is divided into three categories, according to the source: soy, wheat, and pea. Because of the increasing demand for plant proteins globally, the soy segment led the industry in 2020, accounting for XX percent of the market. This domination is expected to continue over the projected period. In the plant-based protein industry, soy protein is the most common. Soybean is an internationally traded crop that is widely used in temperate and tropical regions as a major source of vegetable oil and protein.
Isolates concentrates, and textured isolates make up the majority of the demand. The isolates category led the market in 2020, accounting for XX percent of the market, and it is expected to continue to do so over the forecast period. The rising buying power of customers in developed countries is causing an increase in demand for packaged food goods. Textured protein is popular as a flavour enhancer and thickener in sauces, soups, snacks, and ready-to-eat foods, among other applications.
The market has been divided into dry and liquid segments based on form. The dry plant-based protein market is projected to reach USD XX billion in 2020, dominating the plant-based protein market with a CAGR of XX percent over the forecast period. Protein concentrates are made using a dry protein processing system. It involves reducing the particle size of raw material to fine particles using dry milling technology.
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Plant-based protein is used in two processes: food and feed, according to its use. During the forecast era, the food segment is projected to rise at the fastest CAGR of XX percent.
Additionally, the report provides detailed initiatives that are being taken in the field of plant-based protein across the globe. The market is classified into distinct regions including North America (the United States, Canada, Mexico, and Rest of North America), Europe (France, United Kingdom, Germany, Spain, Netherland, Italy, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, and Rest of APAC), South America (Brazil, Argentina, Rest of South America), Rest of World (the Middle-East and Africa) has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to increasing demand from vegan populations and health benefits associated with the products.
Archer Daniels Midland Company, Cargill, Dupont, Wilmar International, Roquette Freres, Glanbia, Kerry Group, and DSM are some of the prominent players operating in the global gene therapy market. Several M&As along with partnerships have been undertaken by these players to develop plant-based protein.
Plant-Based Protein Market Segmentation
Market Insight, by Source
Market Insight, by Type
Market Insight, by Form
Market Insight, by Application
Market Insight, by Region
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