Global Plant Protein Ingredients Market Size to Reach USD 10.27 Billion in 2032 | Emergen Research
Rapid advancements in food technology is a key factor driving Plant Protein Ingredients market revenue growth
Vancouver, Sept. 12, 2023 (GLOBE NEWSWIRE) — The global Plant Protein Ingredients Market size is expected to reach USD 10.27 Billion in 2032 and register a steady revenue CAGR of 6.3% during the forecast period, according to latest analysis by Emergen Research. Increasing number of people adopting vegetarian and vegan diets is a key factor driving market revenue growth. Plant protein ingredients contain less saturated fat and cholesterol than animal protein sources, potentially benefiting heart health and weight control. Consumers are shifting to plant-based diets as they become more aware about negative environmental effects of animal husbandry and meat consumption. In addition, increasing need of plant-based food components, such as soy protein, pea protein, and plant-based sweeteners, is another key factor driving revenue growth of the market.
Moreover, increasing number of strategic initiatives taken by major companies is also expected to drive market revenue growth during the forecast period. For instance, on 23 June 2022, Roquette, a global leader in plant-based ingredients and a plant protein pioneer, announced the launch of two rice proteins, a bold move that added a new botanical origin to its present range. Roquette provides consumers with a familiar, safe, and nutritious alternative protein with premium quality and rigorous manufacturing standards with NUTRALYS rice protein. This announcement is a new step in the group’s aim to create a new plant-based cuisine that promotes better lifestyles.
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However, certain plant-based proteins are high in carbs, making these inappropriate for anyone following a low-carb diet, which could restrain market revenue growth.
Scope of Research
|Market Size in 2022||USD 5.60 Billion|
|Revenue Forecast To 2032||USD 10.27 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Product type, form, application, end-use, functionality, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||ADM, CHS Inc., FUJI OIL HOLDINGS INC., International Flavors & Fragrances Inc., Kerry Group plc, NAGATA INDIA, NIPPN CORPORATION, Shandong Jianyuan Group, and Südzucker AG, Tereos|
|Customization Scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global plant protein ingredients market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- CHS Inc.
- Fuji Oil Holdings Inc.
- International Flavors & Fragrances Inc.
- Kerry Group plc.
- Nagata India
- Nippn Corporation
- Shandong Jianyuan Group
- Südzucker AG
- On 9 August 2023, Novozymes collaborated with Arla Foods components announced for the development of enhanced protein components using precision fermentation. Precision fermentation is a technique used by the biotechnology company Novozymes to fine-tune the molecular output of microbes, allowing for more control over the fermentation process and tailor-made protein compositions.
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Some Key Highlights From the Report
- The soy protein segment accounted for largest revenue share in the global plant protein ingredients market in 2022. This is due to rising demand for soy protein as this protein helps to lose weight, increase energy, and build muscle. Soy protein isolate also helps to regulate hormones and reduce the chances of breast cancer, heart disease, and osteoporosis. Soy protein powder aids in muscle growth and strength because of its high-quality amino acid profile. In addition, soy protein contains all nine essential amino acids, which the body cannot generate and must acquire from diet. This makes it an excellent protein source for vegetarians, vegans, and others looking to lessen their reliance on animal protein.
- The isolates segment is expected to register steadily fast revenue growth rate in the global plant protein ingredients market during the forecast period. This is because consuming soy protein isolate rather than animal proteins helps to enhance the overall heart health. Protein isolate is a refined, higher-protein version of protein powder. As protein isolates, many plant-based protein powders, such as soy and pea protein, are available. Whey protein isolate is great for individuals who do not want any fat or carbohydrates in their diet. In addition, whey protein is often minimal in carbohydrates, fat, lactose, and calories, making it a suitable dietary supplement for muscle growth and strength Protein isolates have more protein per serving than concentrates, with an average of 90% protein.
- The Food & Beverage (F&B) segment is expected to account for significantly large revenue share in the global plant protein ingredients market during the forecast period. This is because plant protein ingredients, when incorporated into food products, provide health benefits such as muscle recovery, energy enhancement, and satiety. The F&B segment is further segmented into meat alternatives, dairy alternatives, bakery and snacks, nutritional supplements, beverages, and others. Substituting plants for meat reduces saturated fat while increasing fiber and nutrient richness , which lowers the risk of diabetes, cancer, and heart disease. Plants also use fewer natural resources such as water and space, which help to mitigate climate change.
- The Asia Pacific market accounted for largest revenue share in the global plant protein ingredients market in 2022 due to increasing awareness among consumers regarding health. Plant protein ingredients, derived from sources such as soy, peas, rice, and nuts, provide a healthier option for many consumers. Furthermore, rising number of people adopting vegetarian, and vegan diets is another factor driving market revenue growth of this region.
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For the purpose of this report, Emergen Research has segmented the global plant protein ingredients market on the basis of product type, form, application, end-use, functionality, and region:
- Product Type Outlook (Revenue, USD Billion; 2019–2032)
- Soy Protein
- Wheat Protein
- Pea Protein
- Rice Protein
- Potato Protein
- Form Outlook (Revenue, USD Billion; 2019–2032)
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Food & Beverages (F&B)
- Meat Alternatives
- Dairy Alternatives
- Bakery and Snacks
- Nutritional Supplements
- Animal Feed
- Food & Beverages (F&B)
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Retail Consumers
- Food Service and Hospitality
- Industrial Food Manufacturers
- Sports Nutrition and Fitness Industry
- Pharmaceutical Industry
- Functionality Outlook (Revenue, USD Billion; 2019–2032)
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
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