Plant Protein Ingredients Market is set to grow from its current market value of more than USD 5.5 billion to over USD 8 billion by 2025; according to a new research report by Global Market Insights.
Rising health concerns along with higher consumer awareness will help drive plant protein ingredient market size over the forecast period. Many plant-based ingredients have protein content ranging from 50% to 80% and provide substantial health benefits, representing a wide scope of application. Reduced costs have made plant protein affordable for consumer consumption and stimulated the adoption among food manufacturers and gradually in the fast-food segment.
Emerging preference for a vegan lifestyle by growing number of consumers has influenced the business outlook. With a dramatic increase in environmental concerns regarding the protection of animals around the globe, consumers have been avoiding animal-sourced protein and opting for plant-based meat comprised of plant protein ingredients.
The U.S. has one of the highest levels of animal-based meat consumption per person, and the opportunity for plant-based meat to thrive in that region is anticipated to be consequentially high. Europe also has a well-developed market for plant-based meat products and will lead to a high product demand over the analysis period.
Government initiatives will contribute to plant protein industry share to a great extent, while healthcare institutions have also taken certain steps to promote plant based meals for patients. For instance, Californian Governor, Jerry Brown had recently signed a landmark bill which ensures that patients get healthy plant based options for every meal. The Senate Bill 1138 makes sure that people in hospitals, prisons or other healthcare facilities will have key access to plant-derived food.
Described below are some notable factors influencing plant protein ingredients market outlook over the next few years through food applications:
Rising demand for pea and soy proteins
Pea based plant protein ingredients segment is expected to garner remarkable momentum by the year 2025. The substance has extremely high nutritional value and is more digestible compared to many other protein ingredients, besides having a high iron content. 10% of American women have iron deficiency and the benefits of a regular intake could boost the product demand. Estimates claim the overall pea protein market size to cross USD 160 million by 2024.
Soy protein ingredients can be used in a wide range of diets with properties of building muscles when paired with rigorous training. This could be highly beneficial for athletes and the increasing number of sport activities can propel the use of the substance in plant protein supplements.
Increasing cases of colorectal cancer, breast cancer and unhealthy bones have fueled the demand for soy protein. Regulatory approvals for consumption will certainly impact plant protein ingredients industry share in the near future.
Increasing awareness among athletes
There has been a major increase in the number of athletes across professional sports and rising awareness for plant based meals have triggered the adoption of the product in daily diets. Several athletes have been preferring plant based meats as a substitute for animal meat to avoid rigorous killing of animals and disadvantages associated with red meat.
Alleged health benefits such as the reduction in the risk for lower LDL, type II diabetes, heart diseases and cancer coupled with an added benefit of muscle building has fostered the use of plant protein supplement among athletes. Studies have apparently found out that plant protein powder and other products offer athletes benefits like better recovery and performance.
Estimates show that athletes require proteins ranging from 1.2 to 1.7 grams per kilogram of their body weight every day, depending on the purpose, suggesting considerable scope for plant protein ingredients market size over the coming years.
Rise in the number lactose intolerant children
Reportedly, at around five years of age children tend to develop lactose intolerance in regions like Africa, Asia, few Mediterranean countries and the Middle East. Nearly 75% of non-Caucasians living in Australia are lactose intolerant. Infants are mostly recommended the consumption of plant protein examples like soy, hemp, rice, oat, almond and coconut as a substitute for dairy products.
Vegan diets can also help children attain the required daily nutrition without compromising on preferences or risking high-fat food. Surge in the number of kids suffering from lactose intolerance will undoubtedly fuel plant protein ingredients market share.
Emerging companies offering plant-based products
North America is among the highest meat consuming region is steadily shifting towards plant-based meat to avoid killing animals and the potential diseases caused by regular meat consumption. Several companies in the US are involved in the production of the product owing to consistent rise in the demand. North America plant protein ingredients market will record tremendous gains over the forecast timeframe due to presence of major players offering vital products to meet the evolving consumer preference.
Health benefits along with gradually reducing cost of plant protein ingredients will fuel APAC industry trends. Prevalence of high number of vegetarian population in a country like India will also fuel the regional growth.
Major companies like A & B ingredients, Medix, Axiom, Prinova and Cargill are involved in the production of plant protein powder and other ingredients which will also influence the demand. Companies often indulge in strategic collaborations and acquisitions for market expansion.