The global plant protein ingredients market is projected to grow from its current value of US$ 6 billion in 2023 to US$ 11 billion. From 2023 to 2033, the demand for plant protein components is anticipated to grow globally at a CAGR of 6.2%. The plant protein ingredients market refers to the market for protein ingredients that are derived from plant-based sources such as soy, wheat, pea, rice, and others. Plant protein ingredients are becoming increasingly popular due to the rising demand for vegan and vegetarian diets, as well as a growing trend towards healthy eating and sustainable food production.
The market for plant protein ingredients is expected to continue to grow in the coming years, as consumers become more aware of the benefits of plant-based diets and the environmental impact of animal agriculture. Some of the key drivers of the market include the increasing demand for plant-based meat alternatives, the growing popularity of protein supplements among athletes and fitness enthusiasts, and the rising interest in natural and organic food products
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The plant protein ingredients market is also driven by technological advancements in the production of plant-based proteins, such as the use of new extraction methods and the development of novel plant sources for protein. Additionally, the growing popularity of plant-based diets and the increasing number of consumers seeking alternative sources of protein are expected to drive growth in the market for plant protein ingredients in the coming years
Key Takeaways from Market Study
- The demand for plant-based protein is growing due to the rise of vegan and vegetarian diets and a trend towards healthy and sustainable food
- The market is driven by the increasing demand for plant-based meat alternatives, protein supplements, and natural and organic food products.
- Technological advancements in the production of plant-based proteins are expected to drive growth in the market.
- Increasing consumer awareness and interest in alternative sources of protein are expected to continue to drive growth in the plant protein ingredients market in the coming years.
Competitive Landscape
Leading businesses are concentrating on supply chain management, quality assurance, and increasing their production capacities while adhering to safety laws. To accommodate the rising demand for products containing plant proteins, major market participants are maintaining product standards.
Leading suppliers of plant protein ingredients are enhancing the nutritional content of their goods. They are working on R&D projects to improve their operational effectiveness and commercial capacities.
For example,
- To meet the growing demand for pea protein in 2020, ADM unveiled the Arcon T line of textured pea protein products.
- The NUTRALYS® range of organic textured protein made from peas and fava beans was just launched by Roquette, a market leader in plant-based protein, for the European market in 2022.
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Key Companies Profiled
- Kerry Group
- AMCO Proteins
- The Scoular Company
- A&B Ingredients
- Glanbia PLC
- Axiom Foods Inc.
- Batory Foods
- Arla Food Ingredients
- Archer Daniel Midland Company
- NutraScience Labs
- ABH Pharma Inc.
- Sun Brothers, LLC
Country-wise Insights
- North America: The North American region is expected to dominate the plant protein ingredients market due to the high adoption rate of vegan and vegetarian diets, increasing health consciousness, and growing demand for plant-based meat alternatives.
- Europe: The European region is also expected to have significant growth in the plant protein ingredients market due to the increasing demand for plant-based food products, favorable government policies, and the presence of major market players.
- Asia Pacific: The Asia Pacific region is expected to have the highest growth rate in the plant protein ingredients market due to the increasing population, rising awareness about health and wellness, and growing demand for plant-based protein supplements.
- Latin America: The Latin American region is expected to have moderate growth in the plant protein ingredients market due to the increasing adoption of plant-based diets and the growing demand for natural and organic food products.
- Middle East and Africa: The Middle East and Africa region are expected to have slow growth in the plant protein ingredients market due to the low awareness about plant-based diets and the dominance of the meat-centric diet culture in these regions.
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Key Questions Covered in the Plant Protein Ingredients Market
- What is the current size and growth rate of the plant protein ingredients market?
- What are the key drivers and challenges influencing the growth of the market?
- What are the different types of plant protein ingredients available in the market, and how do they compare in terms of nutrition and functionality?
- Which application areas are driving the demand for plant protein ingredients, and which ones are likely to grow the fastest?
- Who are the major players in the plant protein ingredients market, and what are their strategies for growth?
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