Plant-Based Protein Global Market Report 2023
Major players in the plant-based protein market are Archer Daniels Midland Company (ADM), DuPont Nutrition & Biosciences, Axiom Foods Inc., Cargill, Kerry Group, Ingredion Incorporated, Roquette Freres, Wilmar International Limited, Glanbia PLC.
New York, March 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plant-Based Protein Global Market Report 2023" - https://www.reportlinker.com/p06221928/?utm_source=GNW
, Cosucra Groupe Warcoing SA, Sotexpro, Emsland Group, and PURIS Foods.
The global plant-based protein market grew from $14.7 billion in 2022 to $16.22 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The plant-based protein market is expected to grow to $24.89 billion in 2027 at a CAGR of 11.3%.
The plant-based protein market consists of sales of wheat protein, soy protein, pea protein, and other plant-based proteins.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Plant-based protein is a protein supplement that is derived from plant-based sources. Plant-based proteins are becoming more popular as meat substitutes because they are highly nutritious and include nutrients such as fiber, vitamins, and minerals in addition to proteins.
North America was the largest region in the plant-based protein market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the plant-based protein report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of plant-based protein are isolates, concentrates and textured.Plant-based protein isolates are consumed in an isolated form after being chemically extracted into a powder from the whole food.
Plant-based proteins are derived from various sources such as soy, wheat, pea, others and are available in both dry and liquid forms. It is used in feed, food and other applications.
The increasing awareness of health and wellness is expected to propel the growth of the plant-based protein market during the forecast period.Plant-based proteins are good for weight loss and provide building blocks for healthy muscles and tissues.
They are high in fiber and contain less amount of calories & fats than animal protein.For instance, according to a poll by E times in 2021, the COVID-19 pandemic has transformed Indians’ attitudes toward health, with 70% saying they will prioritise food and lifestyle adjustments in 2021 to manage both physical and emotional health.
Therefore, the increasing awareness of health and wellness drives the growth of the plant-based protein market.
Plant-based meat substitutes are gaining significant popularity in the plant-based proteins market.Plant-based meat alternatives are the priority of major companies operating in the plant-based proteins sector attributing to various benefits such as being ecologically friendly, aiding in weight loss, preventing chronic illnesses, and regulating cholesterol and blood sugar levels.
For instance, in July 2021, Nature’s Fynd, a US-based company which develops microbe-based proteins for meat and dairy substitutes has raised over $158 million in funds for the launch of its meatless breakfast products including patties, burgers chicken-less nuggets, and others. Additionally, according to the Plant-Based Foods Association, the alternative foods sector exploded in 2020, increasing U.S. retail sales by 27% and boosting the entire market value to $7 billion.
In August 2021, WM Partners, a US-based private equity firm acquired Vega for an undisclosed amount.The acquisition is expected to benefit WM partners by expanding their HPH II’s portfolio of brands and leverage the distribution strengths of Vega.
Vega is a Canada-based company that produces plant-based proteins.
The countries covered in the Plant-Based Protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The plant-based protein market research report is one of a series of new reports that provides plant-based protein market statistics, including plant-based protein industry global market size, regional shares, competitors with a plant-based protein market share, detailed plant-based protein market segments, market trends and opportunities, and any further data you may need to thrive in the plant-based protein industry. This plant-based protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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