The global plant-based protein market is segmented by source into soy, wheat, pea, rice, canola, potato and others.The market is segmented by type into including isolates, concentrates and others.
Proteins are fundamental nutrients that are needed by the human body and comprise the essential amino acids required for muscle building.Plant proteins are the proteins extracted from plant sources such as vegetables, fruits, nuts, oilseeds, grains, peas, lentils, etc.
The key plant-based protein sources include pea, soy, wheat, potato, and canola., The proteins which are obtained from various animal sources, including egg, milk, whey, casein and egg, among others, are referred to as animal proteins.
Plant-based proteins contain all essential amino acids required by the body.As plant-based proteins have a lower calorie count, they can be substituted for animal-based proteins for weight loss and thus are preferred by consumers.
Plant-based proteins contain a good amount of fiber as compared to animal-based proteins, which boosts their consumption in beverages, animal feed and infant nutrition.Plant-based proteins are increasingly used in the foods and beverages sector as they supplement protein content.
Growth of the food and beverage sector, primarily in Brazil, India, China and Mexico, due to increasing domestic consumption coupled with the adoption of modern farming technology, is expected to drive the plant-based protein market shortly.
The global plant-based protein demand in terms of volume was estimated at REDACTED in 2021 and is expected to reach REDACTED by 2027, growing at a CAGR of REDACTED% from 2022 to 2027. In terms of revenue, the market was valued at $REDACTED in 2021 and is expected to reach $REDACTED by 2027, growing at a CAGR of REDACTED% from 2022 to 2027.
The plant-based protein market by the source is segmented into soy, wheat, pea, canola, potato, rice and others.Based on types, the plant-based protein is segmented as isolates, concentrates and others.
Plant-based proteins are used in various applications, including food and beverages, infant formulation, personal care and cosmetics, animal feed and nutrition and health supplements.Rising awareness of nutrient enrichment and growing health awareness have increased the importance of dietary supplements and are expected to favorably impact market growth.
Furthermore, the rising importance of protein consumption among vegetarians is expected to have a positive impact on the market over the forecast period. Rising concerns regarding dairy product allergies and animal or meat borne diseases and allergies are expected to fuel the demand for plant-based protein during the forecast period.
Shifting trends in functional ingredients fortification in the food and beverage industry due to rising demand for added health benefits in various food products is anticipated to boost plant-based protein demand.Food and beverage industry growth, primarily in Brazil, Russia, Indonesia, China and the Middle East, due to rising domestic consumption and growing foreign direct investments are expected to augment market growth.
In addition, population growth, increasing disposable income and increasing urbanization in Asia-Pacific countries, especially India and China, are anticipated to promote the food and beverage industry over the forecast period.This, in turn, is likely to have a positive impact on the plant and dairy protein market over the forecast period.
Asia-Pacific is expected to be one of the most promising markets due to growing domestic consumption in China and India in light of new product launches by numerous food and beverage manufacturers.