Proteins are important muscular building blocks. The plant-based protein content varies from
55% - 85%, and is suitable for vegan and vegetarian diet plans. The demand for nutritional food would continue to grow due to changing habits to fight against obesity and increase the prevalence of diseases. The growth of the personal care segment is also driven by the increasing use of diet plans, which include plant-based, health & fitness clubs, and also increased awareness and education of obesity. As it is environment-friendly, plant-based protein is preferred compared to other types of proteins. Customers are becoming conscious of all these plant-based protein products, and they are gaining interest and popularity among consumers looking for goods that are safe, environment-friendly, and free of allergens.
Driving & Restraining Factors:
Rapid urbanization and increasing population would be a major driver for the plant-based protein market
The major driving factor is increasing market awareness and the growing vegan population have led to strong product demand in the upcoming years
A rise in customer shift toward the consumption of plant-based food products and purchase of a specific plant-based product are major factors for market growth
Demand for plant-based protein products in the global market is increasing as market key players are attempting to create vegetarian products that suit consumer needs
Demand for plant protein products in the global market is increasing at a comprehensive rate in the food & beverages and personal care industries, as it increases the demand for anti-aging products
Other major factors are fitness and health benefits and personal care that are likely to create awareness among consumers in developing countries, which will help to boost the growth of the plant protein market
Growing demand for products containing plant protein is anticipated to boost the vegan market in the near future
Increasing concerns about products and dependence on animals give rise to higher levels of consumers who follow a flexitarian diet, which involves plant-based protein products as the main nutritional ingredient in the upcoming years. However, the buying patterns of customers is changing for plant protein products.
In the plant protein market in developed regions across the globe, food allergy rates are rising with food awareness influencing consumer preference. Moreover, allergies such as rashes, itchiness, and eczema, which can also be a major restraining factor for the plant protein market.
Government norms and associations regulatory approvals regarding health claims for soy protein, along with the use of pea protein in functional food & beverages that can boost the demand for plant protein market in the upcoming years. However, these recommendations should increase the total protein content and add beneficial properties that will have a positive impact on consumer development.
The global plant protein market can be segmented based on type, product, form, application, distribution channel, and region
Based on type, the global plant protein market can be split into powder, liquid, and others
In terms of product, the global plant protein market can be segmented into wheat protein, pea protein, soy protein, and others
In terms of form, the global plant protein market can be segregated into protein isolates, concentrates protein, and textured proteins
Based on application, the global plant protein market can be classified into the bakery, nutritional supplements, meat extenders & substitutes, snacks, beverages, and others
In terms of the distribution channels, the global plant protein market can be sub-divided into offline and online. The offline channel can be further sub-divided into specialty or retail stores and departmental stores. An online distribution channel is sub-segmented into company-owned websites and e-Commerce websites.
The global plant protein market can be divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., Germany, France, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, South Africa, and Rest of the Middle East & Africa), and South America (Brazil and Rest of South America)
The global market share of plant protein is moderately concentrated and competitive
Key players operating in the global plant protein market are AxiomFoods, Kerry Inc., Cargill, Prinova Group LLC., Sonic Biochem, and Rouquette Group
By Distribution Channel