Plant-Based Protein Market: Current Analysis and Forecast (2021-2027)

Report Description

Plant-Based Protein Market was valued at ~US$ 10.3 billion in 2020 and is expected to grow at a CAGR of ~8% over the forecast period (2021-2027). The market is driven by growing demand from health freaks and concerns over animal-based food products and the environment. Protein concentration in the plant-based proteins ranges from 50-85%, making them suitable for vegan and vegetarian diets. As per United Nations estimates the world population in 2021 is 7.9 billion and as of January 2021, the total number of vegans in the world is approx 79 million. Besides, obesity and the rising prevalence of diseases as a result of changing lifestyles will continue to drive demand for healthier food.  As per WHO study, nearly 39% of adults (18 years and older) worldwide were overweight as of 2019. In obese people, several studies found that the quality and quantity of dietary protein from a plant-based vegan diet is linked to changes in body composition, weight, and insulin resistance.

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Consumers’ buying habits for plant-based food products are shifting. The efficacy and environmentally sustainable properties of plant-based proteins are the most important factors driving the demand for plant-based proteins. Food allergies are on the rise in developed markets around the world, and food intolerance is shaping consumer preferences. Since childhood, about 65% of the human population has a decreased capacity to absorb lactose. Adult lactose intolerance is most common among people of East Asian origin, with 70-100% of people in these groups suffering from the condition. Lactose intolerance limits protein consumption. Plant-based proteins are gaining popularity as dairy protein substitutes due to their uniqueness and high nutritional value. As a result, demand for these non-GMO plant-based proteins is expected to increase in the allergen-free markets over the forecasted period.

The demand for plant-based foods and beverages shows no signs of slowing. According to the Plant-Based Foods Association (PBFA), plant-based food retail sales in the United States increased by 11.4% in 2019. As per a consumer survey done in 2019, customers in the United States prefer plant-based protein over animal protein. During the study, 53% of respondents reported that they prefer plant protein to animal protein for taste reasons.

Purpose of Eating Plant-Based Foods

The Plant-Based protein market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are Archer Daniels Midland Company, Cargill, Dupont, Wilmar International, Roquette Freres, Glanbia, Kerry Group, DSM. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst source, Soy segment holds the major share”

Based on the source, the market is fragmented into soy, wheat, and pea. The soy dominated the market with a share of almost 67% in 2020 and is expected to maintain its dominance during the forecast period owing to the significant rising consumption of plant-based proteins market for benefit of health.

“Amongst type, isolates are anticipated to dominate the market during the analyzed period”

Furthermore, the plant-based protein market is mainly bifurcated into isolates, concentrates, and textured. In 2020, isolates sub-segment accounted for a maximum market revenue share of nearly 40% and is expected to remain dominant during the analyzed period owing to the increasing demand for processed food products is attributable to the rising purchasing power of consumers across the world.

“Amongst form, dry segment dominated the market during the forecast period”

Based on form, the market is mainly fragmented into dry and liquid. In 2020, the dry segment accounted for a maximum market revenue share of ~60% and is expected to remain dominant during the analyzed period.

“Amongst application, food segment holds the major share”

Based on application, the market is bifurcated into food and feed. Further, the food segment has been segmented into dairy alternatives, meat alternatives, and performance nutrition. In 2020, the food segment accounted for the maximum market share and accounted for more than 80% and is expected to be the leading segment of the plant-based protein market during the forecast period due to the rising awareness of health-conscious people.

“North America represents one of the largest markets of Plant-Based Protein market”

For a better understanding of the market dynamics of the plant-based protein market, a detailed analysis was conducted for different regions across the globe including North America (The United States, Canada, Mexico, and the Rest of North America), Europe (France, United Kingdom, Germany, Spain, Netherland, Italy, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, and Rest of APAC), South America (Brazil, Argentina, Rest of South America), and Rest of World (the Middle East and Africa). North America dominated the market and is expected to maintain its dominance over the forecast period owing to the increasing demand for processed and low cholesterol foods in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Plant-Based Protein Market were the three major steps undertaken to create and analyze the demand and applications of plant-based protein across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the plant-based food sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the plant-based protein through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the plant-based protein market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are the source, type, form, and application. Further country-level analyses were conducted to evaluate the overall demand and applications of plant-based protein in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of plant-based protein. Further, we conducted factor analysis using dependent and independent variables such as the rising awareness towards health-conscious and obesity. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the plant-based protein industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the plant-based protein market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of plant-based protein across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the plant-based protein market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the plant-based protein market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of source, type, form, and application of the plant-based protein market.

Main Objective of the Plant-Based Protein Market Study

The current & future market trends of plant-based protein were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of plant-based protein in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of source, type, form, and application
• Define and analysis of the regulatory framework for the plant-based protein industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the plant-based protein market for the major region
• Major regions studied in the report include North America (the U.S, Canada, Mexico, and Rest of North America), Europe (France, United Kingdom, Germany, Spain, Netherland, Italy, Belgium, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World
• Company profiles of the plant-based protein market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry