Plant-based proteins have a huge range of applications in the food and beverages industry. In recent years, the plant-based protein market has been observing a huge growth in bakery, functional beverages, and other food, making plant-based proteins even more accessible because of their wide usage in numerous industries. The increasing demand for plant based proteins leads to growing investments and collaborations in the plant based protein market.
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Data Bridge Market Research analyses that the Global Plant Based Protein Market is growing with a CAGR of 12.6% in the forecast period of 2021 to 2028 and is expected to reach USD 6,758.64 million by 2028. The increasing demand for the plant based protein will provide potential opportunities for the market growth in the forecast period.
Increasing usage of plant based protein in various applications is anticipated to drive the market's growth rate
Plant based proteins have a huge range of applications in the food and beverages industry. Currently, several people also use plant-based proteins as a snack option as they prefer healthy snacking options such as protein bars and protein fortified chips. These proteins are also used in animal feed products that help reduce the farmers' dependence on traditional protein sources for poultry diets. For instance, in 2020, Nestlé launched Yes! Protein bars in the U.K. and Ireland in two flavors: almond, peanut and double dark chocolate and cashew, blueberry and dark chocolate powdered with nuts and peas and each bar contains 10g of plant protein.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019 (Customizable to 2013 - 2018)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Source (Soy Protein, Wheat Protein, Pea Protein, Canola Protein, Potato Protein, Rice Protein, Corn Protein, Oat Protein, Flaxseeds Protein, Hemp Protein, Quinoa Protein, Chia Protein and Others), Protein Concentration (Concentrate, Isolate and Hydrolysate), Level Of Hydrolisation (Intact, Mildly Hydrolized, and Strongly Hydrolized), Nature (Organic and Conventional), Form (Dry and Liquid), Function (Solubility, Gelation, Emulsification, Water Binding, Foaming and Others) Application (Food & Beverages and Animal Feed)
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
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Market Players Covered
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DSM (Netherlands), Sotexpro (France), Batory Foods (U.S.), Glanbia Plc (Ireland), AGT Food and Ingredients (Canada), Axiom Foods, Inc (U.S.), Prolupin GmbH (Germany), Yantai Shuangta Food co. LTD (China), ADM (U.S.), Wilmar International Ltd (Singapore), Emsland Group (Germany), Cargill, Incorporated (U.S.), DuPont (U.S.), Ingredion Incorporated (U.S.), Roquette Frères (France), and Shandong Jianyuan group (China)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
The global plant based protein market is segmented into seven notable segments, which are source, protein concentration, level of hydrolisation, form, nature, function and application.
- On the basis of source, the plant based protein market is segmented into soy protein, wheat protein, pea protein, canola protein, potato protein, rice protein, corn protein, oat protein, flaxseeds protein, hemp protein, quinoa protein, chia protein and others.
The soy protein segment of source segment is anticipated to dominate the plant based protein market
The soy protein segment has dominated the plant based protein market with 38.46% market share due to higher content of protein in the soy as compared to others. Hence soy proteins are majorly used for proteins sources in numerous food industry
- On the basis of protein concentration, the plant based protein market is segmented into concentrate, isolate and hydrolysate.
The concentrate segment of protein concentration segment is anticipated to dominate the plant based protein market
The concentrate segment has dominated the plant based protein market with 48.43% market share as isolate is considered as the purest form of protein having higher protein content.
- On the basis of level of hydrolisation, the plant based protein market is segmented into intact, mildly hydrolized, strongly hydrolyzed. The mildly hydrolized segment has dominated the plant based protein market with 60.29% market share due to its huge applications and usage in the food and beverage industry
- On the basis of nature, the plant based protein market is segmented into organic and conventional. The segment has dominated the plant based protein market with 84.24% market share as it is easy to carry and transport with longer shelf life
- On the basis of form, the plant based protein market is segmented into dry and liquid. The dry segment has dominated the plant based protein market with 84.22% market share due to easy availability of raw material for conventional products
- On the basis of function, the plant based protein market is segmented into solubility, gelation, emulsification, water binding, foaming and others. The emulsification segment has dominated the plant based protein market with 33.87 % market share due to numerous function of plant based protein in several emulsification applications.
- On the basis of applications, the plant based protein market is segmented into food and beverages AND animal feed. The food & beverages segment has dominated the plant based protein market with 74.20% market share due to increase in usage of plant-based proteins in food and beverages application as meat substitutes.
Major Players
Data Bridge Market Research recognizes the following companies as the major plant based protein market players in plant based protein market are DSM (Netherlands), Sotexpro (France), Batory Foods (U.S.), Glanbia Plc (Ireland), AGT Food and Ingredients (Canada), Axiom Foods, Inc (U.S.), Prolupin GmbH (Germany), Yantai Shuangta Food co. LTD (China), ADM (U.S.), Wilmar International Ltd (Singapore), Emsland Group (Germany), Cargill, Incorporated (U.S.), DuPont (U.S.), Ingredion Incorporated (U.S.), Roquette Frères (France), and Shandong Jianyuan group (China)
Market Development
- In 2020, Roquette Frères and la Prairie collaborated with Canada's Protein Industries for joint R&D project which will help Canada's plant protein ecosystem to advance. This will assist the company to lead and expand its R&D, skills development and the capacity for the value-chain by increasing technical compatibility of collaborative research organizations
- In 2020, Arcon T textured pea proteins, Prolite® MeatTEX textured wheat protein, and Prolite® MeatXT non-textured wheat protein has all been launched by ADM. These highly functional protein solutions enhance the texture and density of meat substitutes, and are particularly useful in achieving consumer-preferred, meat-like texture.
Regional Analysis
Geographically, the countries covered in the plant based protein market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
As per Data Bridge Market Research analysis:
North America is the dominant region in plant based protein market during the forecast period 2021 to 2028
North America dominates the plant based protein market because of the high demand for organic and nutritious food products. Also, the high demand for organic and nutritious food products in this region is boosting the growth of the market.
Asia-Pacific is estimated to be the fastest-growing region in plant based protein market the forecast period 2021 to 2028
Asia-Pacific is expected to grow during the forecast period of 2021 to 2028 due to the increasing demand for plant based protein in the region due to factors that it promotes weight loss and helps in decrease of cardiovascular diseases. In addition, increasing disposable income are anticipated to boost the market's growth rate in this region.
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