Protein is a vital muscle building block. The protein concentration in plant proteins is high and is best-suited for vegetarian diets and vegans. Compared with other sources of protein, vegetable protein stands out for being environmentally friendly. Consumers are aware of these properties of plant proteins and are attracting the attention and interest of consumers in search of environmentally friendly, organic, and anti-allergenic products. This plant-based protein market is mainly driven by growing popularity of veganism. Vegetable products are considered healthier and safer than animal products. Growing concerns about animal welfare have contributed significantly to the growth of the plant-based protein supplement industry. Increasing interest in food security and better products is likely to help stimulate market growth. Leading manufacturers are focusing on investing in innovative protein sources to further stimulate market growth.
French agrifood group Avril is considering buying animal feed and agricultural services, as well as other sectors that have proven to have significant potential in consumer brands, specific ingredients and renewable energy. Avril has ambitions to become a leader in plant-based solutions for the food, environment sectors, and agriculture.
The global plant-based protein market is broadly diversified based on product type, form, nature, application, and regions. By product type, the global plant-based protein is classified into soy protein, wheat protein, pea protein, and others. Based on the form, the global market is bifurcated into isolates, concentrates, and hydrolysates. By nature, it is further segmented into organic and conventional. Moreover, based on the application the global market for plant-based protein is segmented into bakery, snacks & cereals, dairy, confectionary & desserts, beverages, animal feed, others.
Developed markets such as North America and Europe account for more than half of global sales in this market, which dominates the market share of plant-based proteins. This is owing to the growing awareness of consumers in these regions about the environmental impact of animal proteins, the health benefits of vegetable proteins and the general sustainability factor associated with these vegan sources. Asia and the Pacific are expected to have growth rates above the global average. Consumers will gradually show interest in food supplements in the form of vegan proteins as the sports nutrition industry expands. In the Middle East and Africa, the market is still in its infancy. Milk protein is popular in the region.
The key contributors in the global plant-based protein market include Cargill, Royal Ingredients Group, Incorporated, DuPont de Nemours, Inc., Axiom Foods Archer Daniels Midland Company, Glanbia, Plc, Greenway Organics (Tianjin) Co. Ltd,Kerry , group, , Roquette Frères, The Green Labs LLC, Inc., A&B Ingredients, Gemef Industries, NOW Health Group Inc., Vestkorn Milling AS, AGT Food and Ingredients, Farbest Brands, Aminola, BENEO GmbH, Prolupin GmbH, and others.