Plant-Based Proteins Market to Reach US$ 23.4 Billion by 2027 Globally |CAGR: 10%| UnivDatos Market Insights
NOIDA, India, May 10, 2021 /PRNewswire/ -- A comprehensive overview of the plant-based protein market is recently added by UnivDatos Market Insights to its humongous database. The plant-based protein market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the plant-based protein market. The plant-based protein market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the plant-based protein market at the global and regional levels. Global Plant-Based Proteins Market is expected to grow at a CAGR of 10% from 2021-2027 to reach USD 23.4 billion by 2027.
Market Overview
Plant-Based Protein Market is experiencing significant growth on account of increasing awareness of health and wellness globally. The growing trend of plant-based protein can be attributed to new product creation, creativity, and technology. The recent rapid and disruptive growth of the plant-based sector has been driven predominantly by the millennial generation and the emergence of 'flexitarian' consumers, as well as increased numbers of vegetarians and vegans – as consumers respond to a combination of environmental, health, and ethical concerns.
According to L.E.K. Consulting's 2018 consumer food and beverage survey, 93% of consumers said they feel compelled to eat healthy at least some of the time, and 54% of consumers said including more plants in their diet makes them feel healthier. For instance, Right to Protein an awareness programme launched in India during April month of the calendar year, also April is treated as the Soy month worldwide. This initiative would develop an ecosystem that is increasing the awareness regarding the plant-based diet/protein among consumers for better health and quality food.
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Covid-19 Impact
The consumption of plant-based protein increased amid COVID-19 due to its high protein content and ability to improve immunity. Further, recent funding has also ushered in the plant-based protein industry. However, the pandemic has thrown a wrench in global distribution channel management and has also influenced the plant-based protein supply chain. An IFIC study found that the pandemic had changed eating habits for 85% of consumers. Besides, a study on purchasing behavior for plant-based proteins, look over the three most important labels in which top choices were "good source of protein (28%)," followed by "natural" (26%) and "organic" (22%).
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Plant-Based Protein Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Source, the market is primarily bifurcated into
- Soy
- Wheat
- Pea
Soy segment dominated the by type of the plant-based protein market and will grow and reach US$ XX Billion by the year 2027.
By Type, the market is primarily segmented into
- Isolates
- Concentrates
- Textured
Amongst type, isolates accounted for the largest share and is expected to grow at XX% CAGR during the forecast period 2021-2027. In 2020, the isolates segment accounted for a revenue share of almost XX%.
By Form, the market is primarily studied into
- Dry
- Liquid
In 2020, the dry segment dominated the plant-based protein market with nearly XX% of the market share and it is anticipated by 2027, the segment will garner US$ XX Billion of the market.
By Application, the market is primarily studied into
- Food
- Dairy Alternatives
- Meat Alternatives
- Performance Nutrition
- Feed
In 2020, the food segment dominated the plant-based protein market with nearly XX% of the market share and it is anticipated by 2027, the segment will garner US$ XX Billion of the market.
Plant-Based Protein Market Geographical Segmentation Includes:
- North America (The United States, Canada, Mexico, and Rest of North America)
- Europe (France, United Kingdom, Germany, Spain, Netherlands, Italy, Belgium, 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)
- Rest of the World (The Middle East and Africa)
Based on the estimation, the North America region dominated the plant-based protein market with almost US$ XX Billion revenue in 2020. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of XX% over the forecast period on account of the internet penetration & growing awareness about its benefits.
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The major players targeting the market includes
- Archer Daniels Midland Company
- Cargill
- Dupont
- Wilmar International
- Roquette Freres
- Glanbia
- Kerry Group
- DSM
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the plant-based protein market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the plant-based protein market?
- Which factors are influencing the plant-based protein market over the forecast period?
- What are the global challenges, threats, and risks in the plant-based protein market?
- Which factors are propelling and restraining the plant-based protein market?
- What are the demanding global regions of the plant-based protein market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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