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Global Plant Protein Market - Size, Trends, Competitive Analysis and Forecasts (2018-2023)

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  • 317 Pages
  • May 2018
  • Region: Global
  • Hypercube Insights
  • ID: 4615013
The popularity of protein as a macronutrient has increased due to proven benefits in muscle development, healthy ageing, weight loss and digestibility. While animal protein and whey protein are the mainstays in the market, the growing awareness about the ill effects of animal proteins and intolerance towards lactose and gluten have paved demand for alternative sources of proteins. In this scenario, plant proteins are the rapidly growing segment as a cheaper and sustainable substitute to animal proteins. It also fulfils the growing regulatory and consumer requirements for natural, gluten and allergen-free, well-rounded amino acid profile without sugar and artificial ingredients protein source. The global plant protein market is estimated to be $14.6 billion in 2018. The market is expected to exhibit sizeable expansion growing at a CAGR of 7.2% during the forecast period of 2018-2023.

Demand for sustainable sources of proteins driving the market

Expanding middle class population, changing lifestyle and dietary pattern and shifting focus towards health and fitness are the major drivers of plant protein market. The growing demand for proteins across all demographic spectrums alike- youths for developing muscle mass, athletes for enhanced performance, ageing population for maintaining muscles, middle aged for weight loss, and balanced infant formulas will maintain a steady demand for the plant protein market during the coming years. Besides diet trends like ketogenic, paleo and veganism are creating a strong base for plant protein products. The ethical and the environmental consciousness regarding the ill effects of industrial animal farming is major factor responsible for an increased switch to sustainable plant protein sources. The shifting consumer attention towards natural, clean label, protein rich and sugar free food products has created a platform for plant protein market. However slow technological advancements in the production process is a major hindrance for market expansion. Gradually sprawling insect proteins market is expected to pose a threat to the plant protein market.

Pea protein challenging the developed soy protein market

Soy protein is the most consumed protein type with established supply chain and distribution channel. The soy protein market accounts for around 40% of plant protein market in 2018. Majorly soy protein isolate and soy protein concentrate are used across various industry segments including food, beverage and dietary supplements industry to produce wide range of products across various industry segments which includes infant formulas, bakery items, confectionery, snacks, dairy alternatives and meat extenders and analogues. However the growing demand for allergen free proteins have resulted in sprawling substitute products like pea protein, rice protein and potato protein.
The pea protein market has witnessed rapid expansion due to cheap cost compared to whey protein & soy protein and wider versatility in applications across food and feed industry. Another major factor for popularity in pea protein products is limited presence of allergens as opposed to milk, eggs, soy, fish protein products and thus catering to those following restricted diets. The pea protein market was worth $57.2 million in 2017. The market is forecasted to grow at the highest CAGR of 9.1% from 2018-2023, compared to other plant proteins.
Rice protein is another emerging plant-based protein that is an alternative to the more common whey and soy protein. It is lactose-free hence it is widely replacing the whey protein market in food and beverage products. However high cost of extraction and comparatively less technological advancements in production process and applications is hindering the steady expansion of the product. The application of wheat as a secondary ingredient across the food industry is not new, but with growing interest of population in plant-based protein, the number of applications of wheat protein across various other industries is rising rapidly. With growing demand for alternate sources of proteins, more manufacturers have increased investments in R&D to introduce novel protein sources and enjoy the early bird advantage. Other emerging protein types are pumpkin seed protein, hemp protein and chickpea protein.

Food industry major consumer of plant proteins

Due to growing demand of plant-based protein ingredients across various food items, the application of plant protein across food industry represents around 44% of all the applications. The high application of the plant protein in food industry is due to the major preference in dairy alternatives, meat analogues & extenders, infant formula, protein bars among others. While global consumption of plant-based proteins is low compared to animal proteins in food industry, growing consumer interest in better-for-you lifestyles and clean reputation will continue to push plant protein application in food category.

The application of plant protein in beverage industry is a booming segment with more number of manufacturers formulating innovative drinks to meet the mounting demand for protein rich drinks. Growing trend of veganism and vegetarianism combined with needs of consumers for variety in beverage industry will lead to increase in application of plant proteins to develop wide range of drinks. Presently, the beverage industry captures just more than one-fifth of total plant protein application. With growing awareness about the plant protein and its potential health benefits, the demand of plant protein-based supplement products is estimated to increase. The dietary supplements is the opportunity segment for the plant protein market as the manufacturers are looking to diversify the supplement category for active individuals and elderly along with the traditional consumer base of athletes and bodybuilders.

North America- Major Consumer and Innovator in the market

North America is the major consumer of plant protein mainly due to the technologically developed processed food industry, followed by Europe and Asia-Pacific. Growing concern towards intensive animal farming combined with rising trend of veganism are broadening the scope for the plant protein products in North America. U.S. is the major consumer of plant protein market not only in North America but also across the world. It is also a base to major plant protein manufacturers and source of innovation in the industry. The European plant protein market represents around one-fourth of the global plant protein market. Leading developed countries in the western region captures most of the market share such as U.K, Germany and France. The growing popularity of plant proteins to develop muscle mass and strength, energy, reduced hunger, and weight loss across all the age groups is pushing the demand of the plant protein market in the region.
The consumption of plant protein in Asia-Pacific region is forecasted to grow at a rapid pace. The plant protein industry is relatively new in terms of its applications in beverage and supplement industry in the region. However, rising economic stability in many countries and consequent shift to protein rich diet has led to increased demand for protein ingredients. The ongoing trend is expected to boost the consumption of plant protein in coming years. China, Japan, Australia are the key consumers in the region. The major demand driving factors in the region are developing processed industry, growing awareness about protein products and increasing demand of clean ingredients in the food and beverage products. High influence of the trends in North America and Europe drives the demand of plant protein and its derivative products in the South America region.

Competitive Landscape

The major players in the market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), among others. The key players in the market are focused on research to develop new protein types, innovate new modes of application and cheap production process. Other major strategy adopted by the players is designing a marketing mix to tap the Asian market. Capacity expansion and product innovation to meet the local demand is another strategy in the market. Key players are also focused on innovating new extraction processes and registering patents to enjoy early mover advantage.

Key Deliverables
  • Market trends since 2014 and five year forecasts of market growth

  • Detailed analysis of the micro and macro elements influencing demand trends

  • Identifying opportunity spaces across segments and countries

  • Supply & demand side trend and analysis

  • Price trend analysis, investment prospects and competition pattern

  • Insights on growth potential of the market in key countries

  • Detailed analysis of major producers covering financial investments & strategies adopted

  • Competitive landscape of the industry

Table of Contents

1. Introduction
1.1 Research Methodology
1.2 Scope of the Study
1.3 Assumptions
2. Summary
2.1 Market Summary by Type
2.2 Market Summary by Geography
2.3 Business Trends Summary
3. Industry Dynamics
3.1 Drivers
3.1.1 Growing demand for cheaper sources of plant based proteins
3.1.2 Rising health consciousness especially in developing countries
3.1.3 Increasing demand for lactose-free, gluten free protein products
3.1.4 Strengthening demand for dietary Supplements
3.2 Restraints
3.2.1 Lack of commercially feasible extraction process
3.2.2 Low awareness about the product
3.3 Opportunities
3.3.1 Growing applications in sports nutrition & weight management
3.3.2 Growth in functional food & nutraceutical industry
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining power of Suppliers
3.4.2 Bargaining power of Buyers
3.4.3 Degree of Competition
3.4.4 Threat of Substitution
3.4.5 Threat of new entrants
3.5 Future Trends in Plant Protein Industry
3.6 Value Chain Analysis
3.7 Industry Policies & Regulations
3.8 Market Innovations
4. Market Size and Forecast
4.1 Rice Protein
4.1.1 Market Share, Type Rice Protein Isolate Rice Protein Concentrate Others
4.1.2 Market Share, Application Food
Infant Formula
Dairy Products
Meat Analogues & Extenders
Others Beverages Dietary Supplements Animal Feed Others
4.2 Wheat Protein
4.2.1 Market Share, Type Wheat Gluten Wheat Protein Isolate Textured Wheat Protein Hydrolyzed Wheat Protein
4.2.2 Market Share, Application Food
Infant Formula
Dairy Alternatives
Meat Analogues & Extenders
Processed Meat & Seafood
Others Beverages Dietary Supplements Animal Feed Others
4.3 Pea Protein
4.3.1 Market Share, Type Pea Protein Isolate Pea Protein Concentrate Textured Pea Protein Hydrolyzed Pea Protein
4.3.2 Market Share, Application Food
Infant Formula
Dairy Alternatives
Meat Analogues & Extenders
Others Beverages Dietary Supplements Animal Feed Others
4.4 Soy Protein
4.4.1 Market Share, Type Soy Protein Isolates Soy Protein Concentrate Soy Protein Hydrolysates Textured Soy Protein Others (Soy Flour, Soy Grits, Soy Chunks, Brushed Soy Protein)
4.4.2 Market Share, Application Food
Infant Formula
Dairy Alternatives
Meat Analogues & Extenders
Others Beverages Dietary Supplements Animal Feed Others
4.5 Potato Protein
4.5.1 Market Share, Type Potato Protein Isolate Potato Protein Concentrate Hydrolyzed Potato Protein
4.5.2 Market Share, Application Food
Dairy Alternatives
Meat Analogues & Extenders
Others Beverages Dietary Supplements Animal Feed Others
4.6 Canola Protein
4.6.1 Market Share, Type Canola Protein Isolate Canola Protein Concentrate
4.6.2 Market Share, Application Food
Infant Formula
Dairy Products
Meat Analogs & Substitues
Others Beverages Dietary Supplements Animal Feed Others
Emerging Markets
4.7 Hemp Protein
4.7.1 Market Share, Type Hemp Protein Isolate Hemp Protein Concentrate
4.7.2 Market Share, Application Food Beverages Dietary Supplements Animal Feed Others
4.8 Chickpea Protein Isolates
4.8.1 Market Share, Application Food Beverages Dietary Supplements Animal Feed Others
4.9 Cranberry Protein Powder
4.9.1 Market Share, Application Food Beverages Dietary Supplements Animal Feed Others
4.10 Pumpkin Seed Protein Powder
4.10.1 Market Share, Application Food Beverages Dietary Supplements Animal Feed Others
4.11 Flax Seed Protein Powder
4.11.1 Market Share, Application Food Beverages Dietary Supplements Animal Feed Others
5. Country Market Share
5.1 North America
5.1.1 U.S.
5.1.2 Canada
5.1.3 Mexico
5.1.4 Others
5.2 Europe
5.2.1 U.K.
5.2.2 Germany
5.2.3 France
5.2.4 Italy
5.2.5 Spain
5.2.6 Netherlands
5.2.7 Russia
5.2.8 Others
5.3 Asia-Pacific
5.3.1 China
5.3.2 India
5.3.3 Japan
5.3.4 South Korea
5.3.5 Australia
5.3.6 Thailand
5.3.7 Israel
5.3.8 Saudi Arabia
5.3.9 Others
5.4 South America
5.4.1 Brazil
5.4.2 Argentina
5.4.3 Colombia
5.4.4 Others
5.5 Africa
5.5.1 South Africa
5.5.2 Egypt
5.5.3 Nigeria
5.5.4 Others
6. Competitive Analysis
6.1 Market Share Analysis
6.2 Growth Strategies of leading players
6.3 Investment and Development Prospects
6.3.1 Investment in past five years
6.3.2 Investment Opportunities
6.4 Competition Pattern
6.4.1 Concentration Ratio
6.4.2 Industry Competition
6.5 Price Trend Analysis
6.5.1 Product Classifications and Their Prices
6.5.2 Factors Influencing Prices
7. Company Profiles
7.1 DuPont Solae
7.2 ADM
7.3 Cargill
7.4 Bunge
7.5 Mead Johnson
7.6 CHS
7.7 Scoular
7.8 Roquette Freres Le Romarin
7.9 Burcon NutraScience
7.10 MGP Ingredients
7.11 Axiom Foods
7.12 Tate & Lyle Plc
7.13 Fonterra
7.14 Kerry
7.15 Omega Protein Corporation
7.16 Glanbia PLC
7.17 Beneo-Palatinit GmbH
7.18 Wilmar International
7.19 Sotexpro
7.20 Farbest Brands

Companies Mentioned

  • DuPont

  • ADM

  • Cargill

  • Bunge

  • Mead Johnson

  • CHS

  • Scoular

  • Roquette Freres Le Romarin

  • Burcon NutraScience

  • MGP Ingredients

  • Axiom Foods

  • Tate & Lyle Plc

  • Fonterra

  • Kerry

  • Omega Protein Corporation

  • Glanbia PLC

  • Beneo-Pa