Plant Protein Ingredients Market Size, Share, Growth, and Industry Analysis, By Type (Soy Protein, Wheat Protein, Pea Protein, and Others), By Application (Food & Beverage, Feed Industry, Pharmaceutical, Cosmetics & Personal Care, and Others) and Regional Insights and Forecast to 2031

Updated On: 20 November 2023

PLANT PROTEIN INGREDIENTS MARKET REPORT OVERVIEW

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The global plant protein ingredients market size was USD 5338.3 million in 2022 and the market is projected to touch USD 8440.3 million by 2029, exhibiting a CAGR of 6.3% during the forecast period.

Plant protein ingredients encompass a diverse range of protein sources derived from plants, providing vital nutrients in various diets. These in gredients are gaining substantial attention due to their health benefits, sustainability, and versatility in different culinary applications. Examples of plant-based protein sources include soy, pea, rice, hemp, quinoa, chia, and many more. These proteins are rich in essential amino acids, making them an excellent alternative to animal-based proteins. Soy, in particular, contains all nine essential amino acids and has been widely used in numerous food products, from tofu to soy-based meat alternatives.

In the food industry, these plant-based proteins are extensively utilized as key ingredients in the production of meat alternatives, dairy substitutes, baked goods, and snacks. With advancements in food technology, manufacturers have been able to create products that mimic the taste and texture of meat and dairy using these plant protein ingredients. Companies like Beyond Meat and Impossible Foods have gained significant attention for their plant-based meat substitutes that contain proteins sourced from plants.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Health and Wellness Focus

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic caused disruptions in traditional meat supply chains, leading to shortages and price fluctuations in the meat industry. This scarcity and volatility prompted consumers to explore plant-based protein alternatives as a reliable and available option for their protein needs. The economic repercussions of the pandemic led to changes in purchasing behavior. Plant-based protein sources often offered a more cost-effective option compared to certain meat products, leading consumers to consider these alternatives as a way to save money without compromising on nutritional value.

The pandemic accelerated the development and introduction of new plant-based protein products. Many companies in the food industry launched or expanded their plant-based product lines to meet the growing consumer demand for healthier and more sustainable dietary options. With an increased emphasis on health and wellness during the pandemic, many individuals turned to plant-based diets due to their perceived health benefits. Plant-based diets are often associated with a lower risk of certain health conditions, and the pandemic encouraged many to explore healthier eating habits to boost their immune systems and overall health. The global plant protein ingredients market growth is anticipated to boost following the pandemic.

LATEST TRENDS

"Improved Taste and Texture to Drive Market Growth"

Enhancements in food technology focused on improving the taste and texture of plant-based protein products. Companies continued to refine their formulations to create meat alternatives and dairy substitutes that closely mimic the taste, texture, and overall eating experience of traditional animal-based products. Ongoing research and development led to the discovery and utilization of novel plant sources for protein extraction. Companies and researchers were exploring lesser-known plant varieties or parts of plants to derive proteins, expanding the range of available plant-based protein sources.

Consumers increasingly seek transparency and clean labels in their food products. Manufacturers have been working on producing plant-based protein ingredients with fewer additives and a cleaner ingredient list to meet this growing demand for more natural and minimally processed foods. Research and development efforts were directed towards fortifying plant-based proteins with additional nutrients such as vitamins, minerals, and antioxidants to enhance their nutritional profiles. This was aimed at addressing specific dietary needs and improving the overall health benefits of these products.

PLANT PROTEIN INGREDIENTS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Soy Protein, Wheat Protein, Pea Protein, and Others.

Soy protein is derived from soybeans and is considered a high-quality plant-based protein. It contains all nine essential amino acids required by the human body. Soy protein isolates, concentrates, and textured soy protein (TSP) are common forms used in food products. Wheat protein, often referred to as vital wheat gluten, is a plant-based protein extracted from wheat flour. Gluten, the main protein component in wheat, provides elasticity to dough, making it crucial in baking and the production of bread and other baked goods. Pea protein is extracted from yellow split peas and is highly valued for its digestibility. It is a rich source of protein, particularly for those with allergies to soy or gluten.

• By Application

Based on application the global market can be categorized into Food & Beverage, Feed Industry, Pharmaceutical, Cosmetics & Personal Care, and Others.

Soy protein finds extensive use in food and beverage products. It's used in creating meat substitutes, dairy alternatives, protein bars, baked goods, and infant formula due to its complete amino acid profile and versatile functional properties. In animal feed, soy protein is used as a high-quality protein source, particularly for livestock and poultry. It's a valuable feed ingredient due to its amino acid profile, promoting growth and providing essential nutrients to animals. Wheat protein is used in hair care products for its ability to strengthen hair, add volume, and improve manageability. It's often found in shampoos, conditioners, and hair treatments.

DRIVING FACTORS

"Health and Wellness Trends to Boost the Market"

The increasing emphasis on health and wellness has prompted consumers to seek healthier dietary options. Plant-based proteins are seen as a healthier alternative to animal-based proteins, as they are often lower in saturated fats and offer additional health benefits, such as being cholesterol-free and high in fiber. The increasing adoption of vegetarian and vegan lifestyles has led to a higher demand for plant-based proteins. People following these dietary choices seek protein sources that are animal-free, and plant proteins offer a viable and nutritionally sound alternative.

"Technological Advancements to Expand the Market"

Ongoing research and technology in the food industry have led to advancements in the taste and texture of plant-based protein products. This has significantly improved the palatability and variety of available options, making plant-based proteins more appealing to consumers. Manufacturers and food companies have been investing in the development of innovative plant-based products, including meat alternatives, dairy substitutes, and a wide range of other food items, meeting the diverse preferences and needs of consumers. This expansion of the plant protein market offers consumers more choices and flexibility in their diets.

RESTRAINING FACTORS

"Amino Acid Profile to Potentially Impede Market Growth"

Not all plant proteins offer a complete amino acid profile comparable to animal-based proteins. This limitation might hinder their use as standalone protein sources, necessitating combinations of various plant proteins to achieve optimal nutritional balance. While plant-based proteins are often considered allergen-free, some individuals might have allergies or intolerances to specific plant protein sources like soy, wheat, or peas. This can restrict the suitability of certain plant protein ingredients for a portion of the population.

PLANT PROTEIN INGREDIENTS MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market due to Increased Plant Based Diet  "

North America has emerged as the most dominant region in the global plant protein ingredients market share due to several factors. This is due to the increasing adoption of plant-based diets, a growing population of vegetarians and vegans, and the presence of numerous companies specializing in plant-based alternatives. Investments, research and development in the region have led to the development of innovative plant-based products, contributing to the growth of the market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The plant protein ingredients market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Garden of Life [U.S.]
• Sojaprotein [Serbia]
• Yuwang Group [China]
• Gushen Group [China]
• Wonderful Industrial Group [U.S.]
• Scents Holdings [Saudi Arabia]

INDUSTRIAL DEVELOPMENT

October 2023: GOOD PLANeT Foods took significant strives ahead in the plant protein ingredients market. They recently developed GOOD PLANeT Protein+. Their "GOOD PLANeT Protein+" product line includes various plant-based protein ingredients such as plant-based protein powders made from sources like peas and other plant-based sources. These protein powders are designed to cater to consumers seeking additional protein in their diets without relying on animal-based sources.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.