Plant-based protein- A sustainable and health-conscious food choice

Posted by Mrudula Karmarkar on September 28th, 2022

We are constantly being aware of the benefits of including plant-based protein in our regular diet both for maintaining health as well as sustainability. Factors such as overcoming non-communicable disorders, obesity, and digestive issues are the reasons preferred for switching to plant-based protein intake to be considered one of the best substitutes for meat. Plant proteins are nutritious because they comprise not only a high source of proteins but include minerals, fiber, and vitamins through the inclusion of plant food items like pulses, soya, tofu, nuts, grains, peas, and seeds, thus driving the growth of the plant-based protein market.

Before that, know that the dominance of plant-based protein as a meat substitute and its important aspects have been a deal of great study in recent years.

The dominance of plant-based protein in the meat substitute market

The global plant-based protein market size was worth USD 29.4 billion in 2020 which is expanding to be worth USD 162 billion at a compound annual growth rate (CAGR) of 7.7% by 2030. The reasons for staggering growth include meat shortage across the world, environmental issues, and the urge to maintain a healthy lifestyle. Health awareness among consumers, affordable pricing strategy of the product, and sustainable benefits are highly driving the growth of the plant-based protein market. Based on these factors, the markets in the Asia Pacific are likely to control the plant-based protein market with rising sales worth USD 64.8 billion by 2030.

Asian consumers are increasingly purchasing plant-based protein as an alternative to meat and dairy products owing to its wide availability and better tasting, thus resulting in a 60% jump in meat alternatives. Sports performers possess high demand for plant-based proteins owing to the endurance parameters and muscle synthesis. Globally, 61% of consumers prefer food items prepared from plant proteins as these are healthy and reasonably priced, thereby contributing to the upliftment of the plant-based protein market.

Access Research Report ofMeat Substitute Market@ 

https://www.grandviewresearch.com/industry-analysis/meat-substitutes-market

Factors driving the growth of the segment

There has been a shortage of meat across the world due to supply chain challenges, labor shortages, and a reduction in packaging materials like plastic and aluminum, impacting the distribution of meat worldwide. In addition, there has been a rise in the price of purchasing meat by 25% owing to the inclusion of exorbitant costs. All these are negatively impacting the meat market and consumers are preferring meat alternatives instead, thus paving the way for the rising growth of the plant-based protein market.

Environmental concerns are highly favoring the expansion of the plant-based protein market and making reductions in conventional animal meat. For instance, one-third of land on the earth is to support animals, and owing to the production of animal meat, the ecological crisis is being threatened. For instance, in the livestock industry, 70 billion domestic animals are reared every year, out of which 6 billion are slaughtered for food. As a result, there is a disruption in the surrounding environment that creates a negative impact on the ecosystem. In addition, there has been an increase in greenhouse gas emissions since animal agriculture has become a part of the food sector, thus disrupting the climate. Moreover, increased fertilizer, untreated manure, and feeding antibiotics to animals are causing ecological disbalance. All these issues pinpoint the need for a plant-based protein market as an alternative to meat consumption and to keep a check on the environment at the same time.

The awareness among consumers to adopt a healthy diet has globally resulted in 79 million population turning into vegans, thus one of the major factors triggering the significance of plant-based proteins in the retail markets. For example, millennials are the central drivers for shifting away from meat products and normalizing plant proteins. Moreover, the habit of consuming plant-based food items is being accepted by celebrities, athletes as well as organizations like Google, who are showing support for the movement. For instance, Google Better Living Lab, a non-profit organization have collaborated to make staff members intake more plant-based meals. Google has succeeded in making its staff consume less beef meat and more vegetables, which resulted in serving burgers with 50% beef and 50% mushroom.

Different types and components of plant-based protein snacks

There has been a shift from animal products toward the consumption of plant-based snacks among consumers which is vigorously driving the plant-based protein market. Some of the most common plant-based protein snacks are peanut butter energy balls, veggies with hummus, chia pudding, soy yogurt, roasted chickpeas, chocolate chip zucchini, quinoa muffins, white bean avocado toast, and berry protein smoothie. All these snacks comprise essential proteins, minerals, and vitamins that are not readily available when consuming meat products. Consumers should include food items in their diet that are enriched with calcium, iron, and vitamin B-12 to adopt a healthy lifestyle.

Food items made from plant proteins constitute the flavor and texture due to the use of components such as food adhesives, flour, and plant-based oil that provides the meat texture. Every component comprises a specific percentage based on which the meat texture is provided to the food items. For example, the presence of amino acid in various plant-based proteins are different. In percentage, the foods include 27% in soy, 28% in brown rice, 30% in pea, 32% in corn, and 37% in potato. Therefore, the addition of components helps in making muscles and tissues healthy and reducing the calorie content that constitutes necessary weight loss posing as the best substitute for meat.

Reasonable pricing of plant-based protein impacting the market

The price parity of the product has created a rise in the retail sector by 50%-300%, thus resulting in the potential expansion of the plant-based protein market. In addition, a 1% decrease in the price can result in a 3% increase in plant-based protein products, and as a result, there can be a 20% more increase in the price parity. Therefore, the pricing strategy for plant-based proteins should be in making the product available at an affordable price with the aim to engage consumers and cater to their needs.

The price range of plant-based proteins on average is between USD 599 to USD 3000, thus comprising a variety in the price according to which consumers can easily purchase based on their daily expenditure. Price is one of the most driving factors that can shape the plant-based protein market and as a result, there is an increased adoption of the product by more than 47% of consumers in the future.

Access Press Release ofMeat Substitute Market 

https://www.grandviewresearch.com/press-release/global-meat-substitutes-market

Recent developments in the plant-based protein market

The market for plant-based proteins as meat substitutes is on the verge of continuous development wherein both existing and new entrant organizations are launching products owing to the rising awareness of health among consumers globally. For instance, in December 2021, ITC Ltd., a leading manufacturer of consumer food brands in India, introduced plant-based meat products with the expectation to meet the demand for vegan and meat substitute meals. The purpose served was to create an impact both domestic and worldwide pertaining to the availability and export of vegan products.

Furthermore, in January 2022, KFC launched plant-based meals in the name of Beyond Fried Chicken across the world. The product was introduced in the market after two years of thorough testing with the aim to develop a substitute for meat that comprise the texture and taste of meat. This product has been introduced for targeting consumers who favor a healthy lifestyle and the consumption of plant-based meals, thus contributing to the upliftment of plant-based protein diet consumption.

Conclusion

To conclude, the plant-based protein market is subjected to continuous growth in the upcoming future with objectives that promote health improvement and provide protection to combat health issues like heart disease, colon cancers, and others. The amount of fat content in plant-based food products is quite in comparison to animal meat products and this is the aspect for which consumers are shifting toward vegan meals worldwide. Moreover, the launch of plant-based proteins that comprises plenty of essential nutrients, antioxidants, and fibers by organizations is making consumers aware of the health benefits.