Plant-based Protein Market Size and Forecast to 2028

Posted by karthik reddy on July 24th, 2023

Market overview:

The Plant-based Protein Market was valued at .49 billion in 2022 and is estimated to reach .58 billion by 2028, with a CAGR of 14.1% from 2023 to 2028.

The market for plant-based proteins includes protein components sourced from plants. The products under consideration are made by businesses that are a part of the agribusiness unit and have their own acquiring system and farms. North America, which made up about 38.6% of the market share in 2018, had the largest topographical share of the market.

However, due to the expanding automotive industry in nations like China and India, the Asia Pacific market is anticipated to expand significantly throughout the forecast period. Furthermore, the government's stringent environmental rules designed to minimize emissions are anticipated to significantly boost the target market's expansion.

According to the National Institute of Allergy and Infectious Diseases, eggs, milk, fish, red meat, soy, and nuts are responsible for 90% of cases of food sensitivity. Due to allergies to animal protein, a sizable number of meat consumers lean toward plant-based proteins used as meat replacements, which ultimately drives the market for plant-based proteins. According to the reference rundown of allergy information assortment, Southern Europe has a chicken meat allergen range of 0.5–5%. Pea protein holds the potential to be combined with eggs in a few egg-based foods, such as pasta, vermicelli, cakes, and sweets. Pea protein was formerly thought of as a whole protein with the essential amino acid profile. According to the US Center for Disease Control and Prevention, 12.2 million people have food hypersensitivity, with egg sensitivity accounting for 66% of cases.

Market Drivers and Restraints:

Major drivers of the Plant-based protein market include:

• Increasing awareness of the benefits of protein and igniting interest in a diet high in protein
• Establishing a pattern of health and happiness
• Increasing the focus of consumers on meat options
• Expanding industry interest in the food and beverage sector
• Breakthroughs in ingredient science, such microencapsulation

Most often, plant-based proteins are utilized as meat substitutes. Recent studies by influential parties and municipal governments have shown that consumers are looking for meat substitutes to cut back on their meat consumption. The demand for meat has decreased as a result of this. For instance, the producers of processed beef eventually switched to pea proteins as a replacement, which increased revenues.

The main factors anticipated to propel the growth of the plant-based protein industry are the increasing number of product launches, extensions, and ventures by significant players, consumers' elimination of meat consumption and acceptance of plant-based proteins, the nutritional advantages of plant-based food, and consumers' growing propensity to adopt a veggie-lover diet.

• Some of the restraints to the growth of the market are:
• An important preference for animal-based proteins Fluctuating raw material prices

To know more, read:

https://www.marketdataforecast.com/market-reports/plant-based-protein-market

The report is segmented as follows:

The Plant-based Protein Market is segmented by Type; the Market is segmented by Application; the Market is segmented by Source:

By Type (Isolates, Concentrates, Protein Flour)

By Application (Protein Beverages, Dairy Alternatives, Meat Alternatives, Protein Bars, Processed Meat, Poultry & Seafood, Bakery Product)

By Source (Soy, Pea, Wheat, Others)

Regional Segmentation:

In 2018, 38.6% of the market for plant proteins in North America. The demand for plant proteins is rising quickly, which can be attributed to lifestyle changes, an absence of dietary adjustments, and enhanced research and development to produce new varieties of sophisticated plant-protein products. In terms of plant protein, the United States continues to take the most share of the market, followed by Canada and Mexico. The need for prepared and low-cholesterol foods has prepared the local market for plant-based proteins. Because of concerns with sound and plant-based products, consumers are switching to other optional things these days, such as green name food items.

Impact of COVID-19 pandemic on the market:

The market for supplements made from plant-based proteins was only little affected by the COVID-19 pandemic. The demand for plant-based meals remained high despite the pandemic's initial effects on the food supply chain. The sale of retail plant-based foods increased by 35% during the panic purchasing period in March and April 2020, according to a poll by the Plant-Based Foods Association. The pandemic has also brought attention to the value of a balanced, healthy diet, which has increased demand for plant-based protein supplements.

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