Rising demand for vegan and plant-based products and increase in health risks associated with meat consumption are key factors driving market revenue growth
According to the most recent analysis by Emergen Research, the market for plant-based protein was valued at USD 10.10 billion in 2021 and is projected to grow at a revenue CAGR of 7.4 percent during the forecast period. Increasing health risks linked to meat eating and rising demand for vegan and plant-based goods are the two main reasons driving market revenue growth between 2022 and 2030. Additionally, rising demand for organic goods and a shift toward a sustainable lifestyle are two additional factors anticipated to fuel market revenue growth. Additionally, a change in consumer preference toward plant-based extracts has been brought on by the increased demand for vegan and organic food products due to their major health benefits and low side effects.
Despite the fact that plant-based foods and beverages are functionally healthy and contain important minerals, humans have occasionally developed allergies to them, which has limited the market’s expansion. For instance, soybeans are high in nutrients like vitamins, minerals, and proteins, but soy also contains anti-nutritional elements that may result in allergies. Soy is one of the “Big Eight” allergens, along with cow’s milk, eggs, peanuts, tree nuts, wheat, fish, and shellfish, that account for 90% of all food allergies, according to the Cleveland Clinic.
The vegan population in Europe makes up more than 6% of the continent’s population, according to a 2019 survey issued by the European Vegetarian Union. In addition, The Vegan Society reports that more over 600,000 people in the UK identified as vegans in 2019, a 300% rise from 2014. This served as one of the main impetuses for food and beverage producers to innovate and develop meat, dairy, and protein-rich beverages, as well as provide plant-based foods and beverages a boost. The creation of foods and drinks with plant-based proteins has been a focus for producers including Archer Daniels Midland Company (US), DuPont (US), Roquette Frères (France), Kerry Group (Ireland), Ingredion (US), Beyond Meat (US), and Tyson Foods (US).
The National Institutes of Health (NIH) acknowledged wheat as a staple meal and a significant source of nutrients for many millions of people in a research that was released in 2019. But during the past few years, worries about the harmful effects of wheat on health have grown, especially in North America and Europe. Humans that consume wheat gluten proteins experience a variety of negative side effects, including as allergies, coeliac disease, and non-coeliac gluten sensitivity. Genetically susceptible people of any age can develop celiac disease, however it frequently first manifests in the middle of childhood. In celiac disease, an allergic response to dietary gluten results in inflammation and damage to the small intestine’s inner lining.
Key Highlights of the Report:
· The increased demand for plant-based protein alternatives is likely to cause the revenue of the pea segment to increase at a noticeably quick CAGR throughout the forecast period.
· Due to the growing use of protein concentrate in bakery and food products, the concentrate category is anticipated to experience the highest revenue increase throughout the projection period.
· Over the course of the forecast period, the North American market for plant-based proteins is anticipated to have higher revenue growth than other regional markets.
· Some major companies in the global market report include Burcon NutraScience Corporation, The Scoular Company, DuPont de Nemours, Inc., NutriPea LP, Puris Proteins, LLC., The Green Labs LLC., Kerry Group plc., Ruchi Soya Industries Limited, Axiom Foods, Inc., and Wilmar International Limited.
Emergen Research has segmented the global plant based protein market based on source, type, form, application, and region:
· Source Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
· Type Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
· Form Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
o Dry Form
o Wet Form
· Application Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
o Food Dairy Alternatives
o Meat Alternatives
o Performance Nutrition
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