Plant Protein Market Analysis and Latest Trends
Plant protein is a type of protein derived from plant sources such as legumes, grains, nuts, seeds, and vegetables. It is a popular alternative to animal protein for individuals looking to reduce their meat consumption or follow a vegetarian or vegan diet. Plant protein is not only a sustainable and environmentally-friendly option, but it also offers health benefits such as being low in saturated fat and cholesterol, and high in fiber and antioxidants.
The Plant Protein Market is expected to grow at a CAGR of 9.7% during the forecast period, driven by increasing consumer awareness of the health and environmental benefits of plant-based diets. The rising prevalence of chronic diseases and obesity has also fueled the demand for plant protein products as a healthier alternative to animal protein.
In terms of trends, the plant protein market is seeing a rise in the popularity of plant-based meat alternatives, such as plant-based burgers and sausages, which closely mimic the taste and texture of traditional meat products. Additionally, there is a growing demand for plant protein ingredients in processed foods, beverages, and supplements, as manufacturers look to cater to the increasing number of consumers seeking plant-based options. Overall, the plant protein market is poised for significant growth in the coming years as consumers continue to prioritize health, sustainability, and ethical considerations in their food choices.
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Plant Protein Major Market Players
The plant protein market is highly competitive with key players such as ADM, Cargill, DuPont, Kerry Group, Manildra, Roquette, Tereos, Axiom Foods, Cosucra, CHS, Glanbia Nutritionals, Glico Nutrition, Gushen Group, Yuwang Group, Scents Holdings, Shuangta Food, Oriental Protein, and Shandong Jianyuan.
ADM (Archer Daniels Midland) is a global leader in plant protein production with a wide range of products including soy protein, wheat protein, and pea protein. The company has been focusing on expanding its product portfolio through acquisitions and partnerships. Cargill is another major player in the plant protein market with a strong presence in soy protein and pea protein. The company has been investing in research and development to innovate new plant-based protein products.
DuPont is a key player in the plant protein market offering a variety of plant-based protein solutions including soy, pea, and canola protein. The company has been focusing on sustainability and clean label products to meet the growing consumer demand for plant-based proteins. Kerry Group is also a significant player in the plant protein market with a strong focus on plant-based ingredients and solutions for the food and beverage industry.
The market for plant protein is expected to continue to grow in the coming years with increasing consumer demand for plant-based products. According to market research, the global plant protein market size is projected to reach USD 16.3 billion by 2026. Some of the key factors driving this growth include growing awareness about the health benefits of plant-based diets, changing consumer preferences, and increasing adoption of vegetarian and vegan lifestyles.
In terms of sales revenue, ADM reported sales of USD 64.36 billion in 2020, while Cargill reported sales of USD 114.6 billion in the same year. DuPont reported sales of USD 21.5 billion in 2020. These figures indicate the significant market presence and growth potential of these key players in the plant protein market.
What Are The Key Opportunities For Plant Protein Manufacturers?
The Plant Protein market is experiencing significant growth due to increasing concerns about health and sustainability among consumers. The market is expected to continue its upward trajectory in the coming years, with a CAGR of around 7% from 2021 to 2026. Factors driving this growth include the rising demand for plant-based alternatives, growing awareness about the benefits of plant protein, and the expanding vegan and vegetarian population. Key players in the market are focusing on product innovation and expanding their product portfolios to meet the evolving consumer preferences. Overall, the future outlook for the Plant Protein market is optimistic, with ample opportunities for growth and development.
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Market Segmentation
The Plant Protein Market Analysis by types is segmented into: