Plant-based protein market to reach $21.23B by 2027, report finds

Plant-based protein market to reach $21.23B by 2027, report finds
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REDDING – According to a new market research report titled “Plant-based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein), Crop Type (GMO), Source Process (Organic), Application (Food and Beverages, Animal Feed, Nutritional Supplements) – Forecast to 2027”, published by Meticulous Research®, the plant-based protein market is anticipated to grow at a CAGR of 9.5% from 2020 to 2027 to reach $21.23 billion by 2027.

According to the FAO/UN forecast, by 2050, the global food demand, particularly for protein, will be twice the demand in 2013. When global food security is considered, protein will become the limiting macronutrient, and the world population will require sufficient quantities of protein with adequate quality. Further, in recent years, high protein diets and products have made an impact on nutrition and are re-shaping consumer’s attitudes towards protein.

With the increasing world population and welfare, the demand for protein as a food-nutritional component is rising. The high protein trend is gaining traction and will continue to evoke interest in the upcoming years. Consumers have become more aware of protein benefits in supporting an active lifestyle. Proteins can help reduce the risk for diabetes and cardiovascular disease and be imperative to feeling healthy and energetic by maintaining healthy skin, nails, and hair. It is a vital nutrient required for building, maintaining, and repairing tissues, cells, and organs throughout the body. Also, there is a growing awareness of the negative health aspect of eating red meat. A growing number of people wish to either minimize or cut animal protein out of their diet altogether. This is leading to a significant increase in plant-based protein production and consumption worldwide.

The global plant-based protein market is segmented based on type, crop type, source process, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Impact of COVID-19 on the Plant-based Protein Market

  • Increased sales of plant-based food during the COVID-19 pandemic to drive plant-based protein market growth

COVID-19 provided a substantial increase in sales of plant-based products, which proved beneficial for all stakeholders in the plant-based proteins market. Few to be listed are:

  • In 2021, in the U.S., retail plant-based food sales surpassed USD 7 billion, up by 27% from 2019.
  • As of March 2021, according to ProVeg International, the European vegan market grew by 49%, reaching a total of EUR 3.6 billion in sales.
  • As of May 2020, Green Monday’s (China) online sales have doubled, citing the impact of the coronavirus.  Among the most popular purchases was a pork substitute called Omnipork.
  • In April 2020, JUST, a U.S.-based company that makes egg products from mung beans, announced that its sales on Chinese e-commerce platforms JD.com and Tmall of JUST Egg had surged 30% since the outbreak.
  • As of May 2020, U.S.-based California Farms grocery sales increased by 50% as compared to 2019. An upsurge in sales was mainly attributed to increased sales of oat milk and nutritional plant-based butter.
  • In April 2020, in the U.S., retail sales of fresh plant-based meats grew 279.8%. Also, oat milk sales grew 476.7% in the week ending March 2020, while dairy milk sales grew 32.4%, according to Nielsen data.

Based on type, the soy protein segment is estimated to account for the largest share of the overall plant-based protein market in 2021. The large share of soy protein is mainly attributed to higher consumer acceptance level, presence of a large number of manufacturers and their high production scale, low cost than other plant proteins, easy availability of raw materials, and a large number of applications in various industries. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period.

Based on crop type, the plant-based protein market is mainly segmented into genetically modified organism crops and non-genetically modified organism crops. The non-genetically modified organism crops segment is estimated to account for the largest share of the overall plant-based protein market in 2021. The leading position of this segment is mainly attributed to increased awareness about the harmful effects of genetically modified crops and the increasing trend of clean label products.

Based on source process, the plant-based protein market is mainly segmented into organic plant-based protein ingredients and conventional plant-based protein ingredients. The conventional plant-based protein ingredients segment is estimated to account for the largest share of the overall plant-based protein market in 2021. However, the organic plant-based protein ingredients segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for preservative and additive-free products.

Geographically, North America is estimated to account for the largest share of the global plant-based protein market in 2021, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, the Asia- Pacific plant-based protein market is developing and expanding at a significant pace. The rapid growth of this market is mainly attributed to growing protein-rich diet awareness, increasing health consciousness, growing technological advancements in the food & beverages industry, and increasing raw material availability.

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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