Pea protein is among the fastest-growing segment in the global plant protein market
Arizton’s recent market research report on the global plant protein market provides a comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights by protein products (powder, bar, RTD beverages, and others), source (soy, pea, rice, and others), application (sports nutrition and additional nutrition), and geography (North America, Europe, APAC, Latin America and MEA)
The global plant protein market is expected to grow at a CAGR of over 8% during the period 2019−2025.
Plant-based protein supplements are likely to increase their market shares and expand their customer base due to increasing awareness of organic products, growing health & wellness consciousness, increasing diet restrictions, and rising environment sustainability. The plant protein market is mature in North America and Europe, while in APAC, MEA, and Latin America there is huge growth potential. According to Arizton’s survey conducted among health and fitness enthusiasts across five regions, it was concluded that the preference for vegetable protein and meatless protein was the highest in North America and Europe, whereas, in APAC and Latin America the demand was moderate.
The leading factors propelling the growth of the global plant protein market are discussed below:
Growth of Health Consciousness Population
Consumers are increasingly adopting natural products, which fulfill the demand for taste, flavor, and nutritional contents of proteins. Plant-based alternatives are generally healthier than animal-based products, which is primarily accelerating the growth of the plant protein market. According to a recent survey, 39% of Americans are actively trying to consume more plant-based products, including vegetable proteins. Hence, the growing health consciousness trend among people, which is currently seen only in certain segments, is expected to increase significantly during the forecast period. Modern generation, especially millennials, is becoming highly interested in pursuing a healthy lifestyle.
Increased Consumption of Plant-based Proteins by Sportsmen and Athletics
Sports nutrition is one of the fastest-growing categories in the consumer healthcare segment and is expected to continue to grow during the forecast period. The growth can be attributed to factors such as increased demand from professional bodybuilders and performance athletes to consumers focused on fitness and healthy lifestyles. The sports nutrition powder category is witnessing more plant-based product launches than any other food and beverage category. It makes up approximately 10% of the overall protein powder sales in the US. Further, the Food and Health Survey by the International Food Information Council Foundation in 2019 revealed that 70% of consumers perceived plant-based proteins to be healthier.
Rise of Innovative Plant-based Protein Sources
The growth of innovative plant-based protein sources is expected to drive the market during the forecast period. Some of the major plant-sourced proteins, which are environmental and can effectively meet protein requirements are listed as follows:
- Pea Protein: This type of protein is sourced from ground yellow peas and contains all 9 essential amino acids, hence considered as a well-balanced protein alternative. The segment is one of the fastest-growing segments and is expected to grow at a CAGR of over 10% during the forecast period.
- Water Lentil Protein: It is another planted-based protein source, which is minimally processed with no chemicals and has the highest quantity of essential Amino Acids and BCAAs.
- Hemp Protein: It is an easily digested protein source and contains all 9 essential amino acids along with fibers and healthy fats and minerals.
- Pumpkin Seed Protein: Pumpkin seeds are rich sources in minerals such as magnesium, potassium, and phosphorus. These proteins do not have a chalky or gritty texture.
- Sacha Inchi Protein: Sacha Inchi is also known as mountain peanut. It is a great source of plant-based protein and contains the highest levels of plant-based Omega-3, which is extremely beneficial for the vegan population.
Glanbia, Danone, Tone it up, Orgain, KOS, Garden of Life, Your Super, Nuzest, No Cow, Kind, GoMacro, and Simply Protein are identified as prominent and other prominent vendors in the global plant protein market.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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