According to the latest report published by Credence Research, Inc. “Global Plant Protein Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global plant protein market accounted for US$ 10,564.6 Mn in 2017, expanding at a CAGR of 6.6% from 2018 to 2026.
Global plant protein accumulated to US$ 10,564.6 million in 2017, with CAGR increasing by 6.6 per cent during the 2018-2026 forecast period. Proteins are polymer chains made of amino acids coupled with peptide bonds. During the digestion process, proteins break down in the stomach to form smaller polypeptide chains through protease and hydrochloric acid action. This process is essential for the absorption of vital amino acids that can not be biosynthesized by the human body.
Many plant foods, with the exception of spinach, soy and quinoa, are usually low in one or two essential amino acids, but can be achieved by adding a number of whole plant foods to the diet. The market for plant proteins is expected to grow rapidly due to rising demand for food and beverage items such as bakery products, alternative meat products, cereals, snacks and nutritional supplements, among others.
Consumers are gradually becoming aware of preventive health care, fuelled by a growing number of online forums and magazines providing lifestyle and dietary advice and promotional offers on new products. This aspect plays a key role in the growth of the U.S. herbal supplements industry. The increase in awareness of the adverse effects of red meat resulting in a shift to plant-based substitutes is driving the market for plant proteins. High red meat consumption is also linked to obesity, which, in turn, creates high possibilities for type 2 diabetes.
The increase in the number of self-directed consumers is currently another key driver of market growth for nutritional supplements. Consumers increasingly rely on self-diagnosis to identify their specific health needs. More than 60 per cent of U.S. people are seeking help from the Internet to obtain information on any particular disease or illness, including diagnosis and treatment. Growing e-commerce is another key factor driving the selling of nutritional supplements, with retailers concentrating more on enhancing online shopping experience through targeted marketing and better online learning, which in turn has increased the comfort level of the consumers for buying supplements online.
The increasing number of animal stocks has led to a sharp increase in the demand for high protein, essential nutrients and vitamins in foods. Modern poultry production involves the manipulation of genetics, which requires a balanced and hygienic diet to feed the birds. From a geographical point of view, North America is the most prominent market and held the largest market share, both in terms of value on the global market for plant proteins. Growing awareness of health and well-being, followed by a shift in consumption from red meat to natural food products, is the main driving force behind the plant protein market in this region.
Key players operating in the global plant protein market includes Cargill Incorporated, Archer Daniels Midland Company, Azaki Gulico Co., Ajinomoto Co., Inc., Ltd, Axiom’s Foods, E.I. Du Pont de Nemours and Company, Glanbia PLC, Growing Naturals, LLC, Kerry Group PLC and Pinnacle Foods, Inc. among others.