Plant Protein Market Growing at 6.2% CAGR to Reach $27,965.9 Million by 2027 Led by Sports Nutrition, Health Benefits
Plant Protein Market Share and Revenue
North America Plant Protein Market to grow at 6.2% CAGR to 2027 followed by Europe dominante geographic segment with 34.9% share in 2018.
PUNE, MAHARASHTRA, INDIA, January 31, 2020 /EINPresswire.com/ -- According to latest report “Global Plant Protein Market to 2027 – Analysis and Forecasts by Source (Soy, Wheat, Pea, and Others); Type (Isolates, Concentrates, and Protein Flour); Application (Protein Beverages, Dairy Alternatives, Meat Alternatives and Meat Extenders, Protein Bars, Bakery, and Others), and Geography”, The scope of study involves understanding on the factors responsible for this growth of plant protein market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant plant protein players in the market and their key developments.
The global plant protein market is accounted to $16,633.6 Million in 2018 and is expected to grow at a CAGR of 6.2% during the forecast period 2019 – 2027, to account to $27,965.9 Million by 2027.
North America led the plant protein market in 2018 with a share of 37.6% in 2018 and is expected to continue its dominance during the forecast period, thereby accounting for 37.3% of the total market by 2027. The market in North America is expected to grow at a CAGR of 6.2%from 2019 – 2027. Apart from North America, Europe remains the second dominant geographic segment with a share of 34.9% in 2018.
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The global plant protein market by geography is segmented into five regions, including North America, Europe, Asia Pacific, Middle East and Africa, and South America. The North America region is expected to account for the largest share of the global plant protein market in 2018, followed by Europe and Asia Pacific. Some of the major players in the plant protein market include E. I. Du Pont De Nemours and Company, Archer Daniels Midland Company, Kerry Group, Koninklijke DSM N.V., Axiom Foods, Inc., Cargill, Incorporated, Roquette Frères, Ingredion Incorporated, Glanbia plc, Burcon NutraScience Corporation among others.
North America holds the largest share in the global plant protein market. Plant protein is a natural protein derived from plant sources such as soy, wheat, pea, and others. Plant protein provides building blocks for healthy muscles and tissues in the human body and is also beneficial for weight loss. The largest market share of the North America region is primarily attributed to the rising awareness among the consumers related to the health advantages associated with the consumption of protein-rich food, and the high purchasing power of the consumers.
The major factors expected to drive the growth of the plant protein industry in the North American countries is the growing number of consumers cutting down on meat consumption and adopting plant-based proteins and increasing preference of consumers for the adoption of a vegan diet. A surge in demand for plant-based protein beverages, dairy alternatives, meat alternatives, and protein bars by health-conscious consumers is projected to bolster the demand for plant protein in North America.
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The plant protein market based on source has been segmented into soy, wheat, pea, and other sources. The soy segment dominated the global plant protein market, whereas the pea segment is expected to register the highest CAGR during the forecast period. The growth of the soy protein market is driven by the increasing popularity and rising demand for a high protein diet among individuals. Soy protein reduces the cholesterol levels, improves metabolism and bone mineral density, and decrease the risk of cancer. Such benefits associated with the consumption of soy protein are driving the market growth. Additionally, soy protein isolates are used in a wide range of applications such as nutritional bars, meat alternatives, bakery products, sports nutrition products, and beverages; this further propels the growth of protein derived from soy.
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