Global Plant Based Protein Market Projected to Reach $15,418.9 Million by 2025
According to this latest publication from Data N Analysis, the global plant based protein market size was $7,256.8 million in 2018, and is projected to reach $15,418.9 million by 2025, growing at a CAGR of 9.4% from 2019 to 2025.Increasing vegan population, growing health and wellness trend, increasing consumer focus on alternative protein, and increasing demand from food and beverage industry have fueled the growth of the global plant based protein market. Conversely, significant preference for animal based food and unstable raw material prices has hindered the growth of this market to some extent.
The global plant based protein market study presents historical market data in terms of values (2017 and 2018), projected current data (2019), and forecasts for 2025- by type (soy protein, wheat protein, pea protein, potato protein, corn protein, and others), and application (food and beverages, animal feed, nutrition and health supplements, pharmaceutical, and others). The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of type, soy protein segment accounted for the major share of the global plant based protein market in 2018. The large share of this segment mainly attributed to the easy availability, low cost than other sources of protein, increased demand from meat analogue manufacturers, wide range of applications in various products, and increased consumer awareness. However, pea protein market is expected to witness a rapid growth during the forecast period.
On the basis of application, food and beverage segment held the largest share of the global plant based protein market in 2018. The large share of this segment is mainly attributed to increasing consumer preference for plant based foods and ingredients, growing awareness and demand for protein rich food products, versatile functionality, compatibility with vegetarian and vegan lifestyles, and rising clean label trend.
On the basis of geography, the plant based protein market analysis is conducted across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America held the major share in global plant based protein market in 2018, and is expected to remain dominant throughout the forecast period. The huge share of this market is attributed to well established food and beverage processing sector, rising concerns over animal products and protein, and increasing vegan population.
Key players include in plant based protein market are Cargill, Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, Roquette Frères Le Romain, Kerry Group, E.I. Dupont De Nemours And Company, Tate & Lyle Plc, Axiom Foods, Glanbia Plc, and Beneo GmbH.
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