Plant-Based Proteins Global Market Opportunities And Strategies To 2031

This report describes and explains the global plant-based proteins market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.

The global plant-based proteins market reached a value of nearly $27,706.7 million in 2021, having increased at a compound annual growth rate (CAGR) of 14.6% since 2016. The market is expected to grow from $27,706.7 million in 2021 to $77,159.9 million in 2026 at a rate of 22.7%. The market is then expected to grow at a CAGR of 15.3% from 2026 and reach $156,953.8 million in 2031.

Growth in the historic period in the plant-based proteins market resulted from the rise in disposable income, influence of digital media marketing and social media, growing number of health-conscious consumers, rising awareness associated with benefits of plant-based protein food products, rising demand for health-enriching foods. The market was restrained by talent crunch and low shelf life of plant-based protein products.

Going forward, the COVID-19 pandemic increased demand for plant-based proteins, government initiatives towards plant-based protein, change in preference of consumers for meat alternatives, rising penetration of organized retail, demographic shifts in emerging markets and rising population will drive the growth in the plant-based proteins market. Factors that could hinder the growth of the market in the future include intense competition, challenges in consistency and stringent regulations.

The plant-based proteins market is segmented by type into isolates, concentrates and textured. The concentrates market was the largest segment of the plant-based proteins market segmented by type, accounting for 46.7% of the total in 2021. Going forward, the isolates segment is expected to be the fastest growing segment in the plant-based proteins market segmented by type, at a CAGR of 24.3% during 2021-2026.

The plant-based proteins market is segmented by application into feed, food, beverage and others. The feed market was the largest segment of the plant-based proteins market segmented by application, accounting for 45.6% of the total in 2021. Going forward, the beverages segment is expected to be the fastest growing segment in the plant-based proteins market segmented by application, at a CAGR of 24.8% during 2021-2026.

The plant-based proteins market is segmented by source into soy, wheat, pea and other sources. The soy market was the largest segment of the plant-based proteins market segmented by source, accounting for 58.0% of the total in 2021. Going forward, the pea segment is expected to be the fastest growing segment in the plant-based proteins market segmented by source, at a CAGR of 24.9% during 2021-2026.

The plant-based proteins market is segmented by form into dry and liquid. The dry market was the largest segment of the plant-based proteins market segmented by form, accounting for 70.9% of the total in 2021. Going forward, the liquid segment is expected to be the fastest growing segment in the plant-based proteins market segmented by form, at a CAGR of 25.9% during 2021-2026.

North America was the largest region in the global plant-based proteins market, accounting for 37.8% of the total in 2021. It was followed by the Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the plant-based proteins market will be Western Europe, and North America where growth will be at CAGRs of 24.1% and 23.8% respectively. These will be followed by Asia Pacific, and South America, where the markets are expected to register CAGRs of 23.3% and 18.2% respectively.

The coronavirus pandemic caused a global economic slowdown and impacted various industries across the world, including the plant-based proteins market. Nationwide lockdowns and restrictions on activity to contain COVID-19 are disrupting supply chains and affecting manufacturing worldwide.

The plant-based proteins market is fairly consolidated, with small number of global players operating in the market. The key players in the market are focusing on business presence in the market through development of innovative, efficient, reliable technologies to meet the customer demand. The top ten competitors in the market made up to 15.9% of the total market in 2020. Archer Daniels Midland Company was the largest competitor, followed by Ingredion Incorporated, DuPont de Nemours, Inc., Roquette Frères Le Romain, Wilmar International, Kerry Group, Cargill Incorporated, Royal DSM N.V., Royal Avebe UA, and Glanbia PLC.

The top opportunities in the plant-based proteins market segmented by type will arise in the concentrates segment, which will gain $22,563.3 million of global annual sales by 2026. The top opportunities in the plant-based proteins market segmented by application will arise in the feed segment, which will gain $20,793.2 million of global annual sales by 2026. The top opportunities in the plant-based proteins market segmented by source will arise in the soy segment, which will gain $26,827.2 million of global annual sales by 2026. The top opportunities in the plant-based proteins market segmented by form will arise in the dry segment, which will gain $32,004.9 million of global annual sales by 2026.

Market-trend-based strategies for the plant-based proteins market include increasing innovation for plant-based milk among people, expanding operations and product lines, expanding operations and product lines, increasing concerns for sustainability and environmental issues and growth of veganism and vegetarianism in western market. Player-adopted strategies in the plant-based proteins market include new product development activities, product launches, strategic collaboration and partnerships to improve technologies used, investing in existing products to improve efficiency, and acquisition of emerging and established companies.

To take advantage of the opportunities, the publisher reccomends the plant-based protein companies to focus on expanding operations and product lines, focus on health-enriching foods, focus on collaborations and partnerships, focus on emerging markets, continue to expand in developed markets, scale up through merger and acquisition activity, offer competitive pricing, focus on market-based pricing, participate in conferences and events, leverage social media to maximize reach, increase focus on vegan and vegetarian population and focus on younger population.