Plant Based Protein Market Worth USD 10,892.3 Million By 2022

The Plant based protein market is driven by increasing awareness about the benefits of protein and growing demand for protein rich diet, growing health & wellness trend, increasing consumers’ focus on meat alternatives, growing demand from food & beverage industry, and various advancements in ingredient technologies such as microencapsulation. However, significant preference for animal based protein and fluctuating raw material prices restricts the growth of plant based proteins market to some extent. In addition, growing demand for soy free and gluten free products is expected to pose a serious challenge to the growth of this market.

The  plant based protein market is mainly segmented by type (soy protein, wheat protein, pea protein, canola protein, potato protein, rice protein, corn protein, and others), by application (food & beverages, animal feed, nutrition & health supplements, pharmaceuticals, and others), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).

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In case of type, soy protein commanded the largest share in the  plant based protein market in 2016. The large share of soy protein is mainly attributed to the factors such as its easy availability, cheaper than other sources of protein, increased demand of meat protein alternatives, wide range of applications in various products, greater consumer awareness, and multiple health benefits. On the other hand, in case of applications, food & beverages segment accounted for the largest share in 2016, owing 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.

Key questions answered in the report-

  • Which are the high growth market segments in terms of type, application, and regions/countries?
  • What is the historical market for plant based protein across the globe?
  • What are the market forecasts and estimates from the period 2015-2022?
  • What are the major drivers, restrains, challenges, and opportunities in the  plant based protein market?
  • Who are the major players in the  plant based protein market and what share of the market do they hold?
  • Who are the major players in various countries and what share of the market do they hold?
  • What are the competitive landscapes and who are the market leaders by sub-region in the plant based protein market?
  • What are the recent developments in the  plant based protein market?
  • What are the different strategies adopted by the major players in the  plant based protein market?
  • What are the geographical trends and high growth regions/ countries
  • What are the local emerging players in the plant based protein market and how do they compete with the players?

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The leading companies have employed various strategies to expand their product and application offerings, footprint, and augment their market share. The key strategies followed by most companies in the  plant based protein market were expansions, and mergers & acquisitions. The key players in the  plant based protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), NOW Foods/NOW Health Group, Inc. (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), AMCO Proteins (U.S.), Burcon Nutrascience Corporation (Canada), Beneo GmbH (Germany), Glico Nutrition Co., Ltd. (Japan), Glanbia plc. (Ireland), Corbion NV (the Netherland), Cosucra Groupe Warcoing SA (Belgium), SOTEXPRO SA (France), Farbest Brands/Farbest-Tallman Foods Corporation (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Wilmar International Ltd. (Singapore), and CHS Inc. (U.S.).

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