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According to the current analysis of Reports and Data, the global Plant Protein Market was valued at USD 10.28 Billion in 2020 and is expected to reach USD 17.52 Billion by the year 2028, at a CAGR of 6.80%. Plant-based protein products developed from plant sources such as soy, wheat, and pea. Plant-based proteins are used in drinks, dairy alternatives, nutrition supplements, protein bars, meat alternatives, processed meat, bakery, food poultry & seafood, and sports nutrition. These products are to improve their nutritional and functional properties, such as texturing, stabilizing, emulsifying, solubility, and binding. Consumers are focused on a better knowledge of the origin of their food and avoid products believed unnatural or unhealthy. These “clean” eating trends, driven primarily by millennials, favor foods that are healthy, ethically and naturally sourced, and less processed. Increased plant-based protein product consumption is a direct consequence of this shift.
In addition to an upsurge in sales, there has also been a massive influx of investment into the plant-based food business in the past five years. In total, USD 17 billion has invested in the plant-based food industry, including USD 13 billion in the past two years. The major Investors include visionary tech tycoons, VCs, accelerators, and global food conglomerates companies like Nestle, General Mills, and Danone. Several frontrunners in the conventional meat industry have also begun to invest in, acquire, and build new plant-based meat products in-house, all while rebranding themselves as protein companies that aim to provide the most options to consumers.
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The EU is the leading area for the production of lactose, while North America dominates permeate powder supply, particularly the US. Large ventures have been made in lactose production in recent years. However, while 40% of WPC 50-89 produced in the EU is estimated to have concentrations of less than 80%, 95% of North American and practically all of Oceanian WPC 50-89% production is WPC 80. Also increasing production of Demineralized Whey Powder (DWP), of which the EU supplies more than 75% globally. Growth in production of this whey ingredient has largely demand-driven, mainly by the infant formula sector with DWP 90 (90% demineralization) in particular is being applied in these goods. Manufacture of low-end WPCs, on the other hand, is somewhat stagnant from a global viewpoint. New production comes on stream in developing whey processing areas, whereas the traditional whey processing regions generally convert the output into higher value adding.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data has segmented the Plant protein market on the basis of type, source, form, distribution channel, application, and region:
Form (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)
Source (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)
Type (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)
Distribution Channel (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)
Application (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)
Regional Outlook (Revenue, USD Billion; 2020–2028, Volume, Kilo Tons; 2020-2028)
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Key questions answered by the report
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