Mon. Jul 22nd, 2024

Plant-based protein market worth $20.5 billion by 2029

By Vaseline May30,2024
Plant-based protein market worth .5 billion by 2029

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A key driver of growth in the plant-based protein market is the growing availability and variety of plant-based products that meet diverse consumer preferences and nutritional needs. Major food companies, as well as startups, are investing in research and development to innovate new plant-based formulations that mimic the taste, texture and nutritional profile of animal proteins. Additionally, partnerships and collaborations between food manufacturers, retailers and food service providers have facilitated the mainstream adoption of plant-based products, making them more accessible to consumers around the world.

Moreover, the plant-based protein market is witnessing increasing investments from venture capitalists and food industry giants, indicating confidence in its long-term growth prospects. This influx of investment has led to the scaling up of manufacturing capabilities, technological advances in ingredient sourcing and processing, and aggressive marketing campaigns to promote plant-based products. As consumers continue to prioritize health, sustainability and ethical considerations in their food choices, the plant-based protein market is poised to expand further, presenting lucrative opportunities for companies active in this space.

The dry subcategory is expected to take the leading position within the form sector of the plant protein market.

Between 2024 and 2029, the dry segment is expected to lead the plant-based protein market. Dry protein processing, which involves dry milling and air classification, is generally considered a more environmentally sustainable method compared to wet processing. This sustainability benefit comes from the absence of water addition, which eliminates the energy-intensive hydration process. In addition, dry processing preserves the natural functionality of protein components and avoids direct exposure to chemicals. Commonly applied in the processing of legumes and grains, dry processing separates smaller protein-rich fragments from larger grains containing starch or fiber after milling by air classification.

Dry processing plays a crucial role in the production of protein ingredients for various food products, including plant-based foods, meat alternatives, breakfast cereals and baked goods. In particular, the demand for plant-based food options has led to significant growth in dry processing of plant-based proteins in recent years. This method yields protein ingredients suitable for a wide range of food applications, including plant-based foods, meat substitutes, breakfast cereals and bakery products.

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Pea sub-source is estimated to be the fastest source segment in the plant protein market during the forecast period 2024-2029.

In recent years, the popularity of pea protein within the plant-based protein sector has increased significantly, which is attributed to changing consumer preferences away from conventional sources such as soy. Derived from yellow split peas, pea protein is available in three primary forms: pea protein isolate, pea protein concentrate and textured pea protein. Pea protein isolate, with a high protein concentration, is obtained by wet fractionation, while pea protein concentrates, with a lower protein content, are obtained by dry fractionation. Textured pea protein finds extensive use in various foods, especially in plant-based meat substitutes. Key players in the sector, such as Roquette Frères and Ingredion, have expanded their production capacities and introduced new pea protein products to meet rising demand. For example, indoors February 2023Roquette Frères has expanded its Nutrahs portfolio of plant-based proteins with the launch of four new pea protein ingredients, including isolates, hydrolysates and textured variants. These versatile pea proteins were developed to address formulation hurdles in plant-based foods and high-protein food products, opening avenues for innovation in segments such as nutrition bars, protein drinks and plant-based alternatives to meat and dairy products.

It is estimated that the North American region dominates the plant-based protein market.

The increasing demand for vegetable proteins North America stems from several factors that reflect changing consumer tastes, greater environmental awareness, greater health consciousness and the recognition of the benefits of plant-based diets. Health-conscious individuals in the region in particular prefer plant-based proteins over animal products due to their reduced saturated fat and cholesterol content. In addition, growing concerns about the environmental impact of livestock farming, including deforestation, greenhouse gas emissions and water use, have prompted consumers to view plant-based proteins as a more sustainable and environmentally friendly option.

In March 2023, ADM (US) and Air Protein Inc (US) have entered into a Strategic Development Agreement (SDA) to collaborate on advancing new protein sources for food. Air Protein specializes in producing air-based proteins without the need for agriculture or farmland, reducing traditional risks in the supply chain. This partnership combines ADM’s expertise in nutrition, formulation and research with Air Protein’s innovative landless farming platform to scale cost-effective protein ingredients for meat substitutes. It includes plans to build and operate the world’s first commercial-scale Air Protein factory. ADM’s investment in Air Protein, along with other partners, has enabled the development of Air Protein’s technology, including the Bay Area Air Farm. The agreement underlines both companies’ commitment to sustainable food systems and meeting the protein needs of a growing global population.

Key market players in this area include Tate & Lyle PLC (London), Kerry Group PLC (Ireland), DSM Firmenich (Switzerland, ADM (US)Cargill Incorporated (US), International Flavors & Fragrances Inc. (US), Ingredion (US), Roquette Frères (France), Wilmar International Ltd. (Singapore), Glanbia plc (Ireland), Kerry Group PLC (Ireland), DSM-Firmenich (Switzerland), AGT Food and Ingredients (Canada), Burcon NutraScience Corporation (Canada), Emsland group (Germany), PURIS (USA), COSUCRA (Belgium), Tate & Lyle (UK).

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