The global plant-based protein market size is estimated to be valued at USD 12.2 billion in 2022 and is projected to reach USD 17.4 billion by 2027, recording a CAGR of 7.3%, in terms of value during the forecast period. The demand for plant-based protein has been increasing due to the increase in adoption of veganism and flexitarian diets and due to the growing concern regarding environment and unethical practices in meat sourcing.
Key players in this market include ADM (US), Cargill (US), DuPont (US), Wilmar International Ltd (Singapore), Roquette Frères (France), Glanbia plc (Ireland), Kerry Group PLC (Ireland), DSM (Netherlands), Ingredion (US), Emsland Group (Germany) among others.
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The key players are focusing heavily on improving their market shares, while their newer start-ups are being established rapidly in the market. The plant-based protein market can be classified as a fragmented market with the top ten players accounting for a market share of 35-40%, at present at the global level. There are numerous local players in the form of existing and emerging companies in several countries, particularly in Asian markets.
ADM (US) is among the global leaders in nutrition industry and is one of the largest soyabean processors in the world. The company has a global presence across all the major regions namely, North America, Europe, Asia Pacific, South America and Africa. The company’s global network is supported by an efficient supply chain management system which has 450 crop procurement locations, 330 food and feed ingredient manufacturing facilities, 62 innovation centers and an effective network for crop transportation. ADM has a unique portfolio of products offering a host of plant-based protein offerings in textured, isolate and concentrate proteins from a range of sources including wheat, soy and pea.
Cargill (US) operates through its subsidiaries and affiliates in 67 countries and caters to 75 businesses which are categorized under agriculture, food, financial services and industrial products. The company has a range of brands that offer plant-based protein offerings such as concentrates and isolates sourced from pea and wheat. The company has also invested significantly in PURIS (US), which has enabled them to distribute the company’s pea protein offerings and further strengthen their product portfolio. The company is also focusing upon expanding aggressively to Middle East, Turkey, Africa and Indian markets to cater to the rising demand from consumers, especially for pea protein.
Plant-based Protein Market by Source (Soy, Wheat & Pea), Type (Isolates, Concentrates, & Textured), Application (Food (Meat Alternatives, Dairy Alternatives, Performance Nutrition & others) and Feed), Form, Nature and Region - Global Forecast to 2027
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