According to Technavio’s latest market research study, the global plant protein market is expected to grow at a CAGR of above 8% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global plant protein market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the application type
The top three revenue contributing product segments are discussed below:
Global plant protein market for food and beverages: Plant protein is mainly used in food products such as sport and nutrition drinks, energy beverages, bakery products, and ready-to-eat meals. The sport nutrition drinks segment accounts for the largest market share as the popularity of these drinks has increased, and their consumption is not limited to athletes. The growth of the global plant protein market for food and beverages is attributable to the rise in the number of health-conscious individuals and the resultant rise in the consumption of fitness drinks and healthy foods.
“The market for plant protein in sports nutrition drink is also growing owing to major factors like increase in the number of vegetarians and the higher price of animal protein compared to plant protein. Besides, plant proteins such as pea protein, are an ideal low-calorie nutritional supplement for athletes,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
Global plant protein market for pharmaceuticals and personal care: Many manufacturers are using plant proteins like soy to produce various dietetic products. For instance, Victoria Group, one of leading agribusiness companies, offers SOPROLEC-8-TB. It is a product obtained from soybeans, which is used in the production of various dietetic and therapeutic products. The demand for plant proteins in beauty and personal care products is rising. For example, hydrolyzed soy protein is rich in amino acids, which are good for both skin and hair.
Global plant protein market for animal feed: Many vegan and vegetarian pet owners also try to buy only vegetarian animal feed products for their cats and dogs. Amì Pet Food, Harbingers of a New Age, F & O Alternative Pet Products, Nature’s Recipe, Pet Guard, and V-Dog are some of the vendors offering vegetarian animal feed in the market currently. The lower antigenic protein content in soy protein concentrate helps in maintaining the gut integrity of growing pigs and piglets, resulting in the increased use of plant protein in animal feed.
The top vendors operating in the global plant protein market are:
- Archer Daniels Midland
Other prominent vendors in the market include A&B Ingredients, Agridient, Amway, Axiom Foods, Cosucra, Farbest Brands, Glanbia, GLICO NUTRITION, Growing Naturals, Norben Company, NOW Foods, Roquette, Shandong Jianyuan Foods, The Scoular Company, and Yantai Shuangta Food.
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