In-depth Analysis of How COVID-19 is Impacting the Plant-based Protein Market

Plant-based Protein Market

The Plant-based Protein Market is estimated at USD 18.5 billion in 2019 and is projected to grow at a CAGR of 14.0% from 2019 to 2025, to reach USD 40.6 billion by 2025.

Public awareness regarding the increase in obesity levels due to unhealthy food consumption that includes packaged food, fast food, carbonated beverages, cold drinks, and excess consumption of animal meat has led to the demand for plant-based protein products such as protein beverages, protein bars, meat alternatives, and dairy alternatives, thereby driving plant-based food & beverage manufacturers to develop plant protein-based products.

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Market Dynamics:

Drivers
• Rise in Trend of Health and Sustainability
• Innovations in Terms of Integrating Plant-Based Proteins With Meat and Poultry Products
• Increase in Cases of Lactose Intolerance and Milk Allergies
• Growth in Investments in Plant-Based Food Businesses
• Social Media Trends to Sway More Consumers Toward Plant-Based Proteins

Restraints
• Allergies Associated With Plant-Based Protein Sources Such as Soy and Wheat

Opportunities
• Constant Rise in Demand for Food With Organic Ingredients
• Immense Opportunity in the Need for Alternative Solutions to Meet the Increasing Meat Demand

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Challenges
• Increase in Production of and Adulteration With Genetically Modified (GM) Soybean
• Unpleasant Flavor of Soy Products

Key Market Players:

The key players in this market include Cargill (US), Archer Daniels Midland Company (US), DowDuPont (US), Glanbia Plc (Ireland), Kerry Group (Ireland), Tate & Lyle PLC (UK), Ingredion Incorporated (US), Burcon NutraScience Corporation (Canada), Royal DSM N.V, (Netherlands), Sotexpro S.A. (France), Axiom Foods (US), and The Scoular Company (US).

ADM (US) and DuPont Danisco (US) are the top two players in the global market. These companies have adopted expansion and investments as a key strategy to expand their presence in the plant-based protein market. For instance, in January 2019, ADM expanded its presence in Brazil with the construction of a new soy protein production complex in Campo Grande, Mato Grosso do Sul, Brazil, at a value of USD 250 million. The complex would manufacture a range of functional protein concentrates and isolates for ADM’s current product line.

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The North American region is projected to account for the largest market share during the forecast period.

The North American market for plant-based proteins is the largest due to the increasing awareness for healthy food ingredients and the trend of weight management among consumers. Plant-based proteins are highly versatile and can be used in applications such as meat analogs and meat extenders. According to research conducted by key players in the market and government surveys, it has been recorded that consumers are demanding meat alternatives to reduce their meat consumption. This trend is expected to drive industry growth in the near future.

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