The plant protein market is expected to grow at a pace
New York, Aug. 09, 2022 (GLOBE NEWSWIRE) — The plant-based protein market has seen significant growth in recent years across the world, and growing demand from vegan and vegetarian consumers is expected to continue over the forecast period. 2022 to 2032. The global vegetable protein market is expected to reach US$23.84 billion, growing at a constant value CAGR of 6.2% through 2032.
Protein is an essential macronutrient for human nutrition and health. Their digestibility, amino acid composition, bioavailability, processing and purity all impact their nutritional quality. In terms of nutrition, the proper inclusion of protein from various plant sources can provide an acceptable number of amino acids needed to meet human health needs.
Plant-based proteins have recently gained popularity due to their wide range of culinary and inedible applications, as well as their biodegradability. The food and processing sectors are very interested in the physicochemical qualities, structural characteristics, amino acid content and functional attributes of vegetable proteins. Social expectations drive changes in how consumers buy food, including protein. New food categories are emerging and consumers are ready to try new variations.
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There has also been a significant increase in the vegan population in developed countries; for example, there was a 600% increase in the number of people who became vegan in the United States in 2018.
Key insights from market research
- North America holds a major market share of 33.1% of the global plant protein market and is expected to reach 2,186,303 tons by 2032.
- The plant protein markets in East Asia and South Asia have the highest growth potential and are expected to grow at CAGRs of 9.9% and 8.8%, respectively.
- The demand for pea protein and wheat protein is expected to grow at 7.9% and 6.5% CAGR, respectively. Soy protein type holds the highest market share with 51.2%.
- Plant proteins are widely used in nutritional products. The nutritional products application segment holds a market share of 25.7%.
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“Plant proteins are considered the best for weight management. Growing need for weight management and rising concerns over dairy allergens are expected to fuel market demand for plant-based proteins,” says a PersiStence Market Research Analyst.
Participating in food product summits, food ingredient expos, and highlighting the application of plant proteins in the food processing sector are all approaches followed by plant protein manufacturers to strategically position their products.
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- The Kerry Group showcased its products at Vitafoods Asia in Singapore in September 2018, meaning a greater focus on Asia-Pacific. The company is looking to expand in Asia-Pacific, where demand for functional additives and proteins is increasing dramatically.
- Tate & Lyle focuses on improving its customer base by participating in various trade shows. It aims to showcase its versatile portfolio of ingredients and solutions while promoting its own brand food ingredients. The company is focused on collaborating with other leading specialty food ingredient manufacturers to strengthen its market presence.
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Explore more valuable insights
Persistence Market Research in its new report offers an unbiased analysis of the global plant protein market, presenting historical data (2017-2021) and estimation statistics for the forecast period 2022-2032.
The study offers compelling information based on type (soy protein, wheat protein, pea protein, others), form (isolates, concentrates, hydrolysates), nature (organic, conventional) and flavor. application (nutritional products, bakery, snacks and cereals). , dairy substitutes, confectionery & desserts, beverages, animal feed, other), in seven major regions of the world.
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