Tech Peak » Why Will Soyabean Category Dominate the Plant-Based Protein Market?

Why Will Soyabean Category Dominate the Plant-Based Protein Market?

by ananyjoshi
Plant-Based Protein Market Revenue Estimation and Growth Forecast Report

COVID-19 led to a rise in the demand for alternative proteins because of the way the coronavirus disrupted the food chain worldwide. Because of the long duration of the outbreak, many people searching for healthy food items have started to find alternative sources of protein. Thus, the revenue generated by the plant-based protein market was $11,104.3 million in 2020, and it is predicted to grow at a CAGR of 9.2% and reach $26,721.3 million during the forecast period. This is credited to the increasing inclination toward plant-based food as compared to animal-based food.

Based on source, soybean had the largest share in the plant-based protein market in 2020, because it is a rich source of proteins and close to animal-based food in taste and texture. Apart from that, it is also rich in fiber and, thus, good for the digestive system. Hence, the demand for soybean to produce protein products is increasing, as they are being considered a fit alternative to meat. These proteins are used in a number of food products, such as dairy replacers, emulsion-type sausages, and nutritional bars, as well as being utilized as aquaculture, livestock feed, and pet food products.

Get More Insights: Plant-Based Protein Market Revenue Estimation and Growth Forecast Report

North America is likely to hold the largest share in the plant-based protein market during the forecast period owing to the shift of consumers toward plant-based foods. This is propelled by people’s rising focus on health, food safety, immunity, sustainability, and animal welfare. Additionally, with the development of new technologies in the food and beverage sector, the usage of plant-based protein has been rising in the North American market because of the increase in the vegan population.

The growth of the market in the APAC is forecast to be the fastest in the coming years. This will primarily be because of the alteration in the eating habits of the people and ethical prospects. All these factors are a big reason for the rise in the vegetarian population, and, thus, the plant-based protein market is seeing a positive effect on the growth.

Soybean Protein Source and Dry Protein Form Accounted for the Major Market Share

The people are shifting toward healthier eating, which is one of the primary reasons for the increase in sales of plant-based protein. Thus, the plant-based protein market has benefitted a great deal from the switch of people toward vegan food, especially with the rise of several animal rights organizations. Moreover, vegetarians have a lower risk of high blood pressure, heart diseases, obesity, and diabetes, because, often, animal-derived protein products are also laden with fat and cholesterol.

The increasing spending and betterment in living standards are also key drivers for the growth of the market. As per the stats of the World Bank, people spent $64.130 trillion on all kinds of stuff in 2019 as opposed to $49.33 trillion in 2010. Accordingly, the rise in the spending and increasing awareness of vegan food have contributed to the changing inclination of people toward plant-based food. Plant-based proteins are generally more expensive than animal-derived variants since the former are extensively processed, which is why the rising disposable income is a key reason behind market growth

Hence, the market for plant-based protein is showing growth because of the surging awareness of people about vegan food and rising standard of living.

Food Application and Textured Plant-Based Protein to Witness High Growth Rate

The global plant-based protein market is driven by surging awareness about healthy plant-based food, rising consumer spending, and growing intolerance toward animal-based protein. The market is expected to reach $26,721.3 million by 2030, advancing at a 9.2% CAGR in the coming years. The outbreak of COVID-19 had ruptured the entire food chain in a go, resulting in a demand for other proteins. Lockdowns were imposed for a longer duration in the economy amid the pandemic. This led to the inclination of consumer preferences toward plant-based protein for a healthy lifestyle.

Within the source segment, the biggest share of the plant-based protein market is held by the soybean category owing to a high fat, proteins, and fiber content which is fruitful for improved health. Soybean originates from eastern Asia and belongs to the legume family. The category encompasses soybean oil, soy sauce, soy milk, tofu, and so on. It is very rich in phytonutrients and antioxidants that enhance the health of people and hence, it is heralded as a substitute for meat. These proteins also have increasing application in various food applications and as livestock feed.

North America Dominated the Market

The plant-based protein market can be bifurcated into liquid and dry categories based on form, of which the bigger share was held by the latter bifurcation. This can be credited to its convenience: the products within the dry category are handled easily and are suitable to cook. There is a snowballing demand for this category among the Generation-Y population on account of their low fats and calories, over the animal-based proteins. Therefore, they are increasingly favored by fitness trainers and athletes.

The food bifurcation, based on application in the plant-based protein market will witness the higher growth rate in the coming years. This can be attributed to the changing lifestyle of people, raising awareness about wellness & health, and a snowballing demand for vegan food products. Furthermore, the retail sales of plant-based foods significantly grew by approximately 11% in the past few years in the U.S. This increased the global market value of plant-based proteins in the food industry.

Consumers’ Shift toward Healthier Food Products Is Biggest Market Trend

Segmented on type, the textured type will grow at the swiftest pace in the plant-based protein market in the coming years. This is because prevents the risk of stroke and cardiac arrest, possesses high protein- and fiber content, and can meet the enhanced nutritional requirement. Furthermore, a rising intolerance to animal protein will escalate the demand for this category. For example, at least 9 billion animals are done to death on farms.

North America will generate the highest revenue in the forecast period because of surging awareness of animal welfare, food safety, immunity, sustainability, and personal health among the people. In addition, the rising flexitarian and vegan population, coupled with a swift adoption of innovations and new technologies, especially in the food and beverage sector. Furthermore, APAC will also not lag and grow at the fastest rate due to the growing population, rising disposable income, and shift in the eating pattern of the consumers.

Key Players in Global Plant-Based Protein Market Include:

  • Archer Daniels Midland Company
  • Cargill Incorporated
  • Wilmar International Ltd.
  • Roquette Frères
  • Glanbia PLC
  • Kerry Group PLC
  • Koninklijke DSM N.V.
  • BENEO GmbH
  • Emsland Group
  • Ingredion Inc.
  • AGT Food and Ingredients

Market Size Breakdown by Segments

The plant-based protein market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

Source

  • Soybean
  • Wheat
  • Pea

Application

  • Food
  • Feed

Form

  • Dry
  • Liquid

Type

  • Isolated
  • Concentrated
  • Textured

Geographical Analysis

    • North America Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
      • By country – U.S. and Canada
    • Europe Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
      • By country – France, Italy, Germany, U.K., Spain, and Rest of Europe
    • Asia-Pacific (APAC) Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
      • By country – China, India, Japan, South Korea, Australia, and Rest of APAC
    • Latin America (LATAM) Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
      • By country – Brazil, Mexico, and Rest of LATAM
    • Middle East and Africa (MEA) Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
      • By country – Saudi Arabia, South Africa, and Rest of MEA

    Market Segment Analysis of Countries

    • U.S. Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • Canada Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • Germany Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • France Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • U.K. Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • Italy Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • Spain Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • Japan Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • China Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • India Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • Australia Plant-Based Protein Market
      • By source
      • By application
      • By form
      • By type
    • South Korea
      • By source
      • By application
      • By form
      • By type
    • Brazil
      • By source
      • By application
      • By form
      • By type
    • Mexico
      • By source
      • By application
      • By form
      • By type
    • Saudi Arabia
      • By source
      • By application
      • By form
      • By type
    • South Africa
      • By source
      • By application
      • By form
      • By type

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