Plant-based Protein Market – Future Trends & Scenario

The global plant-based
protein market size is projected to grow from USD 10.3 billion in 2020
to USD 15.6 billion by 2026, recording a compound annual growth rate (CAGR) of
7.2% during the forecast period. The major factors driving the growth of the
plant-based protein market include the growing demand for wellness-focused
organic food & beverages among consumers.

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The changing consumer preferences have showcased a growing
consumer shift toward adapting to a more nutritional diet centered towards a
more sustainable lifestyle and lower dependency on animal proteins. A
considerable percentage of the millennial population in Western countries has
been observed regarding their changing food habits as consumers move from
conventional animal-based products to organic and plant-based food products as
an ideal food solution. In recent years, the adoption of plant-based food &
beverages among the consumers has been higher due to the broader scope of
product availability, improved product developments and innovation into
plant-based proteins and a broader scope of available alternatives and
substitutes.

The organic plant-based protein market has the potential to
change the business landscape in the overall plant protein ingredients market.
According to the Research Institute of Organic Agriculture (FiBL), “a total of
71.5 million hectares were organically managed at the end of 2018, representing
a growth of 2.9 percent or 2 million hectares compared to 2017, the largest
growth ever recorded.” In 2018, 2.8 million organic producers were reported
globally, and India continues to be dominant with the highest number of
producers. Growth of the organic food products market is also expected to boost
the growth of the organic plant-based protein ingredients market.

By form, the market for dry plant-based is estimated to
dominate the plant-based protein market in 2020. The dry form of processing of
protein is used in the production of protein concentrates. It involves dry
milling technology, which is used to reduce the particle size of raw material into
fine particles. This method is used to process pulses and cereal, which is
correlated to their specific tissue architecture and milling behaviour. The
process relies on differential particle size and density within the milled
flour. Once milled, the air classification process is used to separate the
smaller protein rice fragments from larger starch-rich granules or fiber-rich
granules.

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The food industry of the plant-based protein market is at
the forefront of the plant-based revolution. Changing consumer preferences
driven by awareness toward meat sourcing practices, its ecological impact, and
animal-borne diseases have led to more consumers opting out of meat consumption.
The resulting change has led to consumer demand shifting from conventional
animal-based proteins to plant-based alternatives. The growing vegan trend has
led to an upsurge in manufacturer presence in the sector.