PUBLISHER: DataM Intelligence | PRODUCT CODE: 1372571
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1372571
Global Vegetable Protein Market reached US$ 10.9 billion in 2022 and is expected to reach US$ 20.3 billion by 2030, growing with a CAGR of 8.1% during the forecast period 2023-2030.
The demand for the market is experiencing enormous growth and change, primarily as a consequence of shifting consumer tastes and an upsurge in fascination with diets based on plants. Animal-based proteins are currently being substituted by proteins derived from plants, which are often found in food including rice, soy and corn. A broad range of products are available in this marketplace, comprising full of nutritional supplements, high protein snacks, and plant-based dairy and meat substitutes.
Sustainability stands out as another pivotal factor shaping the vegetable protein market. This alignment with global endeavors to reduce the ecological footprint of food production has prompted both manufacturers and consumers to embrace the sustainability benefits of vegetable proteins, contributing to their surging popularity and their integration into a diverse range of food products.
Similarly, Asia-Pacific dominates the refined functional carbohydrates market, capturing the largest market share of over 1/3rd. In specific regions of the Asia-Pacific, cultural and religious practices advocate or necessitate vegetarian or plant-based diets. These cultural aspects play a pivotal role in sustaining the demand for vegetable proteins, which in turn, is increasing the market growth during the forecast period.
The combination of environmental and ethical issues is a key driver behind the growing popularity of diets that are plant-based. Customers nowadays are growing more aware of the ethical issues posed by industrialized animal farming. These issues involve how animals receive care, cramped circumstances for living, and the usage of drugs. A growing number of individuals are switching to plant-based diets as an approach to reducing their contribution in the agony of livestock due to these ethical issues.
According to data from the World Animal Foundation's 2023 research, 88 million individuals worldwide identify as vegans. In spite of more than 8 billion individuals on earth, which corresponds to about 1.1 percent of the global population. The typical annual rate of growth in the number of plant-based and natural products produced around the world climbed by 21% to 58%, respectively, between 2018 and 2021.
Enhancing the flavour and texture of plant-based foods has been made possible through improvements in food processing methods and creative product development. Manufacturers can now create plant-based goods that closely resemble the sensory experience of meat, dairy, and other animal-based substitutes because to advancements in technology. This addresses a historical challenge associated with plant-based diets-the need for enticing taste and texture.
Moreover, vegetable proteins can now be found in a burgeoning range of food products, spanning from ready-to-eat meals to protein bars and snacks. This heightened level of product innovation and convenience caters to individuals who seek the simplicity and accessibility of plant-based diets, thereby fostering their wider adoption.
The vegetable protein market is experiencing substantial growth, driven by the increasing awareness of health and wellness. This driver encompasses a heightened emphasis on the impact of dietary choices on personal well-being. A primary catalyst behind the surging demand for vegetable protein stems from the expanding nutritional consciousness among consumers.
Consumers who place a premium on their health actively seek out products that feature vegetable proteins. This encompasses a diverse array of offerings, spanning from plant-based meat alternatives and dairy substitutes to protein-packed snacks and nutritional supplements. The nutritional excellence of vegetable proteins aligns harmoniously with the dietary preferences of those endeavoring to sustain or enhance their health, signifying a fundamental market driver
Weight management and fitness have emerged as central concerns for a substantial portion of the population. As individuals strive to attain and uphold a healthy weight while engaging in regular physical activity, they are increasingly gravitating toward dietary selections that endorse these objectives. Vegetable proteins play a substantial role in this context.
Plant-based diets, which prominently feature vegetable proteins, are frequently associated with weight management and fitness. They often boast lower calorie counts, reduced saturated fats, and diminished cholesterol content, rendering them an attractive choice for individuals committed to weight control. Additionally, vegetable proteins aid in muscle recovery and development, rendering them a compelling option for athletes and fitness enthusiasts requiring protein-rich diets to bolster their physical pursuits.
Although vegetable proteins are often positioned as alternatives to common allergens like dairy and soy, they, too, can present their own allergenic potential. For instance, pea protein and almond protein have been associated with allergic reactions in specific individuals. This presents a challenge for manufacturers in terms of ensuring product safety and offering accurate labeling. The effective management of allergenic risks is fundamental for upholding consumer trust and safeguarding those with allergies.
Providing clear and comprehensive allergen information through labeling and communication is essential. As the demand for plant-based products continues its upward trajectory, the mitigation of allergenic potential becomes progressively crucial for ensuring that these products are secure and accessible to a broad spectrum of consumers.
Regulatory and labeling issues pose substantial restraints in the vegetable protein market. The lack of regulatory clarity and the labeling disputes can create obstacles for manufacturers and give rise to consumer confusion. These challenges also provoke questions about how plant-based products are marketed and labeled.
Resolving these regulatory and labeling challenges demands cooperative efforts from industry stakeholders and governmental bodies. The establishment of unambiguous and consistent guidelines and standards for labeling and marketing plant-based products is of paramount importance. Transparency is the linchpin, and consumers should possess accurate information about the products they select.
Achieving regulatory and labeling clarity empowers consumers to make informed decisions and fosters confidence in the plant-based market. As the vegetable protein market continues its expansion, it is imperative to work diligently toward resolving these regulatory and labeling issues to ensure a level playing field and an enhanced consumer experience.
The global vegetable protein market is segmented based on type, form, source, application, and region.
With an escalating emphasis on health and wellness, consumers are on the lookout for food and beverage products that harmonize with their dietary inclinations. Vegetable proteins, appreciated for their healthier nutritional profile with lower saturated fats and cholesterol, have gained favor. Vegetable proteins are often allergen-free, making them suitable for individuals with dietary restrictions or allergies to animal-derived proteins.
Increasing environmental awareness is influencing consumer choices. Vegetable proteins, owing to their comparatively lower environmental footprint in contrast to animal-derived proteins, resonate with consumers who prioritize sustainability. This environmental concern is propelling the demand for plant-based food and beverage products.
In August 2023, the latest grab-and-go snack from Beech-Nut Nutrition Co., a producer of foods for infants and toddlers, is called Brownies with Hidden Veggies. The snack, which is made with raisins, butternut squash, and carrots, aims to give the traditional brownie flavor while using healthier ingredients. The non-GMO vegetable brownies are devoid of artificial flavors and colours and each serving has 2 to 3 grams of whole grains.
The Asia-Pacific vegetable protein market held the largest market share of 38.3% in 2022 in the vegetable protein market analysis. Urbanization and the influence of Western lifestyles are reshaping dietary patterns in many Asia-Pacific nations. There is a mounting demand for convenient and globally-inspired food products.
A growing demand for convenience foods and products that align with Asian culinary trends is evident. Vegetable protein-based products, such as meat substitutes, dairy alternatives, and snacks, effectively meet the evolving palates of urban consumers. These items offer a familiar yet sustainable and healthier substitute to conventional animal-based options, in harmony with the tastes and demands of urban dwellers with busy lifestyles.
Over 60% of the population in the region is interested in adopting protein derived from plant substitutes, according to Kerry's Consumer Study 2021, the world's foremost taste and nutrition firm. A recent investigation discovered that 62% of customers in the region have an interest in plant-based protein substitutes and that 44% aim to boost their intake of these products. The study involved 3,700 individuals across 10 countries.
The Asia-Pacific region has not remained insulated from the global wave of concern for sustainability and environmental conservation. Vegetable proteins, known for their comparatively lower carbon footprint and reduced natural resource requirements compared to animal-based proteins, resonate deeply with these concerns. A conscientious consumer base with a focus on environmental matters is propelling the demand for products that harmonize with these sustainability principles.
The major global players in the market include ADM, DuPont de Nemours, Inc., Cargill, Incorporated, Kerry Group, Ingredion Incorporated, Axiom Foods, Inc., Roquette Frere, Cosucra Groupe Warcoing SA, The Scoular Company and Emsland Group.
The global supply chain was disrupted by the pandemic, affecting the sourcing and transportation of raw materials required for vegetable protein production. Lockdowns, labor shortages, and movement restrictions disrupted the production and distribution of vegetable protein products. COVID-19 underscored the importance of health and immunity, leading to a growing interest in plant-based and healthier food options. This surge in demand was particularly evident in plant-based meat alternatives and dairy substitutes.
The closure of restaurants and foodservice establishments during lockdowns impacted the demand for vegetable protein products in these channels. In contrast, retail and e-commerce platforms experienced increased sales of plant-based products. Many companies in the vegetable protein sector received heightened investments to expand their production capabilities and cater to the growing demand for plant-based products.
The Russia-Ukraine conflict, which affects one of the world's largest grain-producing regions, has the potential to disrupt the supply of key raw materials like soybeans and wheat, which are integral to vegetable protein production. This resulted in price fluctuations and supply constraints. The conflict led to fluctuations in commodity prices, impacting the cost of producing vegetable protein.
Manufacturers may encounter challenges in managing cost increases, potentially affecting pricing and profitability. Geopolitical tensions can result in trade restrictions, impacting the export and import of vegetable protein products. Companies may need to diversify their sourcing and locate alternative suppliers to mitigate these impacts.
Geopolitical tensions and conflicts can contribute to global economic uncertainty, which can influence consumer spending habits. Economic instability can affect consumer purchasing power and consumption patterns. The vegetable protein market may witness shifts in investment decisions as companies evaluate geopolitical risks and make strategic choices regarding production and sourcing locations.
The global vegetable protein market report would provide approximately 69 tables, 73 figures and 212 Pages.
LIST NOT EXHAUSTIVE