Plant Protein Market
Increased interest in health concerns and the rising popularity of vegetarian and vegan diets among the consumers propel the growth of the plant protein market. Globally, the sector is expected to increase by 7.19% CAGR in the years between 2020 and 2027. The North American market is estimated at around $5.19 billion in 2018 with an expected growth of 6.53% from 2019 till 2026, while Asia Pacific scored $1.61 billion in market value with a forecast of reaching 8.10% CAGR during 2020-2026. China is a key leader with a market share of around 28% within the Asia-Pacific region.
As customers become more health-oriented, they become more attentive to the nutritional value of the products. Plant-based goods are praised for various health benefits and high volumes of protein, as well as low fat-saturation and minor levels of cholesterol.
Soy protein holds the largest share on the market due to its versatility, a large number of production facilities, relatively low costs of manufacture, and accessibility of the raw product. Nevertheless, one of the highest protein contents can be found in pea protein, amounting to 85%, and thus is popular among vegans and vegetarians who lack animal-sourced nutrition. It also allows for lower calorie intake and fuller amino-acids consumption. The global pea protein sector itself amounted to the value of $215 million in 2019 and expects to grow at 7.6% CAGR in the years between 2020 and 2027.