LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global plant protein market is projected to grow to USD 13.67 billion by 2021, at a CAGR of more than 8% over the forecast period.
This research report titled ‘Global Plant Protein Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Plant protein is derived from plant sources and finds application in food and beverages products, sports nutrition products, and pharmaceutical and personal care products. The consumption of plant proteins has a positive effect on abdominal fat, acne, aging, allergies, asthma, body odor, cognition, dysmenorrhea, eczema, gut flora, fibromyalgia, and kidney stones, thereby driving its adoption.
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Based on the products, the report categorizes the global plant protein market into the following segments:
- Soy protein
- Wheat protein
- Pea protein
- Other plant proteins
The top three revenue-generating products segments in the global plant protein market are discussed below:
“Soy proteins occupied more than 55% of the global market in 2016 and is expected to grow swiftly through the forecast period. The various health benefits associated with soy protein is expected to drive its adoption among consumers,” says Manu Gupta, a lead analyst at Technavio for food research.
Vegan proteins are in great demand in recent years due to a rise in the number of people adopting veganism and vegetarianism, providing numerous growth opportunities to the global soy protein vendors. Some of the prominent health benefits associated with the consumption of soy include prevention of cardiac problems, reduce obesity and diabetes, control hyperglycemia, and prevent cancer.
The wheat proteins market was valued at USD 3.83 billion in 2016 and is expected to be driven its film formation, aeration, adhesion, foaming, whipping, dough conditioning, tenderizing, and structure enhancement properties. The water insoluble protein is in high demand from the food and beverage, cosmetics, and sports nutrition supplement industries. Hydrolyzed wheat protein is used in the cosmetics industry in skin care products as it is a good substitute for chemical-based ingredients. It is also used in shampoos, anti-aging creams, and other cosmetic items like concealers and face powders.
“The global pea protein market is expected to grow at a steady pace during the forecast period due to its high nutrition profile and the rise in demand for healthy food products. Pea protein aids in weight management, maintaining healthy muscle mass, enhancement of blood circulation, and improved calcium absorption,” says Manu.
The rising vegan and vegetarian populations seek high-quality vegan proteins, and pea proteins are suited to the needs of these consumers. North America contributes the majority of the global pea protein market revenue, due to the increase in demand for gluten-free products in the US, robust growth of the sports nutrition industry, and rising concerns about the risk of cardiovascular diseases from red meat.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Archer Daniels Midland
- Kerry Group
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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