Globalism vegetable protein market Volume is expected to grow from $10.3 billion in 2020 to $15.6 billion by 2026, registering a compound annual growth rate (CAGR) of 7.2% over the forecast period. Key factors driving the growth of the Plant-Based Protein Market include the growing demand for organic foods and beverages focused on health and wellness among consumers.
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Changing consumer preferences have shown an increasing shift of consumers towards adapting to a more nutritious diet focused on a more sustainable lifestyle and less reliance on animal proteins. A large proportion of millennials in Western countries have been observed regarding the change in their eating habits as consumers switch from traditional animal products to organic and plant-based food products as the ideal dietary solution. In recent years, the adoption of plant-based foods and beverages among consumers has been higher due to the wider range of product availability, improved product development and innovation in plant-based proteins and a broader range of substitutes and substitutes available.
The organic vegetable protein market has the potential to change the business landscape of the total vegetable protein component market. According to the Organic Agriculture Research Institute (FiBL), “A total of 71.5 million hectares were managed organically at the end of 2018, which represents a growth of 2.9 percent or 2 million hectares compared to 2017, the largest growth ever recorded.” In 2018, 2.8 million organic products were reported globally, with India still dominant with the largest number of producers. The growth of the organic food products market is also expected to fuel the growth of the organic vegetable protein ingredients market.
As per the figure, the dry form of vegetable protein is expected to dominate the vegetable protein market in 2020. The dry form of protein processing is used in the production of protein concentrates. It incorporates dry milling technology, which is used to reduce the particle size of raw materials into fine particles. This method is used to process pulses and grains, which are related to their tissue structure and milling behavior. The process depends on the differential particle size and density within the ground flour. Once milled, an air grading process is used to separate the smaller protein rice fractions from larger starch-rich granules or fiber-rich granules.
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The plant-based protein market food industry is at the fore in the plant-based revolution. Consciously driven change in consumer preferences towards meat sourcing practices, their environmental impact and animal-borne diseases has led more consumers to choose not to eat meat. The resulting change shifted consumer demand from traditional animal proteins to plant-based alternatives. The growing trend of vegetarianism has increased the presence of manufacturers in this sector.