COVID-19 led to a rise in the demand for alternative proteins because of the way the coronavirus disrupted the food chain worldwide. Because of the long duration of the outbreak, many people searching for healthy food items have started to find alternative sources of protein. Thus, the revenue generated by the plant-based protein market was $11,104.3 million in 2020, and it is predicted to grow at a CAGR of 9.2% and reach $26,721.3 million during the forecast period. This is credited to the increasing inclination toward plant-based food as compared to animal-based food.
Based on source, soybean had the largest share in the plant-based protein market in 2020, because it is a rich source of proteins and close to animal-based food in taste and texture. Apart from that, it is also rich in fiber and, thus, good for the digestive system. Hence, the demand for soybean to produce protein products is increasing, as they are being considered a fit alternative to meat. These proteins are used in a number of food products, such as dairy replacers, emulsion-type sausages, and nutritional bars, as well as being utilized as aquaculture, livestock feed, and pet food products.
North America is likely to hold the largest share in the plant-based protein market during the forecast period owing to the shift of consumers toward plant-based foods. This is propelled by people’s rising focus on health, food safety, immunity, sustainability, and animal welfare. Additionally, with the development of new technologies in the food and beverage sector, the usage of plant-based protein has been rising in the North American market because of the increase in the vegan population.
The growth of the market in the APAC is forecast to be the fastest in the coming years. This will primarily be because of the alteration in the eating habits of the people and ethical prospects. All these factors are a big reason for the rise in the vegetarian population, and, thus, the plant-based protein market is seeing a positive effect on the growth.
The people are shifting toward healthier eating, which is one of the primary reasons for the increase in sales of plant-based protein. Thus, the plant-based protein market has benefitted a great deal from the switch of people toward vegan food, especially with the rise of several animal rights organizations. Moreover, vegetarians have a lower risk of high blood pressure, heart diseases, obesity, and diabetes, because, often, animal-derived protein products are also laden with fat and cholesterol.
