Plant-based sources such as pea, wheat, vanilla, and cereals are being eyed as the probable sources for protein. These plant-based proteins are gaining traction for being a vegan product that supplements the diet to promote muscle growth and digestive enzymes in the body. Different factors such as no presence of dairy, lactose, and low fat and cholesterol content makes it an ideal choice for a huge segment of the population.
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Health Benefits Raise Demand
The food and beverage sector has emerged as a major end-use of these plant-based protein ingredients. The health benefits associated with these products act as a primary driver of demand in the market. Consumers are preferring plant protein over animal protein for its low amino acid content which aids in fighting health ailments such as cardiovascular diseases and low blood pressure. These protein sources as evaluated to be a competent alternative for animal protein and have the potential to fulfill the protein requirement of any individual.
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Organic Products Gain Traction
The organic, as well as the conventional type of plant-based protein, are expected to contribute significant revenue share in the market. The market for the organic type is projected to witness a higher growth rate in the coming years. The soybean and wheat are the ingredients estimated to capture major market share during the forecast period. The demand for these products is inflating in the food and feed industry on the back of their health benefits. The large scale consumption of plant-based protein as a primary ingredient in food and feed industry accounts for its growing adoption in these industries. Confectionaries in the food industries are estimated to exhibit promising growth in demand and consumption by the end of the forecast period.
Plant Protein Producing Regions Lead Market
Leading regions in the global market include North America, Asia Pacific, Europe, Latin America, Middle East & Africa. Different regions such as China, Russia, Europe, Canada, Australia, and the United States are leading the global market as the producers of plant-based protein ingredients such as peas. A large amount of export of peas from these regions is responsible for the revenue contributed by these regions in the global market. Regions such as Latin America are gaining prominence in the global market with wide-scale production of soy, a highly popular plant-based protein ingredient.
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Innovations Drive the Market Competition
Prominent players are introducing innovations in their products with new forms of plant-based protein food products. They are marketing their products by associating them with health benefits. Market competitors are exploring opportunities in budding sectors such as beverages that hold a large consumer base. They are strengthening their presence in the pant protein-producing regions to strengthen their supply chain for different products containing plant protein. Manufacturers are focused to introduce new soy products in the market to benefit from the augmenting popularity of soy.
Established players profiled in the global plant protein ingredients market include NutraScience Labs, Arla Food Ingredients, Sun Brothers, Reliance Private Label Supplements, and Batory Foods.
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