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Meticulous Research®, a leading global market research firm, has published an insightful report titled “Plant-based Proteins Market By Type (Soy Proteins, Wheat Proteins, Pea Proteins, Potato Proteins), Form (Solid, Liquid), Source Process (Conventional, Organic), and Application (Food and Beverages, Animal Feed, Nutritional Supplements) – Global Forecast to 2031.” This report forecasts that the plant-based proteins market will reach an impressive $26.45 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
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The surge in the plant-based proteins market is attributed to several factors, including the growing demand for protein-rich diets, increasing health and wellness trends, and a heightened consumer focus on meat alternatives. Additionally, advancements in ingredient technologies, such as microencapsulation, are further propelling market growth. However, challenges remain, including consumer preferences for animal-based products and fluctuating raw material prices, which could hinder the market’s expansion.
Opportunities are emerging due to a rising inclination among consumers towards plant-based diets, especially in developing economies. Moreover, the growing prevalence of allergies and intolerances to animal proteins offers new avenues for growth in the plant-based protein sector.
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Market Segmentation and Insights
The plant-based proteins market can be categorized based on various parameters:
- Type: The market includes soy proteins, wheat proteins, pea proteins, potato proteins, and others. In 2024, soy proteins are projected to dominate the market, capturing the largest share due to their affordability, availability, and extensive applications across various food products.
- Form: The market is divided into solid (dry) and liquid forms. The solid segment is expected to hold a significant market share, driven by the demand for powdered plant-based protein, which is favored for its ease of handling and stability.
- Source Process: This includes conventional and organic plant-based protein sources. The conventional segment is anticipated to lead the market due to the widespread availability of traditionally cultivated crops, which are often more cost-effective.
- Application: The market is segmented into food & beverages, animal feed, nutritional supplements, and pharmaceuticals. The food & beverage segment is likely to capture the largest share, reflecting the growing consumer interest in plant-based foods and the rising clean-label trend.
- Geography: The market is analyzed across regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the market, attributed to a robust food and beverage industry and increasing consumer awareness regarding health and wellness.
Key Players
The competitive landscape features several prominent players, including Archer-Daniels-Midland Company, Cargill, Roquette Frères, and Kerry Group. These companies play vital roles in shaping market trends and consumer preferences by offering innovative plant-based protein solutions.
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