Plant Protein Market Size, Share, Growth Analysis, By Type(Cereal-based (Wheat, Rice, Maize/Corn, Oat), By Application(Dietary nutrition, functional nutrients, sports nutrition, infant nutrition), By Region - Industry Forecast 2024-2031

Plant Protein Market Driver

• Plant-based protein innovation and advances to supplement the vegan trend

According to 2019 research issued by the European Vegetarian Union, Europe's vegan population accounts for more than 6% of the total population. Furthermore, according to The Vegan Society, the vegan population in the UK surpassed 600,000 in 2019, representing a 300% growth over the vegan population in 2014. This was one of the primary motivations motivating food and beverage businesses to innovate and develop meat replacements, dairy alternatives, and protein nutritional beverages, as well as giving a boost to plant-based food and beverages. Archer Daniels Midland Company (US), DuPont (US), Roquette Frères (France), Kerry Group (Ireland), Ingredion (US), Beyond Meat (US), and Tyson Foods (US) have all prioritized the development of plant-based protein products and beverages.

Plant Protein Market Opportunity

• Rising emphasis on aquatic plants as new and developing protein sources

The shift toward personalized nutrition has been swift as consumer health awareness has grown. In recent years, customers have become more mindful and specific about the food they consume and its consequences on the body. Aside from soy, wheat, and pea as primary sources of plant-based protein, aquatic plants offer a huge possibility to collect proteins and components that match the consumers' particular physiological and metabolic needs. The natural synthesis of plant-based protein is the outcome of a sequence of transformations in which many chemical constituents combine in a precise form, with energy provided by sunlight. The chlorophyll found in plants is the critical agent responsible for this unique mechanism. Over 70% of solar energy is directed toward the oceans and freshwater bodies including rivers, lakes, and wetlands. A largely untapped reservoir of aquatic proteins fit for human consumption exists in the world's water bodies and can be expanded through advanced aquaculture techniques.