Plant Protein Ingredients Market Analysis

Plant Protein Ingredients Market Analysis

Soy based plant protein ingredients of food application segment is expected to accrue over 6.5% CAGR through 2032.
 

• Soy protein ingredients are preferred as they are rich in essential nutrients, including iron, calcium, as well as various vitamins, and contribute to the overall nutritional profile of food products. They also render texture, mouthfeel, and sensory experience to the food items.
   
• On account of their excellent functional properties, including emulsification, gelation, and water-holding capacity, soy protein contributes to the creaminess of plant-based dairy alternatives, the firmness and juiciness of meat analogs, and structure of baked goods.
   
• The growing burden of milk allergies and the pressing need to replace dairy protein will also fuel the product demand, particularly for infant nutrition.  
   
• Taking note of these factors, several industry players are placing higher emphasis on ramping up their production capacities for plant proteins to cater to the growing consumer and end-user requirements. For instance, in August 2022, ADM partnered with food tech company Benson Hill to scale innovative soy ingredients to help match the rapidly rising demand for plant-based proteins.
   

The bakery application segment in the plant protein ingredients market will grow at 5% CAGR till 2032.

• With large number of consumers seeking plant-based alternatives to traditional baked goods, the demand for plant-based proteins is growing in the bakery sector. To illustrate, in September 2021, Ingredion Incorporated unveiled its revolutionary new line of ultra-performance pulse-based ingredient solutions to cater to applications in baked goods.
   
• Plant proteins are widely employed to formulate bakery products free from common allergens, such as wheat and dairy, further allowing manufacturers to meet the individual preferences with specific food allergies and intolerances.
   
• Ingredients, such as pea protein, rice protein, and chickpea flour are recording significant popularity as they help to improve the texture of gluten-free baked goods. The shifting preference towards gluten-free bakery products to facilitate weight and health management will also prove favourable for the market growth.
   

Europe food plant protein ingredient market, comprising the U.K., France and Germany is expected to observe around 6% CAGR between 2023 and 2032. The growth can be attributed to the increasing consumer preference for clean label products with natural and simple ingredients. The rising vegan inhabitants is spurring the popularity of plant protein sources, such as rice protein, pea protein, and hemp protein. According to the Vegan Society, the number of vegans surged by 445,428 people in 2020-2021 in the U.K. The strong presence of supporting regulatory standards mainly enforced by the EFSA (The European Food Safety Authority) will also contribute to the regional market growth.