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The plant-based protein market size is projected to grow from USD 12.2 billion in 2022 to 17.4 billion by 2027, at a CAGR of 7.3% ****ween 2022 and 2027. Plant-based proteins are considered a more sustainable alternative for animal sourced proteins, with regards to both personal and environmental health. The significant increase in the demand for plant-based foods due to rise in adoption of veganism and health concerns such as cardiovascular diseases have contributed to the growth of this industry. Plant-based proteins are also becoming increasingly popular among the consumers because of their perceived health benefits of obesity management which is also a prevalent issue globally.

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Market Dynamics

Drivers: Innovation & developments related to plant-based protein to augment vegan trend

According to a study published by the European Vegetarian Union in 2019, the vegan population in Europe contributes to more than 6% of the European population. Moreover, according to The Vegan Society, the vegan population in the UK raised above 600,000 in 2019, an increase of 300% compared to the vegan population in 2014. This formed one of the prime factors driving the food & beverage manufacturers toward innovation and development of meat alternatives, dairy alternatives, and protein nutritional beverages, and a boost to plant-based food & beverages. Manufacturers such as Archer Daniels Midland Company (US), DuPont (US), Roquette Frères (France), Kerry Group (Ireland), Ingredion (US), Beyond Meat (US), and Tyson Foods (US) have been emphasizing the development of plant-based protein food & beverages.

Restraints: Allergies associated with plant-based protein sources, such as soy & wheat

Plant-based food & beverages have functional health benefits and consist of essential minerals; however, humans have been allergic to their consumption in several cases, thus restraining the market growth. For instance, soybeans are rich in nutrient content, such as vitamins, minerals, and proteins; however, anti-nutritional components present in soy could cause allergies. According to the Cleveland Clinic, soy is one of the “Big Eight” allergens, along with cow’s milk, eggs, peanuts, tree nuts, wheat, fish, and shellfish, responsible for 90% of all food allergies. A soy allergy occurs when the human immune system mistakes the harmless proteins found in soy as harmful and produces antibodies to combat them. Moreover, soy protein has large quantities of phytic acid, which has the potential to block the absorption of essential minerals, such as calcium, magnesium, copper, iron, and zinc. Soy allergy could also lead to itching and hives in humans. Other symptoms include bloating, diarrhea, nausea, and abdominal pain.

A study published by the National Institute of Health (NIH) in 2019 recognized wheat as a staple food and an important source of nutrients for many millions of people. However, the last few years have seen increasing concerns about the adverse effects of wheat on health, particularly in the North American and European regions. Wheat gluten proteins cause a range of adverse reactions, including allergies, coeliac disease, and non‐coeliac gluten sensitivity in humans. Celiac disease can affect genetically predisposed human beings of all ages; however, it often begins in the middle infancy stage. The inflammation and destruction of the inner lining of the small intestines in celiac disease are caused by an allergic reaction to gluten in the diet. Therefore, allergies caused due to a few plant-based ingredient sources are projected to restrain the global market during the forecast period.

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The plant-based meat market is projected to grow at a CAGR of 14.7% during the forecast period

According to MarketsandMarkets, the global plant-based meat market is estimated to be valued at USD 7.9 billion in 2022. It is projected to reach USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value ****ween 2022 and 2027. The market is gaining momentum with the increasing demand for plant-based meat products. Additionally, increasing awareness among consumers about the benefits offered by a vegan diet is one of the major factors that is propelling the demand for plant-based meat products across the world. Key players have been investing significantly in R&D to cater to changing consumer preferences and reduce production costs.

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Leading players profiled in this report include the following:

• Beyond Meat (US)
• Kellogg Company (US)
• Impossible Foods Inc. (US)
• Maple Leaf Foods (Canada)
• Unilever (UK)
• Conagra Foods (US)
• Tofurky (US)
• Gold&Green Foods Ltd (Finland)
• Sunfed (New Zealand)
• Monde Nissin (Philippines)

By source, the soy segment occupies the highest market share during the forecast period

Based on the source, the soy segment is estimated to occupy the highest market share during the forecast period. Soy is a nutrient-dense legume that is an alternative to meat sources. Traditionally, the consumption of soy and soy products is associated with the Asian population, and it is widely used compared to wheat and corn. However, concern associated with soy is that it is a recognized allergen in a significant population.

By type, the beef segment is forecasted to account for the largest market share

Based on the type, the beef segment accounts for the largest market share and it would dominate the market in terms of value during the forecast period. Plant-based beef provides similar characteristics to that of beef. Beef-related plant-based products, such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak, are made from sources such as soy and wheat.

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European region is the largest market for the plant-based meat market during the forecast period

Europe is the largest region in the plant-based meat market and it is growing with a considerable CAGR ****ween 2022 and 2027. In Europe, the growing vegan trends, especially in the UK, are expected to increase the demand for plant-based meat products. The UK is projected to be the largest plant-based meat market in Europe during the forecast period. The rising health concerns among the consumers regarding meat products, consumers’ growing inclination toward healthy plant-based meat products, and the exponentially growing veganism trend in the country are the key factors driving the growth of the plant-based meat market.

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