Market Definition Overview and Growth Factors:
Market Research Future Analysis added the Cooked Research Report of “Plant Protein Ingredients Market” to Receive Overwhelming Hike in future with Trends, Potential, Comprehensive Research, Revenues by 2019-2023. The latter segment’s growth due to burgeoning industrialization and transforming urbanscape can be considered as a much substantial secondary impact which can drive the market further. Food manufacturers have also started incorporating plant protein ingredients in their products to abide by consumer behavior and increase their sale. Enhancement of functionalities of hormones, enzymes, and antibodies are the chief features of plant protein ingredients. This has backed the global plant protein ingredients market significantly so much so that the market is expecting a surge by 7.45% during the forecast period (2017-2023) which could take its valuation to USD 17.08 billion during the same period. Market Research Future’s (MRFR) extensive report has its focus set on drivers and parameters that are going to control the market in coming years. The component is getting much traction as a dietary supplement and functional food which can further be bettered by the food & beverage industry.
These factors can slow down the growth process during the forecast period. A different perspective reveals that plant-based proteins take time to get absorbed. At the same time, plants are often an incomplete source of proteins, which is why, a lot of sources have to be incorporated in order to have a complete nutritional impact.
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The market expansion is depending much on strategies that include merger, collaboration, new launches, and acquisition. Cargill Food for instance, in India, is planning to launch a new range of edible oils to increase market presence. Scoular Company’s Food Ingredient’s decision to invest in Rogers Grain can be considered exemplary.
Leading Key Players:
Prominent players impacting the market are I. du Pont de Nemours and Company (U.S.), Archer Daniels Midland Company (U.S.), Kerry Group (Ireland), Cargill Incorporated (U.S.), Amco Proteins (U.S.), Scoular Company’s Food Ingredient (U.S.), Axiom’s Foods (U.S.), Roquette Foods (France), Pinnacle Foods Inc. (U.S.), Glanbia Nutritionals (U.S.), Reliance Private label supplements (U.S.), Sunwarrior(Sun Brothers, LLC)(U.S), Growing Naturals, LLC (U.S.), AjinomotoInc. (Japan), Showa Sangyo Co., Ltd. (Japan), Omega Protein Corporation (U.S.), Manitoba Harvest hemp foods (Canada), Sodrugestvo Groups (Russia), Azaki Gulico Co., Ltd. (Japan), Kyowa Hakko Kogyo Co., Ltd. (Japan), and others.
Kerry ProDiem has recently launched a range of products that are dairy-free, soy-free and full of vegan proteins which do not affect the flavor or texture of the end food, just increases their nutritional value. These new ingredients have the ability to develop high-acid, low-pH products which can be used in the manufacturing of hot fill beverages.
On the other hand, Axiom Foods launched their soluble grade organic brown rice protein ingredient Oryzatein which ensues the FDA GRAS status.
The Global Plant Protein Ingredients Market can be segmented by source and application.
By source, the market can be segmented into soy protein, wheat protein, pea protein, and others. Soy protein is currently dominating the market with substantial revenue share and can be sub-segmented into protein isolate, protein concentrate, and others. However, pea protein is expected to register the fastest CAGR during the forecast period.
Application-wise segmentation includes foods, beverages, sports nutrition, baby food, pharmaceuticals, animal feed, and others. Food has been dominating the market so far and is expecting a further CAGR of 7.52% during the forecast period, whereas, beverages segment is touted to grow with the fastest CAGR of 7.73% during the same period.
Geographically, the market can be segmented into regions namely North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
With a market share of over 32.85% of the global market and a touted market valuation of USD 5530.89 million during the forecast period, North America is proving its superiority. A stellar CAGR of 7.19% is on the card for the region. Canada is expected to register the highest CAGR during the period with Mexico following the lead.
The APAC region is anticipating the fastest CAGR and India will take the onus to ensure that by expanding plant protein ingredients’ market considerably within its boundary. An astounding 8.70% CAGR can be anticipated from the Indian market. So far, China is the regional market leader with a market share of 25.46% in 2017.