The global plant-based protein market is expected to reach ~ US$9.6 bn by the end of 2019 in terms of value, and is forecasted to reach ~ US$17.3 bn by the end of 2029, according to a recently published study project by PMR.
According to the report, proteins are important for muscle building. Plant-based proteins are non-GMO vegetable proteins and are an ideal source of post-workout nutrition for athletes over other types of proteins. The increasing popularity of plant-based proteins in nutraceuticals for sports supplements can help athletes boost the stamina and enhance performance, and it will also create multiple lucrative opportunities for manufacturers of plant-based protein in the nutraceuticals industry over the forecasted period.
Exhibitions and Conferences - New Launching Pads for Plant-based Proteins
Plant-based proteins are perceiving substantial demand from the mature markets such as North America and Europe. These regions are hosting various events, exhibitions, and conferences where manufacturers of plant-based proteins are getting the opportunity to showcase their ingredients and products. These events are also turning out to be successful launching platforms for showcasing innovative and new products by plant-based protein manufacturers. These launches help manufacturers to better connect with their audience and promote better understanding of product innovations in the plant-based proteins category.
Decrease in Dairy Consumption Positively Impacting the Market
Dairy milk consumption has been declining in recent years in regions such as North America and Europe. This considerable decrease in dairy consumption is driven by factors such as the ageing population, the rise of veganism, concerns about animal welfare, and preferences for other sources of protein. The study shows that consumers from these regions are giving maximum preference to plant-based proteins over dairy proteins, which is expected to have a long-term positive impact on the plant-based protein market.
Acquisition Strategies Playing a Vital Role for Top Competitors
The plant-based protein market is witnessing a continuous rise in demand across the globe. The number of new entrants in the plant-based protein market is also increasing. This results in tough competition for the established market players around the globe. The study shows that more than 35% of the market share is held by top 10 manufacturers of plant-based protein markets.
The endlessly increasing demand for the plant-based proteins and the increasing number of new competitors are adversely affecting the market share of the top players in the plant-based protein market. According to the study, acquisition of small competitors and new entrances in the market are the best possible strategies adopted by the plant-based protein manufacturers. It is also creating growth opportunities for top players in terms of increasing production capacity, diversified product portfolio, and increasing global footprint.
For instance, in April 2018, Kerry Group completed the acquisition of Ojah BV, a Dutch manufacturer and supplier of plant-based proteins. This acquisition helped the company to bulk up its plant protein portfolio.
This study also underlines groundbreaking insights into the competitive scenario of the global plant-based protein market along with the highlights of the differential strategies implemented by manufacturers. Key players in the global plant-based protein market continue to invest in growth strategies, which are likely to help them retain or increase their market share in the global plant-based protein market.
According to the report, manufacturers are also focussing on the expansions of their plant-based protein product offerings by investing in research and development, which will help them increase their global portfolio of plant-based proteins.
This study underlines key opportunities in the global plant-based protein market and finds that the market would exhibit growth at a value CAGR of ~ 6% during the forecasted period.
