The U.S. plant protein market is projected to grow at a CAGR of 9.03%, from US$3,388.012 million in 2020 to US$6,206.301 million in 2027.
There is rising awareness among people regarding the ill effects associated with the excess consumption of red meat such as beef and pork on health, as it holds the potential to lead to the accumulation of high levels of cholesterol in the body due to its saturated fat content. Simultaneously, it is also likely that it leads to heart disease as well, and it is encouraging people to shift their preferences to the much healthier alternative, resulting in an increase in the demand and consumption of plant protein, which is leading to a surge in market growth. In addition, the popularity of the different plant-based proteins such as pea protein, soy protein, and others is increasing among individuals due to the rising vegan population and the growing trend towards veganism, which is leading to a further increase in the demand for plant protein and is acting as a factor bolstering the market growth over the forecast period. However, a majority of the individuals are still inclined toward the consumption of the alternative available in the market which hampers the market growth over the forecast period to some extent.
Major developments by key players will aid market growth
Furthermore, the market players are increasingly participating and involved in the market through investments, and product launches in order to cater to the rising demand among the consumers effectively, promoting the market size to grow in the projected period. For instance, in February 2020, Cargill, one of the leading companies dealing with the provision of food, agricultural, industrial and other products to different industries, announced that they were investing in their own private label, with the purpose of catering to the growing demand for plant protein products, which will be available from April 2020. Some of the products in their offering include plant-based patties and ground products. In February 2020, Sproud, one of the leading companies involved in producing vegan pea-based products, based in Sweden, announced that their pea-based milk is going to launch in the U.S. The pea-based milk is going to be available in four different flavours, Original, Unsweetened, Chocolate, and a professional formula developed especially for baristas to appeal to the different tastes and preferences of consumers.
Pea-based plant protein is estimated to grow rapidly
By source, the plant-based protein market has been segmented into pea, rapeseed, soy, hempseed, and others. Pea-based plant protein is expected to hold a significant market share over the forecast period, which is attributable to the fact that pea protein has a host of health benefits such as being rich in iron, arginine and being easily digestible, which makes it a popular protein choice to support good health among adults and children alike. In addition, its ability to facilitate muscle growth, supply BCAA’S (branched-chain amino acids), and increase the energy levels in the body makes it a popular choice as a plant-based dietary supplement.
Key Developments:
COVID-19 Insights
COVID-19 had a positive impact on the US Plant proteins market. The pandemic induced the paradigm trend among consumers, leading to increased consumption of a nutritionally balanced healthy diet. This trend accelerated the market growth of the plant-based protein market. Exploiting this demand, many companies further actively sought to offer plant-based nutritional food and beverages in the market. Such developments expanded the market size. According to the statistics released by Good Food Institute, the retail sales of plant-based food increased to $7 billion in 2020 from $5.5 billion in the former year.
Segmentation