Russia Plant Protein Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food, And Beverages, Pharmaceuticals, Animal Feed), By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The Russian plant protein market is projected to grow at a CAGR of 12.12%, from US$411.855 million in 2020 to US$917.287 million in 2027.

 Plant proteins have been heralded as the new popular source of protein, signalling a shift away from traditional protein sources.  Thus, various players in the food and beverage segment are marketing their products and simultaneously endeavouring to resonate with the ethos of the current value-driven consumers who are increasingly taking up the market share and creating more opportunities for both legacy companies and startups to venture into the plant-based protein space. Further, due to a myriad of sources from which plant protein can be derived, allowing more space for players to make investments in the plethora of applications that plant-based proteins could be utilized.

Increased application of plant protein and vegan-dietary trends are expected to propel market expansion

Plant protein has emerged as an excellent source of protein during the past few decades and is being increasingly integrated into the diet of the population. Plant proteins are extensively used in personal care products like cosmetics as well as pharmaceuticals. Health drinks and fitness supplements, bakery and confectionery products, as well as functional beverages, are a few of the notable applications that it finds its application in. Moreover, this source of protein is increasingly being preferred by individuals who are allergic to dairy products as well as those who are increasingly transitioning to a vegan-based eating habit. Moreover, the increasing number of environmentally conscious individuals who are driven by the need to contribute to the propagation of food security and work towards animal welfare is also one of the prime patrons of plant-based protein, thus fueling the plant protein market growth in Russia.

Responding to this growth, Greenwise is one of the first manufacturers of plant-based meat alternatives in Russia. It uses soy and wheat to make its structured vegan meat products. It also announced the expansion of its plant-based meat product line to European markets in January 2020. Furthermore, being rich in phytonutrients and antioxidants, plant proteins that are basically derived from legumes, grains, beans, soy, and hemp have emerged as a viable alternative to traditional proteins which is expected to boost the market for plant-based proteins.

In January 2021, the recently formed Association of Alternative Food Producers welcomed its first groups of start-ups, which included Greenwise. The following association is an incubator to be formed in the alternative protein industry and is also the commonwealth of the independent states. AAFPP aims to aid these groups of start-ups in expanding their footprints across Russia over a four-module program. The establishment of such associations is bound to expand the alternative protein market in Russia in the projected period.

Furthermore, amid the growing demand for plant-based alternatives in the country, multiple start-ups are emerging, making the market more competitive.

In July 2021, for instance, a Russian start-up, Welldone, initiated a new funding round worth $1.5 million. The objective of this funding round was to expand its manufacturing capabilities up to 150 tons per month. The brand's offerings are available across over 500 retail stores in 50 multiple cities in Russia. This investment is reflective of the potential the alternative plant protein market holds in the country. Similarly, amid the increasing demand for plant milk among consumers, Russia's one of the largest oil and mayonnaise producers, EFKO Group, began mass production of soy milk with an investment worth US$8 million. Subsequently, the aforementioned trends are leading to increased consumption of plant-based proteins in the secondary market of the plant-based food and beverages market, expanding the market size.

Products Offerings by key players in the market

• DuPont's soy protein, Supro, delivers the perfect amount of essential amino acids needed for the development and maintenance of muscle in exercise programs by sports enthusiasts. Furthermore, Supro has also been demonstrated to be efficacious in weight loss when included in a high-protein and low-calorie diet. Also, studies have revealed that SUPRO decreases LDL cholesterol in the human body while maintaining healthy HDL cholesterol levels. Further, they are also better for lactating and pregnant women and growing children.

COVID-19 Insights

COVID-19 had a significant impact on the Russian plant-based protein market. The increased health benefits associated with plant-based proteins have increased the demand for the said offerings in the market. Health, sustainability, and ethics are prime factors driving growth. The pandemic has further accelerated this trend, wherein consumers became more health conscious. Furthermore, the emergence of multiple start-ups in the market is further expanding the growth.

Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline