U.S. 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), And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

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:

• In July 2022, a leading global pioneer in plant proteins unveiled its new rice protein offerings at IFT First in Chicago. When paired with NUTRALYS pea protein for a full vegetarian protein supplement, NUTRALYS rice protein offers a non-GM, gluten-free, and palatable plant-protein source to health-conscious customers. With this announcement, the group's dedication to developing a novel plant-based cuisine that encourages better lifestyles has advanced.
• In March 2022, Louis Dreyfus Company (LDC) opened its cutting-edge R&D facility in California, US, with the objective of developing second-generation plant proteins. This new facility is said to serve as a test facility and pilot plant to design and develop offerings, evaluate their technical and financial viability, and develop expertise for upcoming uses. Furthermore, LDC will investigate a range of proteins to see which have the greatest origination and pricing for commodities. LDC will provide the protein solutions as a premix for end-product offerings.
• In August 2021, Green Boy Group introduced a new plant-based functional protein in the US.  Four different types of protein manufactured from fava bean, pea, chickpea, and mung bean are included in the non-GMO ingredient's powder form. According to the manufacturer, it has a neutral flavour profile and can be added to a variety of plant-based dairy products, such as vegan cheese, butter, yogurt, ice cream, spreads, mayonnaise, and eggs, to improve mouthfeel, increase nutritional value, and enlarge the texture.

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

• 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