The global plant-based protein market will grow at a CAGR of 6.7% from 2017 to 2022 to reach USD 10,892.3 million by 2022, according to the latest publication from Meticulous Research. The plant-based protein market is driven by increasing awareness about the benefits of protein and growing demand for protein rich diet, growing health & wellness trend, increasing consumers’ focus on meat alternatives, growing demand from food & beverage industry, and various advancements in ingredient technologies such as microencapsulation. However, significant preference for animal based protein and fluctuating raw material prices restricts the growth of this market to some extent.
On the basis of type, soy protein commanded the largest share in the global plant based protein market in 2016, mainly attributed to the factors such as its easy availability, cheaper than other sources of protein, increased demand of meat protein alternatives, wide range of applications in various products, greater consumer awareness, and multiple health benefits.