How Is Proliferation of Veganism Driving Plant-Based Protein Demand?
The World Bank states that the global final consumption expenditure surged from $62.662 trillion in 2018 to $63.788 trillion in 2019. According to this organization, households and non-profit institutions serving households (NPISHs) final consumption expenditure increased from $48.472 trillion in 2018 to $49.315 trillion in 2019. The soaring consumer expenditure along with the improving living standard of people around the world and the booming demand for healthier food items will encourage the consumption of plant-based protein products, globally.
Moreover, the expanding population base of vegan people, owing to the rising intolerance toward animal protein, will help the plant-based protein market register a CAGR of 9.2% during 2020–2030. According to P&S Intelligence, the market was valued at $11,104.3 million in 2020, and it will generate $26,721.3 million revenue by 2030. For example, a majority of people in Western countries show intolerance to lactose or milk protein, as protein components of milk trigger reactions to protein fractions in whey (milk albumin) or emulsion (caseins).
Nowadays, plant-based protein producers, such as AGT Food and Ingredients, Archer Daniels Midland Company, BENEO GmbH, Cargill Incorporated, Emsland Group, Ingredion Inc., Koninklijke DSM N.V., Kerry Group PLC, Roquette Frères, and Wilmar International Ltd., are involved in mergers and acquisitions to expand their presence and meet the protein needs of people. For instance, in August 2021, Cargill Incorporated announced the acquisition of Aalst Chocolate Pte. Ltd. to expand its presence in Asia-Pacific (APAC) countries by adding chocolate to its cocoa product range.
Globally, North America is expected to dominate the plant-based protein market in the foreseeable future, primarily on account of the surging public focus on personal health, animal welfare, sustainability, food safety, and immunity in the region. Additionally, the booming population of flexitarians and vegans and growing concerns of people regarding obesity will also encourage the consumption of plant-based proteins in the U.S. and Canada. Moreover, the rapid technological advancements and increased focus of food and beverage companies on innovative experiments will also lead to high volume consumption of such proteins in the region.
Therefore, the burgeoning consumption expenditure and the rising intolerance of people toward animal-based proteins will steer individuals toward plant-based protein products, globally.
