According to a new report from Datamonitor, consumer demand is up for soy, pea and rice protein ingredients, and manufacturers are harnessing animal protein processing technologies to generate innovative, cost-effective and high quality plant protein alternatives. Datamonitor reports that the global market for ingredients derived from dairy and plant proteins was estimated to be worth nearly $23 billion in 2013, generated from the sale of 4.2 million metric tons of protein ingredients. By 2018, the firm reported, protein ingredient manufacturers may deliver over 5.5 million metric tons, generating global sales of nearly $31 billion.
The reason? According to Datamonitor, three quarters of people consume moderate or high amounts of protein; however, the demand for meat appears to be decreasing, with 41 percent of consumers globally choosing a diet that is low in meat and a further 13 percent eating a totally meat-free diet. The increasingly expanding aging population plays a part, too, as over half of consumers aged 65-plus said they eat a low-meat diet. Add to this the fact that Datamonitor also found that consumers taking an active interest in their health and wellness are extremely likely to consume high protein products (more than 85 percent of functional food shoppers perceive high-protein to be inherently “good for you”), and it becomes clear that plant-based is the new frontier.
The new report (www.datamonitor.com/store/product/?productid=cm00234-033) identifies the consumer segments most likely to purchase plant protein products, and provides an overall analysis of this growing segment from market opportunities and trends to barriers and challenges.
