Data from Meticulous Research published in June 2021 indicates that the value of the global plant-based protein supplements market was expected to reach US$9.57 billion by 2027. This was in response to a compound annual growth rate (CAGR) of 7.8% over the period 2020-2027. Slightly older data from Frost & Sullivan, cited by Vitafoods Insights in a report last year, projected a market value of over twice this size by 2026, running at a CAGR of 8.6%. The discrepancy in the scale of the market could be explained by contrasting definitions of ‘plant-based protein ingredient.’ The Frost & Sullivan figures included a rather nebulous ‘food and beverages’ category, which accounted for over half forecast volumes. The more recent figures refer more specifically to ‘supplements.’ The flip side of this can possibly be seen in Euromonitor research which focuses on meat-free substitutes for meat and seafood, taking in such options as soy, mycoprotein and non-soy beans. Here, the global value of the category was put at $5.6bn in 2021, with 7.3% CAGR taking this total to $9.32bn by 2025. In short, it seems that the markets for plant proteins destined for nutritional and supplement end-uses, on the one hand, and for food-and-drink protein substitution on the other, seem to mirror each other and are currently of a similar size, growing at comparable rates. The Meticulous research highlights particularly high growth in Asia-Pacific (APAC) markets. Here, it predicts, for the next five years at least, a CAGR of 8-9% in plant-based proteins for supplements will outstrip, for example, Europe and North America. While soy remains strongest across all nutritional applications, pea protein retains the position of the fastest-growing alternative, and is especially sought-after for higher-value formulations, typically in sports nutrition. The same research projects likely year-on-year growth for pea protein at 11-12%, up to 2027. According to supplier Roquette, other industry estimates put the expected growth in demand for pea protein at between 15% and 24% annually over the next decade. Similarly, while ready-to-mix (RTM) protein blends in powder form remain dominant in terms of format and delivery, convenience means that ready-to-drink (RTD) seems set to show the fastest pace of growth (9-10% CAGR) up to 2027, says Meticulous. Parallels between alternative proteins in the food and nutrition sectors may only stretch so far. But by way of a corrective to any over-selling of plant-based options, Irish food and agribusiness consultancy Farrelly & Mitchell quotes a Boston Consulting Group (BCG) report from March 2021. This estimates that the 13 million tonnes of alternative proteins consumed globally in 2020 accounted for just 2% of the animal protein market. It goes on to forecast an 11% share of the global protein market by 2035. Technological step-changes combined with regulatory support could lead to a doubling of this figure, the BCG report states.
Alternative proteins: from quality to consumer perception — video