“Exploring the Growth and Innovation of the Plant-Based Protein Market: Emerging Ingredients and Consumer Trends”
The plant-based sector is set for sustained expansion. A recent study conducted by DuPont Nutrition & Health revealed that 52% of consumers in the U.S. are incorporating more plant-based foods into their diets, believing it contributes to their overall health. Concurrently, investment firm UBS projects that the market for plant-based proteins and meat alternatives will surge from $4.6 billion in 2018 to an astounding $85 billion by 2030.
However, not all plant-based proteins are equal. Currently, wheat, soy, and pea are the dominant players, but there exists a variety of other options for manufacturers, each boasting unique properties and benefits. Alternative protein sources face the challenge of delivering flavor, texture, and protein content while providing sustainable substitutes for animal-derived products. According to a white paper by Kerry, factors such as taste, nutritional profile, clean-label ingredients, protein content, and limited product variety create hurdles for plant-based food producers aiming for broader market acceptance.
FutureBridge has highlighted four emerging plant protein sources that are just starting to make an impact in the market. These alternatives could potentially surpass the current leaders if they effectively market their sustainability and adaptable functionality for innovative product development. Chickpeas, for instance, are well-known for being a logical transition from pea protein, which currently struggles to meet market demand. Chickpea isolate provides a taste, mouthfeel, and nutritional profile comparable to cow’s milk and yogurt. Companies like ChickP and InnovoPro have begun producing this isolate for commercial use in dairy and meat products.
Chickpeas are also gaining popularity in cereal-based items, with brands like Banza, which incorporates the legume into its pasta, recently raising $20 million and seeing rapid growth. Seaweed is another ingredient making strides; it has shed its previous negative connotations and is now valued for its natural umami flavor. Beyond enhancing taste, seaweed offers numerous nutritional advantages, including support for cognitive health, the nervous system, and healthy skin, as well as boosting energy and metabolism. This sustainable source of protein has been incorporated into snacks, jerky, pasta, vegetarian caviar, and even edible food wrappers. It is a key component in vegetarian seafood products from Good Catch, which raised $32 million in January from notable investors such as Greenleaf Foods and General Mills’ venture arm, 301 Inc.
Coconut is also emerging as an ingredient in various products, including beverages, salad dressings, soups, curries, milkshakes, and jams. As Dairy Reporter notes, coconut has a long history in Asian cuisine, offering a rich, creamy flavor that can be quite intense. However, its sustainability is a concern, as production can be impacted by droughts and typhoons, making stability an important factor for suppliers and manufacturers.
Mung beans, though less recognized, are starting to make their presence felt in consumer packaged goods. Just Egg, a plant-based egg substitute by Just, primarily uses mung beans. This product is now available in grocery stores and food service establishments, with chefs utilizing its liquid form as an egg alternative in various dishes. Despite its potential, mung bean may pose challenges for those with soy allergies, as it is related to soy. While some individuals allergic to soy may not react to mung beans, the New York Allergy & Sinus Centers recommend caution.
While it’s hard to predict which protein source will emerge as the leader due to their diverse applications, chickpeas and seaweed are strong contenders due to their sustainability and versatility. These ingredients have already demonstrated their potential beyond just the plant-based meat and dairy segments, which represent only a fraction of the overall plant-based market.
Chickpeas have proven particularly popular in gluten-free pasta and chips, addressing the growing demand for high-protein options. In the future, it wouldn’t be surprising to see chickpeas incorporated into breads and breakfast cereals, providing healthier alternatives to traditional pantry staples. Meanwhile, seaweed aligns naturally with vegan seafood products but has also made an impact in bone broth and noodles. Looking ahead, this ingredient is poised for use in supplements and snacks, offering a green superfood boost for products seeking a health-focused appeal.
Just Egg continues to lead the vegan egg substitute category in grocery stores, experiencing a 36% growth in velocity at U.S. grocery outlets in the first quarter of 2020 compared to the previous quarter, according to IRI statistics shared with Food Dive. The company has sold an equivalent of 30 million eggs globally, and has recently formed partnerships to expand its presence in Asia.
With the rise of these innovative ingredients, the incorporation of natural calcium citrate into formulations can further enhance the nutritional profile of plant-based products, catering to health-conscious consumers. As the market evolves, the potential for these plant-based proteins to gain traction remains promising.
