Market Report of Plant-based Protein
According to Statistics Canada, pea production has reduced by 42% compared to 2021 as shown in the figure below. The purchase price of peas in Canada in March was USD 650/ton. Due to cost concerns, each manufacturer has successively raised the price to 80%. As some manufacturers have run out of cheap raw materials, even after April, the quotation of various manufacturers is still very high.
Ingredients4u expects that the current price level of pea protein would maintain until at least the end of this year.
Fava Bean Protein
Customers are increasingly accepting fava bean protein, in the last two years, most fava bean proteins were still in the R&D stage, and now mature products have begun to be available in the market. The demand for fava bean protein has been on the rise.
What Unique from Fava Bean Protein:
- In terms of the protein content, the fava bean is the highest of more than 90% protein, with which most of pea protein cannot complete currently.
- The ratio of amino acids in fava bean protein is better than that of pea protein, it can help restore much more amino acids in muscle after a workout than pea protein and contains the highest branched-chain amino acids that help energy metabolism. The Arginine content is also much higher than that in pea protein.
- The taste and texture of fava bean protein are milder and tend to be neutral, which is more beneficial to the end-products, and it’s conducive to the application of clean labels and makes the ingredient list of end-products simpler.
At present, the price of rice in March remained at 3,000 Yuan/Ton, a year-on-year increase of 20% in 2021, we don’t expect there will be a big fluctuation in rice protein in the next 9 months. However, there has been more research on how to make the rice protein applicable in the wider industry including yogurt or baby foods products. Vegan Meat’s increasing demand has also driven the growth of the rice protein market, therefore we expect the rice protein market will maintain stably growing in the year 2022.
Heilongjiang province/rice market price trend chart
Market information from Ingredients4u
“The plant protein market was valued at USD 9690.45 million in 2020, and it is projected to reach a CAGR of 7.31% during the forecast period, 2021-2026.
Despite some viral pictures of nearly empty shelves with only alternative meat products on them, plant-based foods (including plant-based meats) have been showing strong growth during the COVID-19 pandemic, which is likely to elevate the market space for plant protein in the food manufacturing industry.”
© 2021. All Rights Reserved to Mordor Intelligence.
Source from Mordo Intelligence, © 2021. All Rights Reserved to Mordor Intelligence
Based on over 10 years of experience in the plant protein industry, we trust the blooming demand of vegan meat application is also an important factor that leads to a large increase in vegan protein demand globally. During the last 12 months, at least 2 pea protein manufacturers emerged in the market, with traditional pea protein manufacturers are following more research on different application scenarios of pea protein, e.g. patties, fish, sausage, etc. Such new application has also stimulated the manufacturers to devote more to R&D as well as pushing the whole plant protein industry to a new era.
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