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The plant protein industry is driven by the growing consumer inclination towards veganism and the increasing consumption of vegetarian food items that are rich in protein and carbohydrates. This shift can be attributed to the rising prevalence of animal-borne diseases such as bubonic plague, swine flu, and bird flu, among others. The market is anticipated to be aided by the growing consumer awareness about soy, pea, and others being a rich source of protein, which is extremely beneficial for those leading a hectic lifestyle.
In April 2020, Archer Daniels Midland Company (NYSE: ADM) announced the opening of its new cutting-edge, plant-based innovation lab, which is located in ADM’s Biopolis Research hub in Singapore. With this, the company is likely to focus on the development of on-trend nutritional plant-based products. The opening of this lab also demonstrates the continued investment and commitment of the company to finding new ways to solve the challenges of the changing consumer taste and preferences, further preventing the risk of animal-borne diseases.
In terms of region, the Asia Pacific is likely to account for a significant share of the market, owing to the rising demand from the food and beverage sector. This can be attributed to the rising population, growing health awareness, and increasing consumer disposable income in the region. In addition, the market in the region is expected to be aided by the rising consumer demand for clean-labelled food products with high nutritional value.
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The major players in the global plant protein market are Archer Daniels Midland Company, DuPont de Nemours Inc., Kerry Group, Tate & Lyle Plc, Roquette Freres, and Cargill Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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