The pandemic has reshaped our lives and business operations, including the food industry. A notable shift towards plant-based protein alternatives has emerged, spurred by concerns over meat supplies and the health impacts of industrial farming. In this article, we delve into the analysis of the market and examine the influence of COVID-19.
A Market on the Rise
Firstly, the plant-based protein market is booming, with a projection to soar from $18.5 billion in 2019 to $40.6 billion in 2025, according to MarketsandMarkets research. The pandemic has fast-tracked this growth, especially in e-commerce sales. The US has seen a 23% spike in plant-based meat sales alone.
Archer Daniels Midland (ADM): A Global Player Making Strides
Archer Daniels Midland Company (ADM), a global force in food processing and commodities trading, has achieved significant growth in the market. With a 25% year-over-year increase in sales, ADM’s plant-based proteins are thriving, particularly in the Asia Pacific. The demand for protein ingredients is skyrocketing across various regions.
Wilmar International: Expanding Horizons in plant-based proteins
Next up, Wilmar International, a powerhouse in Singapore’s agribusiness scene. Wilmar is carving out a larger space in the market, investing $450 million in a mega integrated plant-based complex in Jiangsu, China. This facility will process soybeans, peas, and other plant-based ingredients to produce protein for a variety of food products.
Cargill: A Traditional Giant Embracing the Plant-Based Revolution
Cargill, an American food corporation renowned for animal feed and meat production, is now channeling funds into manufacturing. With an investment of over $7 billion in recent years, Cargill joined forces with Puris in 2019. This joint venture with the U.S.-based pea protein producer aims to expand Cargill’s plant-based protein capabilities.
In conclusion, the plant-based protein market is experiencing exponential growth, further fueled by the COVID-19 pandemic. Leading players like ADM, Wilmar International, and Cargill are investing heavily, making significant strides in the sector. While the long-term shift towards plant-based proteins remains uncertain, the current trend is undeniable. Investors and businesses are paying attention, recognizing the potential of this burgeoning market.