The Potato Protein Market is projected to reach USD 144 million by 2028 from USD 105 million by 2022, at a CAGR of 5.4% during the forecast period in terms of value. Potato proteins have many nutritional benefits with different fractions having different application in the food, beverage, and feed industry tends to act as a driver for the potato protein market among consumers.
The number of vegans globally is on the rise, with an estimated 79 million vegans worldwide in September 2021, which accounts for just over 1% of the global population. In the US, 2% of the population identifies as vegan, with a higher percentage of females. By 2040, it’s projected that only 40% of the world’s population will eat meat, which is driving the demand for plant-based proteins like potato proteins.
Veganism is prevalent in most countries, with populations ranging from 4% to 10%, but countries like India have a higher vegan population of 31% due to religious beliefs and lactose intolerance. The increasing preference for vegan diets is due to health concerns associated with animal-based products, wellness trends, ecological and food safety concerns, and weight management awareness. The potato protein market is benefiting from this shift in consumer preference towards plant-based diets.
Asia Pacific is one of the Major Market for Potato Protein Concentrates
The large base of the vegan population in the Asia Pacific region is a major driver for potato protein; however, the predominant preference for soy protein in food applications, the lack of awareness about the benefits of potato protein, constrained supply issues, and drawbacks associated with potato protein market restricts its growth in the food industry. A recession is unlikely to begin in the Asia Pacific (APAC) region in the coming year, the region will experience headwinds from rising interest rates and slower global trade growth.
Leading companies are Avebe (Netherlands), Tereos (France), Kerry Group PLC (Ireland), Sudzucker AG (US), Roquette Freres (France), Emsland Group (Germany), KMC Ingredients (Denmark), Pepees Group (Poland), AKV Langholt (Denmark), PPZ Niechlow (Poland), The Scoular Company (US), Finnamyl (Finland), Kemin Industries (USA), Bioriginal (Canada), and Duynie (Netherlands).
