DELAWARE CITY, Del., July 7, 2022 (Newswire.com) - The global plant-derived proteins market is projected to reach a valuation of US$ 105 Mn by the end of 2022. An elaborate survey by FMI reveals that the sales in the global plant-derived proteins market are estimated to exceed US$ 184.3 Mn, rising at a remarkable CAGR of 8.4% over the forecast period 2022-2029. Increased research and development activities for the growth of more effective drugs and biologic, across the countries like China, India, the U.S and the U.K is expected to spur growth in the market.
On the basis of plant type, the carrot segment is projected to exhibit the fastest growth in the market, accounting for more than 46.2% of the plant extracted proteins sales by 2022. The plant-derived proteins are anticipated to hold about 0.2% of the market share in the global animal and plant-based market by 2029.
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The plant-derived proteins are biologics sources extracted from carrots, rice seeds, tobacco leaves and other molecular farming procedures or cell-culture processes. Natural and environmentally sustainable, plant-derived proteins can give more protein in comparison to other biologics such as microbial and mammalian cells. The growing use of plants as a superior alternative for biologics production and advancements in plant expression vectors, glycoengineering, and downstream processing have resulted in increasing demand for the plant-derived proteins market.
"U.S. is projected to register the fastest growth in the North American plant-derived proteins market over the assessment period," says Sabyasachi Ghosh, Principal consultant at Future Market Insights.
- The demand for advanced therapeutics is surging due to the rising prevalence of lethal diseases such as Hepatitis, Diabetes, Gaucher disease, and Lymphoma among many others.
- Due to the consumer shift in preferences, numerous biopharmaceutical companies are shifting their focus on using animal-free substitutes such as plants owing to their benefit of eukaryotic protein modification, high scalability, and low cost.
- Furthermore, there is increased usage of plant-derived proteins as raw materials for therapeutic drug production which is estimated to create an absolute dollar opportunity for the plant-derived proteins market.
- Surging demands for the replacement of proteins such as insulin and albumin are expected to propel sales in the plant-derived protein market over the 2022-2029.
- The U.S is projected to dominate the North American plant-derived proteins market over the assessment period.
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Amgen Inc, Abbott Laboratories, AstraZeneca, Merck KGaA, Baxter International, Boehringer Ingelheim, Chugai Pharmaceutical, Diasome Pharmaceuticals, Eli Lilly & Company, Protalix Biotherapeutic, F. Hoffmann-La Roche, Generex Biotechnology, GeneScience Pharmaceuticals, Group Biogen Idec Inc, Hualan Biological Engineering, Johnson & Johnson, Kyowa Hakko Kirin, Novo Nordisk.
Source: Future Market Insights, Inc.