Plant Based Protein Market Size

Global Plant Based Protein Market Overview

Plant Based Protein Market Size was valued at USD 12.5 Billion in 2023. The Plant based protein industry is projected to grow from USD 13.4 Billion in 2024 to USD 24.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2024 - 2032). Increasing health and wellness awareness, rising vegan and vegetarian population, environmental sustainability concerns, technological advances in plant-based protein production, expansion of product availability and variety, supportive government policies and initiatives, celebrity and influencer endorsements, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plant Based Protein Market Trends

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  Rising vegan and vegetarian population is driving the market growth

  
  

The market for plant-based proteins is being significantly driven by the growing number of vegans and vegetarians. The need for plant-based protein substitutes has increased as more people opt to follow vegan, vegetarian, or flexitarian diets.

The popularity of vegan and vegetarian diets has spread beyond niche populations and into the general population, expanding the consumer base. Because of moral, environmental, and health considerations, more people are actively limiting their intake of animal products. Products containing plant-based protein now have a huge market opportunity thanks to this expanding consumer base.

Vegetarians and vegans abstain from eating animal products such meat, poultry, fish, and dairy. To satisfy their nutritional needs, plant-based proteins present a workable and compassionate substitute. Legumes, soy, tempeh, tofu, seitan, and plant-based protein powders are among the forms of plant-based protein that these people actively seek out. Due to the increase in vegan and vegetarian lifestyle adoption, there is a greater demand for these items.

Many people adopt vegan or vegetarian diets for health-related reasons. Because they include more fiber and less cholesterol and saturated fat than animal proteins, plant-based proteins are frequently seen as better options. A plant-based diet has been linked to a number of health advantages, including a lower chance of developing chronic conditions like heart disease, type 2 diabetes, and several malignancies. Plant-based protein products are increasingly in demand as consumer awareness of health issues rises.

Animal compassion, sustainability, and environmental concerns are what motivate the vegan and vegetarian community. Animal agriculture's negative effects on deforestation, greenhouse gas emissions, and water pollution have prompted people to cut back on or stop using animal products. Plant-based proteins have a smaller ecological impact, use fewer natural resources, and emit fewer greenhouse gases. Vegans and vegetarians who choose plant-based protein options do so in alignment with their moral principles, helping to create a more compassionate and sustainable food system. Thus, driving the Plant based protein market revenue.

Plant Based Protein Market Segment Insights

Plant Based Protein Source Insights

The Plant Based Protein Market segmentation, based on Source includes Soy, Wheat, Pea, Other sources. The pea source dominated the market in 2022 due to the all nine of the body's essential amino acids which are well-balanced and present in pea protein are present.

Plant Based Protein Type Insights

The Plant Based Protein Market segmentation, based on Type, includes Concentrates, Isolates, and Texturned. The isolates segment dominated the market in 2022. High nutritional value plant-based protein isolates have a variety of uses in dietary supplements and functional foods. The fact that plant-based protein isolates are more digestible, largely regarded as the safest type of plant-based proteins, and even find significant applications in infant diets, is another factor influencing the growth of this market.

Figure 1: Plant Based Protein Market, by Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plant Based Protein Form Insights

The Plant Based Protein Market segmentation, based on Form, includes Dry and Liquid. The liquid segment dominated the market in 2022. The wet form of protein processing caters to nutritional supplements and beverages where the demand for protein is typically higher than other food applications and delivers a better nutritional content. As the demand for plant-based proteins in nutritional supplement products continues to rise around the world, this market is anticipated to experience significant expansion during the anticipated time frame.

Plant Based Protein Nature Insights

The Plant Based Protein Market segmentation, based on Nature, includes Conventional and Organic. The organic segment dominated the market in 2022. Over the projection period, the organic plant-based protein segment will experience strong growth potential as the demand for clean-label foods and clarity about food origins continues to expand. The expansion of this market segment is being aided by the increase in consumers who are concerned about their health and the environment.

Plant Based Protein Application Insights

The Plant Based Protein Market segmentation, based on Application, includes Food, Meat alternatives, Dairy alternatives, Bakery products, Performance nutrition, Convenience foods, Feed. The feed segment dominated the market in 2022. As the market for clean label and sustainable feed solutions in this sector continues to expand, plant-based proteins are widely used in feed products. Numerous plant-based protein sources, including proteins from potatoes, have been shown to improve animal production.

Plant Based Protein Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Plant Based Protein Market dominated this market in 2022 (45.80%). Religious considerations of individuals, which affect dietary choices towards plant-based foods and proteins, are principally responsible for the rise of the market for plant-based proteins in this region. People's tendency to incorporate more plant-based protein in their diets has also been significantly influenced by the growth of cardiovascular and other types of heart ailments in the area. Moreover, China’s Plant based protein market held the largest market share, and the Indian Plant based protein market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PLANT BASED PROTEIN MARKET SHARE BY REGION 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Plant based protein market accounts for the second-largest market share. The number of vegans, vegetarians, and flexitarians in the area is increasing, and they are actively looking for plant-based substitutes to satisfy their dietary choices and health objectives. The market for plant-based proteins in Europe has expanded as a result of the rising demand. Further, the German Plant based protein market held the largest market share, and the UK Plant based protein market was the fastest growing market in the European region.

The North America Plant Based Protein Market is expected to grow at the fastest CAGR from 2023 to 2032. Because they include more fiber and less cholesterol and saturated fat than animal-based proteins, plant-based proteins are viewed as being healthier overall. The demand for products with plant-based proteins has increased due to North America's rising health consciousness, which is propelling market expansion. Further, the U.S. Plant based protein market held the largest market share, and the Canada Plant based protein market was the fastest growing market in the North America region.

Plant Based Protein Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Plant based protein market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Plant based protein industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Plant based protein industry to benefit clients and increase the market sector. In recent years, the Plant based protein industry has offered some of the most significant advantages to medicine. Major players in the Plant based protein market, including Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères Le Romain (France), Ingredion Incorporated (U.S.), Kerry Group (Ireland), DuPont de Nemours, Inc. (U.S.), Now Foods (U.S.), Tate & Lyle PCL (U.K.), Axiom Foods Inc. (U.S.), AMCO Protein (U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (Germany), Glico Nutrition Co., Ltd (Japan), Glanbia plc (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Wilmar International (Singapore), and CHS Inc. (U.S.) and others, are attempting to increase market demand by investing in research and development operations.

Agriculture-related goods, commodities, and ingredients are produced, processed, transported, stored, and marketed by Archer Daniels Midland Co (ADM). The business manufactures oilseeds, corn, wheat, and other agricultural goods as well as ingredients for food and beverages. The range of products offered by ADM includes flour, animal feed, vegetable oil, corn sweeteners, natural flavors and colors, health and nutrition goods, and biofuels. Through its global grain elevator and transportation network, the firm stores, cleans, and delivers agricultural commodities including oilseeds, corn, wheat, milo, oats, and barley as well as various products made from these inputs. ADM also provides logistical, transport, other farmer-related services. The Americas, Europe, the Middle East, Africa, and Asia-Pacific are all where it conducts business. In the US, Chicago, Illinois, is home to ADM's headquarters.

Ezaki Glico Co Ltd (Glico) is a manufacturer and seller of food products. The company’s product portfolio comprises confectionery products, ice cream, processed foods, dairy products, desserts, processed foods, baby formula, food ingredients, food coloring, health related business products, cookies, curry roux, and retort-packed food among others. It also manages health-related, food ingredients and e-commerce businesses. The company markets its products under Pocky, Pretz, Bisco, Breo, Cratz, GABA, LIBERA, Papico, Ice no Mi, Giant Cone, Dororich, Choshoku Bifix and Claire Stew brand names. It has business operations spanning across Asia, North America, and Europe. Glico is headquartered in Osaka, Japan.

Key Companies in the Plant based protein market include

• Archer Daniels Midland Company (U.S.)


• Cargill, Incorporated (U.S.)


• Roquette Frères Le Romain (France)


• Ingredion Incorporated (U.S.)


• Kerry Group (Ireland)


• DuPont de Nemours, Inc. (U.S.)


• Now Foods (U.S.)


• Tate & Lyle PCL (U.K.)


• Axiom Foods Inc. (U.S.)


• AMCO Protein (U.S.)


• Burcon NutraScience Corporation (Canada)


• BENEO GmbH (Germany)


• Glico Nutrition Co., Ltd (Japan)


• Glanbia plc (Ireland)


• Cosucra Groupe Warcoing SA (Belgium)


• Sotexpro (France)


• Farbest Brands (U.S.)


• Crespel & Deiters GmbH & Co. KG (Germany)


• Wilmar International (Singapore)


• CHS Inc. (U.S.)

Plant Based Protein Industry Developments

April 2024: ADM said today that it has surpassed its 2 million acre target by expanding its worldwide regenerative agriculture initiative to more than 2.8 million acres in 2023. Furthermore, the business declared that it will aim to achieve 3.5 million regenerative acres by 2024 and is raising its global objective for 2025 from 4 million to 5 million acres.

April 2022: To satisfy the growing demand for pea protein as a substitute source of protein in these countries, Cargill (US) recently announced the expansion of its Radipure pea protein product portfolio to the Middle East, Turkey, Africa, and Indian markets. In order to expand their production capacity and meet the constantly expanding worldwide demand for plant-based proteins, ADM (US) purchased Sojaprotein (Serbia) in July 2021, one of the leading producers of plant-based protein in Southern Europe.

Plant Based Protein Market Segmentation

Plant Based Protein Source Outlook

• Soy


• Wheat


• Pea


• Other sources

Plant Based Protein Type Outlook

• Concentrates


• Isolates


• Texturned

Plant Based Protein Form Outlook

• Dry


• Liquid

Plant Based Protein Nature Outlook

• Conventional


• Organic

Plant Based Protein Application Outlook

• Food


• Meat alternatives


• Dairy alternatives


• Bakery products


• Performance nutrition


• Convenience foods


• Other food applications


• Feed

Plant Based Protein Regional Outlook

• North America
  
  
  
  • U.S.
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America