Plant-based Protein Market size is projected to reach USD 16.80 Billion by 2028 from an estimated USD 10.67 Billion in 2021, growing at a CAGR of 6.7% globally.
Protein serves as an imperious macronutrient in human health, nutrition and well-being. Owing to the socio-economic changes such as ageing populations, increasing income levels, rapidly growing urbanization and crucial transitions in dietary patterns, protein demand is increasing rapidly amongst the population. Further, due to such changes, consumers tend to choose plant-based protein diets and meals which provide high nutrition and maintain the human health. Plant-based proteins are simply termed as a meaningful source of food that are highly rich in protein and are obtained from plants. Major sources of plant-based protein include pulses, tofu, soya, seeds, nuts, tempeh, grains, seitan, peas and others. Rising concerns about animal-based products and environmental changes accelerate the market growth of plant-based protein food. The natural, allergen-free and environmental-friendly properties of plant-based proteins are the major factors that are propelling the rising demand for plant-based proteins across the globe.
The latest research on the Plant-based Protein market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Plant-based Protein industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Plant-based Protein market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind: to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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Market Dynamics and Factors
Veganism is a fast-growing trend in developed nations such as Europe and North America and major shift to vegan diets and buying plant-based products of the health-conscious people is observed here. Plant-based protein supplements are suitable for vegans, thus, growing popularity of vegan diets is estimated to benefit plant-based protein supplement makers worldwide. Furthermore, the potential health benefits associated with the intake of plant-based diets, consumer view of protein as an effective nutrient and consumer need to create sustainable environment are majorly driving the market growth of plant-based protein. However, in some cases, consumption of plant-based protein sources such as wheat and soy have been identified as allergens, which is further expected to impede the market growth.
Plant-based Protein Market Segmentation
By Source
- Soy
- Wheat
- Pea
- Rice
- Potato
- corn
By Type
- Concentrates
- Isolates
- Textured
By Form
- Dry
- Liquid
By Nature
- Organic
- Conventional
By Application
- Food & Beverages
- Animal Feed
- Nutritional Supplements
Plant-based Protein Market Report Highlight
By source, soy is the most dominating segment in plant-based protein market. The segment is expected to dominate further as Soy are highly rich in protein, fiber and are beneficial to digestive health.
By type, isolate segment holds the largest share of plant-based protein market. Their functional properties that includes high concentration of proteins and easily digestible nature boost the market growth.
By form, dry segment is expected to dominate the market growth in forecast period. Dry plant-based protein food products are easy and convenient to handle, cook and consume, which results in rapid market growth.
By nature, organic segment is estimated to dominate the plant-based protein market over projected period. Rising demand for natural, chemical-free and high nutritional food has boosted the organic segment growth.
By application, food & beverage dominates the plant-based protein market. This is attributed to switching consumer preferences from animal-based proteins to plant-based alternatives.
Market Segment by Regions and Countries Level Analysis:
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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Major Key Players for Plant-based Protein Market
- Cargill Incorporated (US)
- Archer Daniels Midland Company (ADM) (US)
- DuPont (US)
- Kerry Group (Ireland)
- DSM (Netherlands)
- Wilmar International (US)
- Cosucra Groupe (Belgium)
- Emsland Group (Germany)
- Axiom Foods (US)
Key Industry Development
In July 2021, Israel-based ChickP Ltd. Declared that its protein isolates can work as 1:1 plant-based substitutes for egg yolk in mayonnaise and salad dressings.
In February 2022, ADM, a global supplier of nutrition that powers many of the world’s top health and wellness and food & beverages brands, released its alternative protein outlook.
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