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Plant-based Protein Market Size, Share, Growth & Industry Analysis, By Source (Soy, Pea, Rice, Wheat, Others), By Type (Isolates, Concentrates, Textured), By Form (Dry, Liquid), By Application (Food & Beverages, Dietary Supplements, Animal Feed & Others) and Regional Analysis, 2024-2031
pages: 120 | baseYear: 2023 | release: February 2025 | author: Omkar R.
Plant-based proteins are derived from plant sources such as legumes, grains, nuts, seeds, and vegetables. These proteins serve as an alternative to animal-based proteins and are commonly found in foods like soy, pea, lentils, quinoa, chickpeas, and hemp.
Plant-based proteins are rich in essential nutrients, fiber, and antioxidants while being lower in saturated fat and cholesterol. They are widely used in vegetarian, vegan, and flexitarian diets, offering sustainable and environmentally friendly protein options for health-conscious consumers.
The global plant-based protein market size was valued at USD 18.90 billion in 2023 and is projected to grow from USD 20.19 billion in 2024 to USD 33.98 billion by 2031, exhibiting a CAGR of 7.72% during the forecast period.
The market is registering significant growth, driven by the increasing consumer awareness of health benefits associated with plant-based diets and the rising demand for sustainable food alternatives.
Additionally, advancements in food processing technologies are enhancing the texture and functionality of plant-based proteins, making them more appealing for diverse applications, including meat & dairy alternatives, dietary supplements, and functional beverages.
Major companies operating in the plant-based protein industry are Glanbia plc., ADM, Cargill, Incorporated., Kerry Group plc., Ingredion, Corbion, Roquette Freres, AGT Food & Ingredients Inc., Now Foods, FUJI OIL HOLDINGS INC., International Flavors & Fragrances Inc., Danone, BENEO, MusclePharm, and Burcon.
The growing emphasis on sustainability is accelerating the growth of the market. Consumers are becoming more conscious of the environmental impact of animal agriculture, including greenhouse gas (GHG) emissions, deforestation, and excessive water usage. Ethical concerns related to animal welfare are further driving the shift toward plant-based protein sources.
Businesses are responding by investing in innovative, eco-friendly protein alternatives that align with consumer preferences. The increasing availability of sustainably produced plant-based protein products is reinforcing market expansion, attracting a diverse consumer base seeking ethical and environmentally responsible dietary options.
Market Driver
"Growing Popularity of Plant-based Diets Propels Market Growth"
Increasing popularity of vegan, vegetarian, and flexitarian lifestyles is fueling the plant-based protein market. Consumers are actively seeking healthier dietary alternatives that offer high-quality protein without the health risks associated with excessive meat consumption.
The rising preference for plant-based diets is influencing food manufacturers to introduce protein-rich alternatives in various forms, including meat substitutes, dairy alternatives, and protein-enriched snacks.
The growing number of fitness-conscious individuals and wellness-driven consumers is further amplifying the demand for plant-based protein, driving companies to enhance product offerings with improved taste, texture, and nutritional value.
Market Challenge
"High Production Costs and Scaling Limitations Limits Market Expansion"
A major challenge hindering the growth of the plant-based protein market is the high production costs associated with ingredient sourcing, processing technologies, and product formulation.
The complexity of extracting high-quality protein while maintaining taste, texture, and nutritional value leads to increased manufacturing expenses. Additionally, scaling production to meet growing consumer demand without compromising affordability remains a significant hurdle.
Companies are investing in advanced processing technologies such as high-moisture extrusion (HME) and precision fermentation to enhance efficiency and reduce costs. Strategic partnerships and supply chain optimization are also being prioritized to ensure steady raw material availability at competitive prices.
Furthermore, leading players are exploring local sourcing strategies and government collaborations to secure funding and incentives for scaling sustainable plant-based protein production.
Market Trend
"Expanding Retail Presence and Foodservice Adoption Boosts Market"
The increasing availability of plant-based protein products in mainstream retail channels and foodservice outlets is supporting market expansion. Supermarkets, convenience stores, and online platforms are offering a diverse range of plant-based protein options, making these products more accessible to consumers.
Leading quick-service restaurants and fast-food chains are incorporating plant-based protein into their menus to meet evolving consumer preferences. Partnerships between food manufacturers and foodservice providers are driving higher adoption rates, creating a significant opportunity for sustained growth within the plant-based protein market.
Segmentation |
Details |
By Source |
Soy, Pea, Rice, Wheat, Hemp, Others |
By Type |
Isolates, Concentrates, Textured |
By Form |
Dry, Liquid |
By Application |
Food & Beverages, Dietary Supplements, Animal Feed, Personal Care & Cosmetics |
By Region |
North America: U.S., Canada, Mexico |
Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe | |
Asia Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia Pacific | |
Middle East & Africa: Turkey, UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa | |
South America: Brazil, Argentina, Rest of South America |
Market Segmentation:
Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Asia Pacific accounted for around 34.12% share of the plant-based protein market in 2023 in the global market, with a valuation of USD 6.45 billion. The integration of plant-based protein into traditional Asian cuisines is driving consumer acceptance and market expansion.
Countries like China, India, and Japan have a long history of consuming plant-derived proteins such as tofu, tempeh, and seitan, making the transition to modern plant-based alternatives smoother.
Food brands are capitalizing on this by launching plant-based versions of culturally significant dishes, appealing to both health-conscious consumers and those seeking familiar flavors in a sustainable format.
The fast-paced urbanization across Asia Pacific is transforming dietary habits, leading to a surge in the demand for plant-based protein. Consumers in metropolitan areas are shifting toward healthier and more sustainable food choices, due to rising disposable incomes and increasing awareness of nutrition.
The demand for plant-based protein is particularly strong among younger demographics and working professionals seeking convenient, protein-rich alternatives. Food manufacturers are responding with innovative plant-based products tailored to regional tastes, accelerating market expansion.
The plant-based protein industry in Europe is poised for significant growth at a robust CAGR of 8.51% over the forecast period. European governments are actively promoting plant-based diets as part of broader sustainability and public health initiatives.
The European Green Deal and Farm to Fork Strategy emphasize the need to reduce dependency on animal agriculture, leading to policy-driven incentives for plant-based protein alternatives.
Some countries, such as Germany and the Netherlands, have integrated plant-based food promotion into national dietary guidelines, reinforcing consumer confidence in alternative protein sources.
Furthermore, the rapid expansion of private-label plant-based protein products is accelerating market growth in Europe. Leading supermarket chains, including Tesco, Carrefour, and Lidl, have launched extensive private-label lines of plant-based meat, dairy, and ready-to-eat meals at competitive prices.
Private-label offerings are making plant-based protein more affordable and accessible to a broad consumer base, particularly in price-sensitive regions of Southern and Eastern Europe.
The retail sector’s strong push for plant-based alternatives, supported by improved supply chain logistics, is further strengthening market penetration across urban and rural areas.
The global plant-based protein market is characterized by a large number of participants, including both established corporations and rising organizations. Key market players are implementing strategies focused on innovation and new product development to align with sustainability goals and the growing demand for environmentally friendly food options.
Companies are investing in research to enhance the taste, texture, and nutritional profile of plant-based proteins while reducing resource consumption and carbon footprints.
Strategic partnerships, acquisitions, and expansion into emerging markets further strengthen their market position. These players are driving the market and meeting the evolving preferences of environmentally conscious consumers by prioritizing sustainability-driven product development and leveraging advanced food technologies.
Recent Developments (Partnerships/Agreements/New Product Launch)