Food and Beverages

Plant-Based Protein Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : February 2024

Format :Pdf Ppt Xls

Report ID:KR438

Author : Priyanka V.

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Forecasted Value (2030)

2022

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Forecast Yea

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 14.34 Billion

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Forecasted Value (2030)

USD 25.09 Billion

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CAGR (2023 - 2030)

7.40%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Product

Wheat, Soy, Pea, Others.

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By Form

Isolates, Concentrates, Textured.

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By Application

Food & Beverages, Animal Feed, Nutrition & health Supplements, Others.


Market Perspective

The global Plant-Based Protein Market was valued at USD 14.34 billion in 2022 and is projected to reach USD 25.09 billion by 2030, growing at a CAGR of 7.40% from 2023 to 2030.

The plant-based protein market is experiencing significant growth and is expected to continue its upward trajectory in the coming years. This can be attributed to the increasing consumer preference for vegetarian and vegan diets, as well as the rising awareness about the health and environmental benefits of plant-based proteins.

In addition, there is a notable increase in the market's demand for plant-derived protein options, which include soy, pea, rice, and wheat proteins, among others. Moreover, the rising number of individuals with specific dietary limitations like lactose intolerance and gluten sensitivity is also contributing to the growing need for plant-based protein alternatives. Furthermore, the plant-based protein market is experiencing a boost in growth due to the widespread availability of plant-based protein products in various forms such as powders, bars, and beverages. Consequently, prominent food and beverage companies are allocating more resources to research and development in order to introduce innovative plant-based protein products that cater to diverse consumer preferences and expand their market share within this rapidly evolving industry.

Analyst’s Review on Plant-Based Protein Market

The plant-based protein market has been experiencing substantial growth in recent years, driven by increasing consumer demand for sustainable and healthy food options. Additionally, the increasing popularity of plant-based protein is also being driven by advancements in food technology, which have led to the development of innovative and delicious plant-based options that closely resemble animal-based products. This has helped the consumers to overcome the perception that plant-based proteins are bland or lacking in flavor.

Moreover, the increasing endorsement of plant-based diets by athletes and celebrities has played a significant role in propelling consumer interest in plant-based protein. This is largely due to individuals aspiring to impersonate the dietary choices of their idols and enhance their personal well-being and performance. In summary, these factors are significantly boosting the growth of the plant-based protein market.

Market Definition

Plant-based proteins refer to proteins derived from plant sources such as legumes, grains, nuts, and seeds and are available in isolates, concentrates, and others. These proteins are becoming increasingly popular due to their health benefits, sustainability, and ethical considerations. For instance, a study conducted by the University of Oxford found that producing plant-based proteins generates significantly lower greenhouse gas emissions compared to animal-based proteins. Additionally, the rising number of vegan and vegetarian consumers, coupled with the growing awareness about the environmental impact of animal agriculture, has fueled the demand for plant-based proteins in the global plant-based protein market.

As a result, food companies and restaurants have started incorporating plant-based proteins into their menus and product offerings to cater to this growing demand. Moreover, plant-based proteins are also known for their numerous health benefits. They are often lower in saturated fats and cholesterol, which makes them a healthier alternative to animal-based proteins. This has further contributed to their popularity among health-conscious individuals. Additionally, the ethical considerations surrounding animal welfare have played a significant role in the rise of plant-based proteins as consumers seek more compassionate and sustainable food choices.

Market Dynamics

Increased awareness of the health benefits associated with plant-based diets such as improvement in gut health, support in boosting the immune system, and so on has been a key factor driving the growth of the plant-based protein market. As more people become educated about the positive impact of plant-based foods on their well-being, they are making conscious choices to incorporate more fruits, vegetables, legumes, and whole grains into their diets. This trend is not limited to a specific demographic but rather spans across various age groups and geographical locations. For instance, according to The Good Food Institute, younger consumers are particularly drawn to the plant-based category and 63% of millennials are trying to incorporate plant-based foods into their diet. Meanwhile, 65% of Gen Z find plant-based foods appealing. Additionally, several high-profile athletes have embraced plant-based eating, further fueling its popularity among fitness enthusiasts and sports communities. These instances demonstrate how the increased awareness of health benefits is not only driving market growth but also influencing consumer behavior toward more sustainable and nutritious food choices.

However, the high prices associated with plant-based diets are a significant barrier to the growth of the market. Many consumers are interested in transitioning to a plant-based lifestyle due to its health and environmental benefits, but the cost of plant-based products often proves to be prohibitive. For instance, according to The Good Food Institute, the average price of plant-based meat alternatives was nearly double that of traditional meat products. This price disparity makes it difficult for individuals with lower incomes to adopt a plant-based diet, limiting the potential market size and hindering the overall growth of the industry.

Segmentation Analysis

The global plant-based protein market is segmented based on product, form, application, and geography.

Based on product, the market is bifurcated into wheat, soy, pea, and others. The Soy protein segment dominated the market in 2022, on account of the increased consumer acceptance of soy protein, the presence of numerous manufacturers with extensive production capabilities, cost-effectiveness compared to other plant proteins, readily available raw materials, and diverse applications in various industries. Furthermore, soy protein has gained popularity due to its numerous health benefits, including its ability to lower cholesterol levels and promote heart health. Additionally, the increasing prevalence of vegetarian and vegan diets has also contributed to the growing demand for soy protein since it serves as a primary source of protein for individuals following these dietary preferences. As a result, the soy protein segment is expected to continue dominating the plant-based protein market in the coming years.

Based on application, the market is bifurcated into food & beverages, animal feed, nutrition & health supplements, and others. The food & beverages segment held the largest market share in the year 2022. This growth is attributed to changing lifestyles, growing health & wellness trends, and the increasing prevalence of chronic illnesses. Additionally, consumers are becoming more conscious about their dietary choices and are actively seeking plant-based alternatives to meet their nutritional needs. Furthermore, the growing awareness and demand for healthier and sustainable food options have also led consumers to shift towards plant-based protein sources, which is boosting the growth of the segment.

Geographical Analysis

Based on region, the global plant-based protein market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America acquired the largest market share in 2022, due to the significant shift in consumer preferences towards healthier and more sustainable food options. Additionally, due to growing concerns about climate change and animal welfare, many consumers are opting for plant-based proteins as they are considered a more ethical and environmentally friendly alternative to animal-based proteins. Furthermore, North America has seen a surge in the number of innovative start-ups and established food companies that are investing heavily in research and development for plant-based protein products. This has resulted in a wide range of high-quality and delicious plant-based protein options that cater to different dietary preferences and needs.

Asia-Pacific is expected to be the fastest growing region in the plant-based protein market through the forecast period. The region has a large population with a growing awareness of the benefits of plant-based diets, which is leading to an increased demand for plant-based protein products. Additionally, there is a rise in health-conscious consumers who are actively seeking alternatives to animal-based proteins. Furthermore, governments in the Asia-Pacific region are promoting sustainable and environmentally friendly practices, which has further propelled the growth of the regional plant-based protein market. Moreover, the diverse culinary traditions in the Asia-Pacific region have embraced plant-based protein alternatives, thereby contributing to the market's rapid expansion

Competitive Landscape

The global plant-based protein market study will provide valuable insights with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization. The major players in the market are:

  • Cargill Incorporated
  • Axiom Materials, Inc.
  • DuPont
  • Glanbia plc
  • Growing Naturals, LLC.
  • Kerry
  • Conagra Brands.
  • CP Kelco U.S., Inc
  • ADM
  • AJINOMOTO CO., INC.

Key Developments:

November 2023 (Launch): Nestle India launched a range of plant-based options as alternatives to traditional seafood, such as vrimp, a plant-based shrimp derived from seaweed, as well as plant-based alternatives to chicken shreds and eggs. These offerings cater to the growing demand for sustainable and animal-free food choices.

The global Plant-Based Protein Market is segmented as:

By Product

  • Wheat
  • Soy
  • Pea
  • Others

By Form

  • Isolates
  • Concentrates
  • Textured

By Application

  • Food & Beverages
  • Animal Feed
  • Nutrition & Health Supplements
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global plant-based protein is projected to reach USD 25.09 billion by 2030, growing at a CAGR of 7.40% from 2023 to 2030.
The global Plant-Based Protein market was valued at USD 14.34 billion in 2022.
The major driving factor for the market growth are increasing demand for plant based food products, along increased health consciousness among the consumers.
Top manufacturers of Plant-Based Protein market are Cargill Incorporated, ADM, EZAKI GLICO CO., LTD., AJINOMOTO CO., INC., Axiom Materials, Inc., DuPont, Glanbia plc, Growing Naturals, LLC., Kerry, Conagra Brands., and CP Kelco U.S., Inc, among others.
Asia-Pacific is the fastest growing region in the forecasted period (2023-2030).
By product, soy protein segment will hold the maximum share in the plant-based protein market in forecast period.
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