Plant-based Proteins Market

Market Study on Plant-based Proteins: Popularity of Pea & Wheat Proteins to Rise Faster Than Others

Plantbased Protein Market Segmented By Soy Protein, Wheat Protein, Pea Protein Type in Isolates, Concentrates, Hydrolysates Form in Organic, Conventional Nature

Plant-based Proteins Market Outlook (2022-2032)

The global plant-based proteins market is currently valued at US$ 13.12 Bn and is expected to expand at a value CAGR of 6.2% to reach US$ 23.84 Bn by 2032.

As per forecasts, South Asia and East Asia are markets projected to expand at the highest CAGRs. Together, North America and Europe hold a market volume share of more than 60%.

Sales of plant-based proteins currently account for 21%-24% share of the global plant-based ingredients market.

Plant-based Proteins Market Size (2022E)

US$ 13.12 Bn

Projected Sales of Plant-based Proteins (2032F)

US$ 23.84 Bn

Value CAGR (2022-2032)

6.2%

Value Share of Top 5 Countries (2022E)

53.03%

Find Out More about the Report Coverage

Companies

  • A&B Ingredients
  • Archer Daniels Midland Company
  • AGT Food & Ingredients
  • Axiom Foods Inc.
  • Burcon
  • Cargill Incorporated
  • CHS Inc.
  • Cosucra
  • DuPont
  • Fuji Oil Holdings Inc.
  • Glanbia plc
  • Gushen Biotechnology Group Co. Ltd.
  • Ingredion
  • Kansas Protein Foods LLC
  • Kerry
  • Roquette Freres
  • Tate & Lyle
  • Titan Biotech Ltd.
  • The Scoular Company
  • Wilmar International Ltd.

Plant-based Protein Demand Analysis (2017-2021) Vs. Market Estimations (2022-2032)

The global plant-based proteins market was valued at US$ 12.3 Bn at the end of 2021 after having progressed at a CAGR of 4.9% during 2017-2021.

Proteins are the most important nutrients for the human body as they provide all the essential amino acids required. Plant-based proteins are derived from plant and vegetable sources such as soy, wheat, and peas, which are high in protein content.

Demand for plant-based proteins is increasing owing to the growing vegan and vegetarian population and rising lactose intolerance among consumers. Plant-based proteins are used as a meat alternative as they can mimic the taste and texture of meat.

Plant-based proteins are the only source of nutrition for vegans and vegetarians. People choose a vegan diet because they believe it is beneficial for their health. For vegans and vegetarians, plant-based proteins are the healthiest source of nourishment. When it comes to improving their health through food, vegan and vegetarian consumer continue to prioritize nutrition.

This trend is projected to drive plant-based proteins market growth across the world.

Veganism has been popular in well-established markets such as North America and Europe. In growing economies such as South Asia and East Asia, this practice is gaining traction. Growing popularity of the vegan trend is predicted to boost demand for plant-based proteins on a global scale.

Currently, the global value of plant-based proteins is estimated at US$ 13.12 Bn, with a predicted CAGR of 6.2% from 2022 to 2032.

plant-based-proteins-market

Customize this Report

Explore Intelligence Tailored to Your Business Goals.

What are the Growth Drivers for the Plant-based Proteins Market?

“Rising Use of Plant-based Meat across Regions”

With the rise in the number of health-conscious consumers, food produced from plant proteins and developed to match the taste and texture of meat has surged into the mainstream market. As established food companies and start-ups are introducing plant-based meat products, plant proteins are gaining acceptance among the general public.

  • For example, Beyond Meat, an American company, has expanded into Europe to sell its plant-based burgers that look, taste, and cook like beef.

“Increasing Concerns about Food Sensitivity”

In developed economies around the world, food allergies are on the rise. Food sensitivities are increasingly influencing consumer interests. Plant proteins are consumed mainly by vegetarians, while allergies to gluten, soy, and others are preventing a large number of people from doing so.

Plant proteins are gaining popularity as dairy protein alternatives due to their significant nutritional value. They also have the advantage of being non-GMO and allergen-free. As a result, the global market for plant protein food products is predicted to rise as demand for dairy-free and lactose-free food grows.

“Plant-based Proteins - Environmentally Sustainable”

Plant-based proteins contain essential muscle-building ingredients and proteins in concentrations ranging from 50% to 85%. They stand out when compared to other protein sources since they are environmentally sustainable.

Consumers are becoming more aware of the benefits of plant-based proteins, and, as a result, demand natural, environment-friendly, and allergen-free products. Growing consumer concerns about animal-based goods and the environment are leading to an increase in the number of people following a flexitarian diet, which is expected to have a beneficial impact on the target market.

The cropping system of plant proteins is eco-friendly, and hence, preferred by consumers. Moreover, plant-based proteins are not made from any commonly allergenic foods such as milk and eggs. Consumers are becoming aware of the beneficial properties of plant-based proteins, thereby augmenting market expansion.

“Rising Demand for Plant-based Proteins for Weight Management”

To tackle the problem of obesity and the rising prevalence of diseases, brought about by changing lifestyles, the need for nutritious food will continue to increase across the world. Increasing use of plant-based protein diet plans, health and fitness clubs, as well as increased education and awareness about obesity, are all driving the growth of the health and wellness sector.

Plant-based proteins are considered the most effective for weight loss. Increasing need for weight management among consumers is expected to boost the demand for plant-based proteins over the forecast period.

The landscape of consumer health is shifting rapidly, with consumers constantly making changes in their healthcare routines and demanding alternatives to animal proteins. Rising concerns regarding dairy allergens are also expected to fuel the demand for plant-based protein products.

“Growing Demand for Alternative Proteins to create Market Opportunities”

The plant-based products market has witnessed rapid growth in the past few years, and manufacturers, suppliers, retailers, and food brands have been facing tight competition.

Due to this increasing competition, market players are forced to invest, innovate, and introduce new products. This has resulted in the expansion of their plant-based protein portfolios. As such, growing competition and innovation in the industry are creating lucrative growth opportunities for market players.

  • For instance, Cargill is researching cost-effective corn protein, an alternative to traditional protein ingredients such as soy, wheat, and peas.

Market Research Methodology - Perfected through Years of Diligence

A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

Get actionable insights on Ship Repair And Maintenance Services Market

Country-wise Insights

What is the Germany Plant-based Proteins Market Outlook?

In Europe, Germany is expected to provide great growth opportunities and progress a CAGR of 7.2%, rising from its current market valuation of US$ 484.2 Mn in 2022.

The vegan population in the country is rapidly increasing. Hence, the consumption of plant-based proteins is expected to rise in the country over the coming years.

Why Does North America Hold the Largest Market Share in the Plant-based Proteins Space?

North America is the largest consumer of plant-based ingredients as the vegan population is the largest in the region. Demand for plant-based products in the region is projected to increase rapidly as a result of this.

The North American plant-based proteins market is currently valued at US$ 4.87 Bn and is predicted to surge to US$ 7.52 Bn by 2032.

Explore Persistence Market Research’s expertise in promulgation of the business !

Category-wise Insights

What is the Value of Dairy Alternatives as an Application?

The dairy alternatives segment is valued at US$ 590.9 Mn in 2022 and is expected to expand at a CAGR of 4.5% for the forecast period.

Over the projection period, rising cases of milk allergies and lactose intolerance are expected to drive demand even higher for this segment.

Why is the Utilization of Plant-based Proteins in the Nutraceuticals Industry Rising Steadily?

Plant-based proteins are considered nutritionally advantageous for human health. When combined with resistance exercise, they aid muscle growth. These are non-GMO vegetable proteins and an excellent source for athletes’ post-workout nourishment.

As athletes are more concerned about their health, strength, and stamina, manufacturers of plant-based proteins have profitable potential in the sports nutrition segment.

Application of plant-based proteins in sports nutrition is valued at US$ 1.55 Bn in 2022 and is expected to increase at a CAGR of 6.8% over the decade.

Competitive Dashboard

Key suppliers of plant-based proteins are focusing on new product launches and product innovation to broaden their product portfolios and strengthen their market position. In the past five years, there have been several product launches by various brands, such as,

  • In 2019, Axiom Foods launched ‘VegOtein TX’ (pea protein), Ingredion launched ‘VITESSENCE’ and Cargill Incorporated launched ‘PURIS’ (pea protein).
  • In 2018, Roquette Freres launched 'NUTRALYS' (wheat, beans, and pea proteins), Kerry Group launched 'ProDiem’, DuPont launched ‘TRUPRO’, and Kansas Protein Food LLC launched ‘Ultra-Soy’.

Plant-based Proteins Industry Report Scope

Attribute

Details

Forecast period

2022-2032

Historical data available for

2017-2021

Market analysis

  • USD Million for Value

Key regions covered

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • The Middle East & Africa

Key countries covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Poland
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa

Key market segments covered

  • Type
  • Form
  • Nature
  • Application
  • Region

Key companies profiled

  • A&B Ingredients
  • Archer Daniels Midland Company
  • AGT Food & Ingredients
  • Burcon
  • Cargill Incorporated
  • CHS Inc.
  • Cosucra
  • DuPont
  • Fuji Oil Holdings Inc.
  • Glanbia Plc
  • Gushen Biotechnology Group Co. Ltd.
  • Ingredion
  • Kansas Protein Foods LLC
  • Kerry Group Plc
  • Roquette Freres
  • Tate & Lyle
  • Titan Biotech Ltd.
  • The Scoular Company
  • Wilmar International Ltd.

Report coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Plant-based Proteins Industry Research by Category

Plant-based Proteins Market by Type:

  • Soy Protein
  • Wheat Protein
  • Pea Protein
  • Others
    • Pulse Protein
    • Rice Protein
    • Potato protein
    • Flax Protein
    • Canola Protein

Plant-based Proteins Market by Form:

  • Isolates
  • Concentrates
  • Hydrolysates

Plant-based Proteins Market by Nature:

  • Organic Plant-based Proteins
  • Conventional Plant-based Proteins

Plant-based Proteins Market by Application:

  • Nutritional Products
    • Sports Nutrition
    • Medical nutrition
    • Infant Nutrition
  • Bakery
  • Snacks & Cereals
  • Dairy Alternatives
  • Confectionery & Desserts
  • Convenience Food
  • Beverages
  • Animal Feed
  • Others

Plant-based Proteins Market by Region:

  • North America Plant-based Proteins Market
  • Latin America Plant-based Proteins Market
  • Europe Plant-based Proteins Market
  • South Asia Plant-based Proteins Market
  • East Asia Plant-based Proteins Market
  • Oceania Plant-based Proteins Market
  • Middle East & Africa Plant-based Proteins Market

Media Release

- FAQs -

The global plant-based proteins market is currently valued at over US$ 13.12 Bn.

Rising focus on weight management, impact of meat & dairy production on the environment, and increasing food sensitivity are driving market expansion.

From 2017 to 2021, demand for plant-based proteins increased at 4.9% CAGR.

Sales of plant-based proteins are projected to surge at 6.2% CAGR and reach US$ 23.84 Bn by 2032.

Ingredion, Cargill Incorporated, ADM, DuPont, and Kerry are the top 5 plant-based protein manufacturers.

The U.K. and Germany account for 14% and 12.2% share, respectively, in the European market for plant-based proteins.

The U.S., China, Canada, U.K., and Brazil account for the most demand for plant-based proteins.

The China plant-based proteins market is valued at US$ 983.6 Mn in 2022, while the market in Japan is anticipated to reach US$ 505 Mn by 2032.

Recommendations

Bone Broth Protein Market

Global Market Study on Bone Broth Protein: Demand Surging from Dietary Supplements Industry.

Wheat Protein Market

The global wheat protein market is set to experience a value growth of around 5% CAGR over the forecast period of 2021 to 2031..

Bio Active Protein and Peptides Market

Global Bio Active Protein and Peptides Market is expected to grow 2.2X by 2026 - at an attractive CAGR & revenue during the 10 year forecast period of 2016 to 2026.

Soy Protein Market

Soy Protein Market is expected to be valued as US$ 5,050.1 Mn in terms of sales revenue. The market is expected to reach US$ 7,794.1 Mn by the end of 2027 in terms of value..

Our Clients

Our Clients