Global Plant Based Protein Market Insights Forecasts to 2030

• The Plant- Based Protein Market Size is estimated to be valued at USD 13.26 Billion in 2021.
• The Market is Growing at a CAGR of 6.4% from 2021 to 2030
• The Worldwide Plant-Based Protein Market size is expected to reach USD 21.13 Billion by 2030
• Asia Pacific is expected to grow the fastest during the forecast period

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The Global Plant-Based Protein Market is expected to reach USD 21.13 Billion by 2030, at a CAGR of 6.4% during the forecast period 2021 to 2030. The plant-based protein market is expected to grow significantly in the forecasting period, due to increasing focus of health-conscious consumer in finding alternatives for animal-based food is driving the demand for plant-based proteins. Product manufacturers are making efforts to increase plant-based protein production.

 

Market Overview

Proteins are the most important nutrients for the human body because they contain all of the essential amino acids. Plant-based proteins are derived from protein-rich plant and vegetable sources such as soy, wheat, and peas. Including plant-based protein in your health and nutrition routine is an excellent way to quickly introduce a variety of phytonutrients. Phytonutrients are plant elements that promote health and wellness.

 

Plant-based proteins are a natural source of protein. This acts as an opportunity for consumers inclined toward a vegan or plant-based diet. Plant-based proteins are available widely through various access points and eCommerce stores that make it easier for consumers to acquire them according to requirements. Vegans and vegetarians can only eat plant-based proteins. People choose a vegan diet because they believe it is good for their health. Plant-based proteins are the healthiest source of nutrition for vegans and vegetarians. Furthermore, rising veganism, emerging economies such as Southeast Asia, Latin America, the Middle East, and Africa, and rising intolerance for animal proteins all provide significant growth opportunities for plant-based protein manufacturers.

 

The plant-based protein market in East Asia, particularly in China, South Korea, and Japan, is expected to grow rapidly during the forecast period, owing to the rising demand for plant protein in these countries.

 

Report Coverage

This research report categorizes the market for the global plant-based protein market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the plant-based protein market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the plant-based protein market.

 

 

Driving Factors

 

Plant-based proteins are in high demand due to the growing popularity of vegan or vegetarian food. Plant-based proteins are likely to contain all of the essential nutrients your body requires, as well as amino acids. Consumers are reducing their consumption of animal-based products and food, such as milk, meat, and meat products. This factor is positively influencing the plant-based protein market. Because of their high nutritional value, plant proteins are gaining popularity as dairy protein substitutes. They also benefit from being non-GMO and allergen-free. As a result, the global market for plant protein food products is expected to grow due to increased demand for dairy-free and lactose-free foods. Plant-based proteins are thought to be the most effective for losing weight. Consumers' increasing desire to lose weight is expected to drive demand for plant-based proteins over the forecast period. These are the major factors to boost the market during the forecast period.

 

Restraining Factors

 

Plant-based foods and beverages provide functional health benefits and essential nutrients; however, humans have been allergic to them in a number of cases, and the anti-nutritional properties found in soy may cause allergies. Antibodies are produced to combat the harmless proteins found in soy that the human immune system misidentifies as harmful. Such allergic reactions may stifle the growth of the plant-based protein market.

 

Market Segmentation

 

The global plant-based protein market share is classified into source, type, and application.

• During the forecast period, the pea is expected to be the fastest growing segment.

Based on the source, the global plant-based protein market is segmented into soy, wheat & pea. Among these, during the forecast period, pea is expected to be the fastest growing segment. Pea protein has grown in popularity as a sustainable and healthy source of protein in recent years. Pea protein requires far fewer resources to produce than animal-based proteins like whey or casein due to its plant-based origins. The reason behind the growth is, pea is not a major allergen and has a high nutritional profile comparatively other plant-based protein sources such as soy and wheat, which are considered allergens due to soy and wheat-gluten allergies.

 

• The isolates segment is expected to account for the fastest growing segment.

Based on the type, the global plant-based protein market is segmented into isolates, concentrates, & textured. Among these, the isolates segment is the market's largest contributor and is expected to expand at a steady CAGR over the forecast period. Plant-based protein isolates are high in nutrients and are used in a variety of nutritional and functional foods. Another factor driving growth in this segment is the fact that plant-based protein isolates are far more digestible and widely regarded as the healthiest type of plant-based protein, with extensive applications in infant foods.

 

The concentrate segment market is expected to expand at a significant rate. Because of increased protein demand and growing applications of plant-derived proteins in foods, particularly in developing countries, the production of plant-based protein concentrates is of great interest in the food industry.

 

• The nutritional products segment is expected to witness the highest growth during the forecast period.

On the basis of application, the global plant-based protein market is differentiated into nutritional products, bakery, snacks & cereals, dairy, confectionary and dessert, convenience food, beverages, and animal feed. Among these, the nutritional products segment is expected to grow the most. The rapid growth of the segment is primarily attributed to changing lifestyles, rising health and wellness trends, rising demand for post-workout protein shakes, and the increasing prevalence of fitness influencers.

 

• The organic segment is expected to grow with a higher CAGR during the forecast period.

On the basis of nature, the global plant-based protein market is differentiated into organic, and conventional. The organic segment is predicted to witness the fastest growth rate during the predicted period. Globally, an increase in the number of environmentally and health-conscious consumers is contributing to the growth of this segment. The reason behind the growth is, the increasing demand for clean-label food, and transparency about food origin is the major factor. The organic plant-based protein segment will see significant growth over the forecast period.

 

Regional Segment Analysis of the Global Plant based protein market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America holds the largest market share over the forecast period.

 

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North America has the largest market share for plant-based proteins. The growing population in North America, rising consumer preferences for plant-based foods, and the robust growth of the plant-based protein foods market in countries such as the United States are driving demand for plant-based protein. The higher share is associated with increased protein consumption in gyms, and health clubs, rising health concerns due to obesity, the desire to get fitter, and the growing number of vegans in developed North American countries.

 

Asia-Pacific is projected to observe the fastest rate of growth in the plant-based protein market due to the rise in the popularity of being vegan. Furthermore, the region's aging population and growing interest in dietary supplements to improve overall health are expected to drive the growth of the plant-based protein market in the upcoming period. The religious considerations of people, which influence dietary preferences towards plant-based foods and proteins, are primarily responsible for the growth of the plant-based protein industry in this region.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global protein-based ingredients along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

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

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

In April 2022, Cargill has announced the expansion of its RadiPure pea protein into the Middle East, Turkey, Africa (META), and India, claiming that it will help regional food and beverage manufacturers respond to changing market trends.

 

In June 2022, June 2022: Roquette announced the launch of its new NUTRALYS range of organic textured proteins derived from peas and fava for European markets.

 

In May 2022, BENEO has announced it will be opening a new fava bean processing plant in Offstein, Germany. The beans and possibly other pulses in the future will be processed into protein concentrate, flour, and hulls at the facility.

 

In Nov 2022, DuPont created a fermented stabilizer for plant-based beverages.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global plant-based protein market based on the below-mentioned segments:

 

Global Plant-Based Protein Market, By Source

• Soy
• Wheat
• Pea

 

Global Plant-Based Protein Market, By Type

• Isolates
• Concentrates
• Textured

 

Global Plant-Based Protein Market, By Application

• Nutritional Products
• Bakery
• Snacks & Cereals
• Dairy
• Confectionary and Dessert
• Convenience Food
• Beverages
• Animal Feed

 

Global Plant-Based Protein Market, By Nature

• Organic
• Conventional

 

Global Plant-Based Protein Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa