Market Highlights

The global plant-based protein market is expected to grow from USD 22.23 billion in 2023 to USD 42.59 billion by 2033 at a CAGR of 6.72%.

Plant-based Protein Market CAGR

2023-2033

CAGR OF

6.72%

Plant-based Protein Market

The global plant-based protein market includes protein ingredients obtained from plants. Protein is a very crucial ingredient required for the overall growth, maintenance and repair of human body. It is most essential nutrient to the basic structure of the body. Pulses, seed, soybean, nuts and certain grains are very good source of plant proteins. Along with protein, plant-base proteins also provide vitamins, fibres and minerals. Plant-based proteins have a wide range of applications. They are used in protein bars, protein beverages, dairy alternatives, sports nutrition products, processed meat, poultry and sea food products, to improve their nutritional properties. Plant proteins are also used as binders, stabilizers, texturizer, solubilize and emulsifier to improve functional properties of the food.
This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the market. The historic years considered for the study are 2018-2021, base year is 2022, estimated year is 2023, and forecast period is 2023-2033.

Plant-based Protein Market: Market Dynamics

The increased awareness about vegan diet and healthy lifestyle is driving the growth of the overall market. The advancement in ingredient technologies such as microencapsulation is creating much demand in the food & beverage industry. The increasing number of consumers cutting down meat consumption is fuelling the overall market. On the other hand, the increasing demand for animal based proteins and fluctuating prices of raw materials continue to hamper the market growth. The continual investments by key market players in plant-based proteins coupled with new product launches and expansion are anticipated to provide lucrative opportunity for the market.

Plant-based Protein Market: Segmental Analysis

Plant-based Protein Market

by Source

Soy

Pea

Wheat

Others

The Market will Grow

At the CAGR of:

6.72%

The Forecast Market

Size for 2033 in USD:

$42.59B

The plant-based protein Market can be segmented based on source, type, application, and region.
The soy segment in the market is estimated to account for the largest share in 2019
Based on the source, the soy segment accounted for the largest share in 2023, which is also anticipated to witness maximum fastest CAGR during the forecast period. The increasing demand and popularity for protein rich diet among the individuals is driving the segment.

Plant-based Protein Market

by Type

XX%

Isolates

Concentrates

Protein Flour

22.23

Total Market Size

USD (Billion), 2023

6.72%

CAGR

2023 - 2033

Based on the type, the isolates accounted for the largest share in the overall market in the past years. Protein isolates helps with greater digestibility is a main factor driving the market.
Based on application, the market is classified into protein beverages, dairy alternatives, meat alternatives, protein bars, bakery products, processed meat, poultry & seafood, convenience foods, and sports nutrition. The protein- based beverage contributed for largest share in the overall market.

Plant-based Protein Market: Regional Analysis

Plant-based Protein Market

by Region

The Market will Grow

At the CAGR of:

6.72%

The Forecast Market

Size for 2033 in USD:

$42.59B

Geographically, the market is classified into five major regions such as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America region contributed major share of market in 2023, which is expected to continue dominance during the forecast period. The growth in this region is attributed to growing awareness about healthy food ingredients, increasing trend of weight management, increasing trend for cutting-down meat consumption and advancement in research and developments for plant-based proteins.

Plant-based Protein Market: Competition Scenario

The key players in the global plant-based protein market include Cargill, Axiom Foods, The Scoular Company, Kerry Group, Ingredion Incorporated, Glanbia Plc., DowDuPont, DowDuPont, Tate & Lyle PLC, Archer Daniels Midland Company, Royal DSM N.V, Sotexpro S.A., and Burcon NutraScience Corporation.

Critical Questions Answered in the Report

•    What are the key trends in the market?
•    How the market (and its various sub segments) has grown in the last four years and what would be the growth rate in the next five years?
•    What are the key strategies adopted by the major vendors to lead in the market?
•    What is the market share of the top players?

Research Methodology

The research study extensively uses both secondary and primary research methodologies. More than 200 industry leaders from various phases of the value chain (demand side, supply side, resellers/distributors, and other independent consultants) were interviewed to gain crucial insights about this market and validate the research findings. Secondary sources referred for the research study include company websites, annual reports, paid database tools, investor presentations, webinars, blogs, news/journals, whitepapers, survey papers, associations, and government websites. All the collected data and insights were then processed using our proprietary data mining software that executes various algorithms to make projections for the forecast period.

Plant-based Protein Market Scope: