[208+ Pages Report] According to Facts and Factors, the global plant-based protein market size was valued at USD 13.27 billion in 2023 and is predicted to surpass USD 25.53 billion by the end of 2032. The plant-based protein industry is expected to grow by a CAGR of 8.52% between 2024 to 2032.
Plant-based protein products are those protein products that are derived from plant sources without the inclusion of any animal-based products. These protein products are gaining immense traction among people following vegetarian and flexitarian lifestyles. The high-quality sources of plant protein-based products are legumes, flax seeds, grains, vegetables, and others. These products are rich in minerals and fiber, thereby contributing to a well-rounded and nutritious diet for people.
Increasing awareness among people regarding the health benefits of plant-based protein products is driving the growth of the global plant-based protein market. The surging global trend towards a healthy lifestyle is boosting the focus of people on plant-based products.
Furthermore, flexitarian diets are also encouraging people to reduce meat consumption and incorporate more plant protein in their meals. Therefore, such a landscape is expected to propel the growth of the plant-based protein industry significantly in the coming years. For instance, Roquette came up with two novel rice proteins in June 2022 to address the market’s demand for meat substitute applications.
However, there has been growing innovation in the market in the field of plant-based products, but still, people demand more diversity in the market in these product offerings. Therefore, it is expected to hinder the growth of the plant-based protein industry in the coming years.
Food companies are innovating with various products like burgers, sandwiches, and others to swipe a large market area, particularly among the vegan population. These companies are striving hard to replicate the texture and taste of traditional meat, which in turn is expected to propel the demand for plant-based protein products in the market. Increasing investments from companies, along with collaborations with the producers, are also driving the growth of the global plant-based protein market.
Furthermore, the easy availability of these plant-based products in retail outlets and online platforms is further making these products more accessible and popular among common people. For instance, Ingredion extended its production capacity by establishing a new manufacturing plant in Canada in April 2022.
Plant-based protein products are priced quite high as compared to the traditional animal-based products. Therefore, it deters the price-sensitive consumers. Furthermore, the texture and taste challenges are also expected to slow down the growth of the global plant-based protein market.
The global plant-based protein market can be segmented into application, nature, form, type, source, and region.
On the basis of application, the market can be segmented into convenience, food performance, nutrition, bakery products, dairy alternatives, meat alternatives, food & beverages, feed, and others. The food and beverages segment are poised to witness huge development in the global market. There is a global shift towards healthier and more sustainable food and beverage options, which contribute heavily towards the growth of the segment.
Moreover, innovations in the food and beverage sector are likely to foster growth opportunities in the segment by launching different formulations in the market. The rise of e-commerce activities and online food delivery is also expected to positively impact the growth trajectory of the segment.
On the basis of nature, the market can be segmented into organic and conventional. The organic segment is likely to witness a high CAGR during the anticipated period. The growing consciousness of people on the health and environmental benefits of organic products is driving the demand in the market.
People are also willing to pay premium prices for organic vegan protein products. Additionally, the growing emphasis on natural and minimally processed products further contributes towards the growth of the segment.
On the basis of form, the market can be segmented into liquid and dry. The dry segment is expected to dominate the plant-based protein industry during the forecast period. Dry products are versatile in nature and offer convenience in terms of ease of transportation and storage.
Also, these are low-perishable items, thereby making them ideal for a large number of applications. Additionally, the dry products can easily be customized as per the different blends according to the taste of customers.
On the basis of the type, the market can be segmented into textured, isolated, and concentrated. The isolated segment is projected to grow with a higher CAGR during the forecast period. The isolated protein segment contains products in association with functional ingredients that target nutritional or health benefits.
People are largely interested in functional food and beverages, which in turn is expected to positively impact the growth trajectory of the segment in the coming years. Also, the research and innovation in the industry of isolated protein products is further leading to the launch of improved formulation products which is also expected to swipe a larger market area in the future.
On the basis of source, the market can be segmented into fermented protein, beans & seeds, canola rice & potato, peas, wheat, and others. Pea source protein segment is expected to swipe the largest market area in the forthcoming years. The rising trend of the vegan lifestyle is boosting the demand for plant-based protein sources like peas, which align with the emerging preferences of people.
Moreover, pea is a naturally occurring protein source that is free from gluten and soy, thereby making it ideal for people suffering from diet restrictions and various allergies. Pea protein is often viewed as a sustainable option when compared to other animal resources.
Also, it is more in demand among the people who are more conscious of environmental health as these have a low negative impact on environmental health, thereby appealing to people looking forward to sustainable resources.
Market Size in 2023
USD 13.27 Billion
Projected Market Size in 2032
USD 25.53 Billion
CAGR Growth Rate
Key Market Players
Pioneer Industries Private Limited, Taj Agro International, Titan Biotech Ltd, Roquette Frères, Ingredion Incorporated, Cargill, Incorporated, Glanbia plc, Kerry Group plc., International Flavors & Fragrances Inc., Archer Daniels Midland Company, and Others.
By Application, By Nature, By Form, By Type, By Source, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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North America accounts for the largest share of the global plant-based protein market because of various factors. The region is witnessing a growing number of people transitioning to plant-based alternatives, which is a major factor impacting the growth trajectory of the regional market. People are looking forward to the meat alternatives like burgers, sausages and nuggets.
Also, food companies are coming up with new and unique plant-based protein products in the market. Moreover, the market offers a large range of plant-based protein products derived from different sources like rice, chickpeas, lentils, soy, and others.
Asia Pacific is another leading region in the plant-based protein industry expected to witness huge developments in the coming years. The surging trend towards the vegan lifestyle in the region is encouraging people to look forward to plant-based protein sources. However, the traditional diets in the Asia Pacific are also plant-centric, which is further expected to support the growth of the regional market.
Also, the fast expansion of e-retail and the emergence of giant supermarkets are further contributing towards the easy accessibility of plant-based protein products to consumers. Local companies are also innovating with plant-based protein sources, which in turn is expected to positively impact the growth trajectory of the regional market.
For instance, Kerry inaugurated a 21,500 sqft state-of-the-art facility in January 2022 in Saudi Arabia. The company invested around EUR 80 million to produce nutritious and great-tasting food ingredients, which are further distributed throughout the Middle East.
The key players in the global plant-based protein market include:
For instance, ADM invested USD 300 million to speed up the production of alternative proteins in Decatur in April 2022. ADM is also preparing to build up a Protein Innovation Center to increase its R&D capabilities.
The global plant-based protein market is segmented as follows:
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