Plant-based Protein Market size is projected to reach USD 16.80 Billion by 2028 from an estimated USD 10.67 Billion in 2021, growing at a CAGR of 6.7% globally.
Protein serves as an imperious macronutrient in human health, nutrition and well-being. Owing to the socio-economic changes such as ageing populations, increasing income levels, rapidly growing urbanization and crucial transitions in dietary patterns, protein demand is increasing rapidly amongst the population. Further, due to such changes, consumers tend to choose plant-based protein diets and meals which provide high nutrition and maintain the human health. Plant-based proteins are simply termed as a meaningful source of food that are highly rich in protein and are obtained from plants. Major sources of plant-based protein include pulses, tofu, soya, seeds, nuts, tempeh, grains, seitan, peas and others. Rising concerns about animal-based products and environmental changes accelerate the market growth of plant-based protein food. The natural, allergen-free and environmental-friendly properties of plant-based proteins are the major factors that are propelling the rising demand for plant-based proteins across the globe.
Major Key Players for Plant-based Protein Market
- Cargill Incorporated (US)
- Archer Daniels Midland Company (ADM) (US)
- DuPont (US)
- Kerry Group (Ireland)
- DSM (Netherlands)
- Wilmar International (US)
- Cosucra Groupe (Belgium)
- Emsland Group (Germany)
- Axiom Foods (US)
Market Dynamics and Factors
Veganism is a fast-growing trend in developed nations such as Europe and North America and major shift to vegan diets and buying plant-based products of the health-conscious people is observed here. Plant-based protein supplements are suitable for vegans, thus, growing popularity of vegan diets is estimated to benefit plant-based protein supplement makers worldwide. Furthermore, the potential health benefits associated with the intake of plant-based diets, consumer view of protein as an effective nutrient and consumer need to create sustainable environment are majorly driving the market growth of plant-based protein. However, in some cases, consumption of plant-based protein sources such as wheat and soy have been identified as allergens, which is further expected to impede the market growth.
Plant-based Protein Market Report Highlight
- By source, soy is the most dominating segment in plant-based protein market. The segment is expected to dominate further as Soy are highly rich in protein, fiber and are beneficial to digestive health.
- By type, isolate segment holds the largest share of plant-based protein market. Their functional properties that includes high concentration of proteins and easily digestible nature boost the market growth.
- By form, dry segment is expected to dominate the market growth in forecast period. Dry plant-based protein food products are easy and convenient to handle, cook and consume, which results in rapid market growth.
- By nature, organic segment is estimated to dominate the plant-based protein market over projected period. Rising demand for natural, chemical-free and high nutritional food has boosted the organic segment growth.
- By application, food & beverage dominates the plant-based protein market. This is attributed to switching consumer preferences from animal-based proteins to plant-based alternatives.
Key Industry Development
- In July 2021, Israel-based ChickP Ltd. Declared that its protein isolates can work as 1:1 plant-based substitutes for egg yolk in mayonnaise and salad dressings.
- In February 2022, ADM, a global supplier of nutrition that powers many of the world’s top health and wellness and food & beverages brands, released its alternative protein outlook.
Plant-based Protein Market Segmentation
- Food & Beverages
- Animal Feed
- Nutritional Supplements
For this report, Introspective Market Research has segmented the Plant-based Protein Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM