Plant-Based Protein Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Product Type (Isolates, Concentrates, Textured, and Flour), By Source (Soy, Wheat, Pea, Rice, Canola, and Others), By Nature (Organic, and Conventional), By Form (Dry, and Liquid), By Application (Food and Beverages, Bakery, Nutritional Supplements, Snacks, Animal Feed, and Others) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Plant-Based Protein Market was valued at USD 12,429.8 Million in 2022 and is anticipated to reach a value of USD 21,735.1 Million by 2030 expanding at a CAGR of 7.3% between 2023 and 2030.

Plant-based proteins are obtained from various plant sources including soy, wheat, pea, rice, nuts, canola, seeds, certain grains, among others. Plant-based proteins are highly nutritious as they provide nutrients such as fiber, vitamins, and minerals. Plant proteins are an essential part of a healthy diet as they are good source of protein. Proteins are vital nutrients that the human body requires, containing amino acids it needs to build and repair tissues, and transport nutrients throughout the body. Plant-based proteins can be classified in a various way depending on its source, nature, form, type, and its application. It can be classified into isolates, concentrates, textured and flour. Plant-based proteins can be in dry or liquid form and organic or conventional in nature. Many people are choosing vegan or vegetarian diet options for health-related reasons. Plant-based proteins are recently seen as better options because they include more fiber and less cholesterol. Plant based proteins has several health benefits including a lower chance of developing chronic diseases such as heart diseases, diabetes, and several associated diseases, it promotes better digestion, and gut health.

Plant-Based Protein Market Major Driving Forces

Rising Vegan or Vegetarian Population: The plant-based protein market is being driven by the growing number of vegans or vegetarians. As more consumers adopt vegan or vegetarian diet for health-related reasons as they contain more fiber.

Increasing Health Awareness: Consumers are becoming more aware of the health benefits of protein-based foods, which is driving the demand for plant-based proteins. Growing awareness of healthy lifestyles and risks associated with obesity among consumers is accelerating the adoption of protein based food options.

Rising Incidences of Obesity: The increasing incidences of obesity, cardiovascular diseases, diabetes, and other diseases among the global population drives the demand for plant-based. Due to rapid spread of the diseases from animals or insects, people are more prone to consume plant-based foods.

Growing Demand for Food & Beverage Industry: The plant-based protein market has witnessed significant growth sue to wider application in food and beverage industry. Plant-based proteins are increasingly used in food and beverages industry owing to increasing health consciousness.

Plant-Based Protein Market Key Opportunities

Innovation in Products: The continuous innovation in product development for creating more appealing and innovative plant-based protein products. Innovation in products for improving taste, and texture is expected to create significant opportunities for the market growth.

Focus on Aquatic Plants as New and Emerging Sources of Protein:

With the increasing global population and rising demand for protein lead to focus on new and sustainable sources of protein. Many health-conscious people are increasingly seeking for personalized nutrition, there is growing interest in harnessing aquatic plants as a source of proteins.

Growing Demand for Alternative Proteins:

The plant-based protein industry is highly competitive due to recent rapid growth. Owing to this competition, major players can invest in research and development to introduce innovative and new products.

Plant-Based Protein Market Key Trends

·         Consumers are shifting from traditional animal-based proteins to plant-based alternatives which flourishing vegan trend in market

·         Increasing use of alternative source of protein as plant-based proteins are best replacement of proteins

·         Growing incidences of health issues such as diabetes, obesity, cardiovascular diseases is promoting consumers to maintain a healthy lifestyle

·         The rising demand for healthy and premium alternatives food options such as smoothie, snacks, seeded bread, and other bakery products

·         The trend of consuming natural energy food as a preference for healthier and alternatives is expected to continue growing steadily

·         Increasing incidence of intolerance for animal protein is fueling the demand for plant-based proteins, as animal-based proteins can cause allergies in some individuals

·         Technological advancements have developed more appealing and innovative plant-based protein products

Region-wise Market Insights

North America accounted for the largest market share at 37.1% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 8.1% between 2023 and 2030.

In North America, the demand is attributed to the increasing geriatric population, changing lifestyles, wide consumer base, and growing consumer inclinations towards consuming plant-based foods in the region. Additionally, North America is the largest consumer of plant-based products owing to the largest vegan population in the region. Europeans have started consuming plant-based proteins due to increasing consumer awareness of the health benefits of plant-based proteins. In Asia-Pacific, the market is characterized by growing consumer awareness, high e-commerce penetration, high popularity of vegan trend which has created the significant demand for plant-based proteins. Furthermore, the rapid growth of this region is mainly attributed to the growing technological advancements in the food and beverage industry, growing preference for meat alternatives, and increasing raw material availability in the region. The Middle East and Africa has been witnessing a growing demand for plant-based proteins due to increasing urbanization, growing awareness of the health benefits of plant-based protein.

Market Competition Landscape

The global plant-based protein market is characterized by high degree of competition among a huge number of competitors. Key players in the plant-based protein market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. Major players of plant-based proteins are focusing on new product launches and product innovation to broaden their product portfolios and strengthen their position in market. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global plant-based protein market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Archer Daniels Midland Company

·         Fuji Oil Holdings Inc.

·         Glanbia plc.

·         DuPont de Nemours, Inc.

·         Cargill, Incorporated

·         Gushen Group Co., Ltd.

·         Ingredion Inc.

·         Roquette Frères.

·         The Scoular Company.

·         Bunge Limited

·         Emsland Group GmbH

·         Sunopta Incorporated

·         CHS Inc.

·         Wilmar International Ltd.

·         Biopress S.A.S