Global Plant Based Protein Market to Grow at 6.82% During 2024-2032, Propelled by Emerging Trend of Veganism

December 12, 2022 | Food & Beverages

IMARC Group’s latest report, titled “Plant Based Protein Market Report by Source (Soy, Wheat, Pea, and Others), Type (Concentrates, Isolates, Textured), Nature (Conventional, Organic), Application (Food, Feed), and Region 2024-2032,” finds that the global plant based protein market is expected to grow at a CAGR of 6.82% during 2024-2032. Plant-based protein is obtained from various plants instead of animals or fish. Some popular plant-based protein sources are tofu, soy, pulses, nuts, seeds, grains, tempeh, seitan, quinoa, oat, rice, and peas. It is typically lower in calories and saturated fats than animal proteins but higher in fiber and essential nutrients, such as vitamins, minerals, antioxidants, and probiotics. It helps in reducing the risk of cardiovascular disorders, cancer, type 2 diabetes, osteoarthritis, osteoporosis, and Alzheimer’s disease. It also contains phytochemicals, which aid in lowering weight, promoting gut health, and preventing obesity. Since it helps keep the genetic material and blood and nerve cells of the body healthy, plant-based protein is gaining immense traction across the globe. 

Global Plant Based Protein Market Trends:

The emerging trend of veganism and the rising health consciousness among consumers represent the primary factors driving the market growth. Besides this, the growing awareness about the high nutritional value of plant-based proteins has augmented the product demand. Additionally, there has been a substantial shift from animal-based products to plant-based foods and beverages due to the surging concerns regarding animal cruelty and increasing instances of food allergies. In line with this, the shifting focus toward a sustainable life and reducing dependence on animal proteins has catalyzed market growth. Furthermore, the leading manufacturers are investing heavily in research and development (R&D) activities to launch innovative plant-protein-enriched products to cater to the rapidly expanding vegan population. Along with this, the introduction of ready-to-drink plant-based protein supplements has accelerated product adoption rates among health and fitness enthusiasts. Apart from this, the rising preferences for clean-label products and the increasing adoption of pea protein owing to its allergen-free, gluten-free, and lactose-free properties have propelled the market growth. Other factors, including the emerging food and beverage (F&B) industry, an increasing number of flexitarian consumers, surging incidences of lifestyle diseases, escalating demand for meat substitutes, and continual innovations in the production process, are also creating a favorable market outlook. 

Market Summary:

  • Based on the source, the market has been categorized into soy, wheat, pea, and others. At present, soy represents the most popular plant-based protein source.
  • The market has been segmented based on the type into concentrates, isolates, and textured. Currently, isolates exhibit a clear dominance in the market.
  • On the basis of nature, the market has been bifurcated into conventional and organic, wherein conventional accounts for the majority of the market share. 
  • Based on the application, the market has been divided into food (meat alternatives, dairy alternatives, bakery products, performance nutrition, convenience foods, and others) and feed. Amongst these, food represents the largest market segment.
  • Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has also been analyzed, with some of the key players being AGT Food and Ingredients, Archer-Daniels-Midland Company, Axiom Foods Inc., Cargill Incorporated, Dupont De Nemours Inc., Glanbia plc, Ingredion Incorporated, Kerry Group plc, Koninklijke DSM N.V., Roquette Frères, Tate & Lyle PLC, The Scoular Company, and Wilmar International Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Source, Type, Nature, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AGT Food and Ingredients, Archer-Daniels-Midland Company, Axiom Foods Inc., Cargill Incorporated, Dupont De Nemours Inc., Glanbia plc, Ingredion Incorporated, Kerry Group plc, Koninklijke DSM N.V., Roquette Frères, Tate & Lyle PLC, The Scoular Company and Wilmar International Limited
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Global Plant Based Protein Market to Grow at 6.82% During 2024-2032, Propelled by Emerging Trend of Veganism
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