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

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

Report Format: PDF+Excel | Report ID: SR112024A5885
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Global Plant Based Protein Market:

The global plant based protein market size reached US$ 15.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 28.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.82% during 2024-2032. The emerging popularity of sustainable food sources, along with the growing number of hotels, restaurants, cafes, etc., that are incorporating plant-based protein to curate various food items in their menus, is primarily driving the global market.

Report Attribute
 Key Statistics
Base Year
2023 
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 15.8 Billion
Market Forecast in 2032 US$ 28.6 Billion
Market Growth Rate (2024-2032) 6.82%


Global Plant Based Protein Market Analysis:

  • Major Market Drivers: One of the key plant-based protein market drivers is the rising consumer preference for a healthy and nutritious diet. Moreover, the growing focus of individuals on environmental sustainability and the elevating ethical considerations are also acting as significant growth-inducing factors.
  • Key Market Trends: The plant-based protein market demand is propelled, owing to numerous primary trends, which include the rising consumer inclination towards a vegan diet and strategic partnerships between key players to gain a competitive advantage over an extensive supply chain.
  • Geographical Trend: According to the report, North America exhibits a clear dominance, accounting for the largest plant-based protein market share. This is due to the rising popularity of adopting a flexitarian diet. Additionally, North America serves as a major production facility for plant-based protein, which is bolstering the regional market.
  • Competitive Landscape:  Some of the prominent plant-based protein companies include 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, among many others.
  • Challenges and Opportunities: One of the key challenges hindering the plant-based protein market growth is the lack of production capacity. In line with this, to make the manufacturing process economically viable, it is important for food developers to find valuable uses for pea starch. Consequently, the rising concerns over economic feasibility can negatively impact the overall market growth. However, extensive R&D activities by product manufacturers to diversify their portfolios by launching variants, such as soy-based protein, are expected to fuel the market growth over the forecasted period.


Global Plant Based Protein Market Trends:

The Expanding Vegan and Flexitarian Population

The rising demand for sustainable alternatives to animal-based meat among consumers, owing to the increasing environmental consciousness, ethical considerations, and the elevating health-related concerns, is propelling the adoption of vegan diets. For instance, Germany emerged to be one of the global leaders in vegan product development and launches, accounting for 15% of the global vegan offerings. Furthermore, the growing number of individuals who are engaging in sports and athletic activities, coupled with the shifting preferences towards functional ingredients fortification in the food and beverage (F&B) industry, are also positively contributing to the plant-based protein market revenue. Consequently, the rising adoption of nutritious diets is expected to contribute to the plant-based protein market outlook positively in the coming years. Also, the escalating awareness among consumers across the globe about the benefits associated with protein consumption, along with the elevating demand among several age groups, is further fueling the adoption of plant-based protein products in the market. For instance, a project led by Merit Foods, which became a global supplier of ingredients and plant-based food, helped manufacturers reach markets by meeting the increasing consumer demand. Moreover, the Health Ministry in Canada revamped its food guide. This included three categories, such as whole grains, vegetables and fruits, and plant-based proteins.

Favorable Government Policies

Regulatory authorities in various countries are introducing initiatives to cater to the growth of protein seed production, which is also stimulating the global market. For example, government bodies in Saudi Arabia supported agricultural companies to invest in foreign countries that have comparative advantages in manufacturing certain crops and re-export their products back to Saudi Arabia. Moreover, the crops targeted by this initiative include rice, barley, yellow corn, wheat, soybeans, green forage, etc., that are used in the production of plant-based protein. In line with this, the government in the country also offered financial incentives to encourage local investors to take part in food security initiatives. Furthermore, regulatory authorities are introducing measures to elevate pea production in several countries. For instance, the emergence of new greening measures in Germany under the Common Agricultural Policy (CAP) elevated the production volume of peas. Similarly, numerous farm-centric programs and policies, such as PMFBY, PMKSY, PKVY, SHM and SHC, and e-NAM, aided in attaining the desired objectives in pea production in India. Madhya Pradesh and Uttar Pradesh are the country's top pea growers.

Continuous Product Innovations

Leading manufacturers across the globe are developing plant-based protein product variants to expand their portfolio, which is acting as a significant growth-inducing factor. For example, Evolved Foods introduced vegan alternatives under its Alt Protein and Alt Meat brands, seeking to replace paneer and chicken. In addition to this, a Dutch company, Schouten, brought its tempeh production system to India. Furthermore, plant-fortified food items are gaining extensive traction among the millennial population. According to a survey, 63% of individuals in India were willing to replace meat with plant-based options. The increase in demand for these plant-based alternatives will continue to augment the market over the forecasted period.  In line with this, Roquette, a plant-based protein manufacturer, introduced two novel rice protein variants to address the elevating need for meat substitute applications. The new Nutralys rice protein line included a rice protein concentrate and a rice protein isolate.

Plant Based Protein Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global plant based protein market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on source, type, nature and application.

Breakup by Source:

  • Soy
  • Wheat
  • Pea
  • Others
     

Soy dominates the market

The report has provided a detailed breakup and analysis of the market based on the source. This includes soy, wheat, pea, and others. According to the report, soy represented the largest segment.

The rising inclination towards protein-based ingredients, including soya, is primarily propelling the market growth. Moreover, government bodies are launching favorable policies to increase soya production, which, in turn, is bolstering the market growth. For instance, India is also one of the top soybean producers in the world. The soybean production in the country increased by around 30% from 2015 to 2020. Furthermore, public and private companies are developing various techniques and directly engaging with farmers to improve farm incomes and elevate soybean yield. To augment the production, the Public-Private Partnership for Integrated Agriculture Development (PPPIAD) and the state government of Maharashtra, collaborated with ADM to introduce new technologies for soybean cultivation.

Breakup by Type:

  • Concentrates
  • Isolates
  • Textured
     

Isolates hold the largest share in the market

A detailed breakup and analysis of the market based on the type has also been provided in the report. This includes concentrates, isolates, and textured. According to the report, isolates accounted for the largest market share.

Isolates proteins are gaining popularity, as they usually undergo processing to remove most of the non-protein components, which leave behind a product that is almost pure protein. Consequently, they are widely used in the preparation of protein supplements and powders.

Breakup by Nature:

  • Conventional
  • Organic
     

Conventional dominates the market

The report has provided a detailed breakup and analysis of the market based on the nature. This includes conventional and organic. According to the report, conventional represented the largest segment.

The widespread adoption of conventional plant-based protein that usually involves the usage of chemical pesticides, synthetic fertilizers, and genetically modified organisms (GMOs) to improve crop yield and protect against pests is one of the key factors driving the market growth in the segmentation.

Breakup by Application:

  • Food
    • Meat Alternatives
    • Dairy Alternatives
    • Bakery Products
    • Performance Nutrition
    • Convenience Foods
    • Others
  • Feed
     

Food accounts for the majority of the share in the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes food (meat alternatives, dairy alternatives, bakery products, performance nutrition, convenience foods, and others) and feed. According to the report, food represented the largest segment.

The escalating demand for plant-based protein ingredients in the preparation of food products is primarily driving the market growth. For example, according to a survey in 2020, 24% of the Indian population was strictly vegetarian, 8% was pescatarian and 9% was vegan. This can be attributed to the emerging popularity of meat alternatives and dairy alternatives and the rising trend of vegetarianism and veganism in the country. As these protein ingredients cater to the evolving dietary preferences of the consumers, the market in this segment is expected to fuel over the foreseeable future. Continuous advancements in food technology are also catalyzing the market. For example, Kerry announced a new purpose-built food technology and innovation center of excellence in Queensland, Australia. The facility acted as the new headquarters for Kerry in New Zealand and Australia, while its existing facility in Sydney remained as a specialist research and development applications hub. With end-to-end capabilities, including laboratories, pilot plants, tasting facilities, etc., the new Kerry Australia and New Zealand Development and Application Centre in Brisbane increased Kerry’s R&D capacity in the country.

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

North America exhibits a clear dominance, accounting for the largest plant based protein market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); 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 the Middle East and Africa. According to the report, North America was the largest regional market for plant based proteins.

North America exhibits a clear dominance in the regional market, on account of the expanding consumer base and the increasing food and beverage (F&B) industry, which has established a strong position across the globe. Moreover, the emerging trend of veganism and the escalating demand for sustainability are acting as significant growth-inducing factors. For example, the vegan population in the United States has increased by more than 3,000% over the past 15 years. The expanding vegan population is positively influencing the regional market.

Competitive Landscape:

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the plant based protein top companies are listed below:

  • 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
  • Wilmar International Limited


Global Plant Based Protein Market News:

  • March 2024: Protein-based industries in Canada launched favorable initiatives aimed at elevating the supply of protein-rich ingredients derived from hemp and sunflower across the country. This venture was due to the collaboration with Burcon NutraScience, HPS Food & Ingredients, and Puratos Canada.
  • March 2024: Aloha, a US plant-based snacks and drinks business, has attracted a minority investment from SemCap Food and Nutrition.
  • February 2024: Miruku, a New Zealand startup developing novel fats and dairy proteins using molecular farming and oilseed crops, has raised US $5 Million (NZD $8 Million) in a pre-series A round to support its B2B model.
  • November 2023: Nestle, a leading fast-moving consumer goods (FMCG) company, developed plant–based protein products in India.


Plant Based Protein Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Source
  • Type
  • Nature
  • Application
  • Region
Sources Covered Soy, Wheat, Pea, Others
Types Covered Concentrates, Isolates, Textured
Natures Covered Conventional, Organic
Applications Covered
  • Food: Meat Alternatives, Dairy Alternatives, Bakery Products, Performance Nutrition, Convenience Foods, Others
  • Feed
Regions 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, Wilmar International Limited, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the plant based protein market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global plant based protein market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the plant based protein industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

We expect the global plant based protein market to exhibit a CAGR of 6.82% during 2024-2032.

The emerging trend of veganism, along with the rising demand for plant based proteins, including pulses, tofu, soy, etc., as they assist in reducing weight, promoting gut health, preventing obesity, etc., is primarily driving the global plant based protein market.

The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of plant based proteins.

Based on the source, the global plant based protein market has been divided into soy, wheat, pea, and others. Among these, soy currently exhibits a clear dominance in the market.

Based on the type, the global plant based protein market can be categorized into concentrates, isolates, and textured. Currently, isolates account for the majority of the global market share.

Based on the nature, the global plant based protein market has been segregated into conventional and organic, where conventional currently holds the largest market share.

Based on the application, the global plant based protein market can be bifurcated into food and feed. Currently, food exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global plant based protein market include 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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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
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