Plant Based Protein Market Share, Size, Growth, Opportunity and Forecast 2023-2028

Plant Based Protein Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A5885

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Market Overview:

The global plant based protein market is expected to exhibit a growth rate (CAGR) of 7.4% during 2023-2028.

Plant based protein is derived from pulses, tofu, soy, tempeh, seitan, nuts, seeds, grains, and peas. It is a rich source of nutrients, such as fiber, vitamins, and minerals. It is low in saturated fats and hormones, which help reduce cardiovascular ailments and prevent cancer, type 2 diabetes, osteoarthritis, osteoporosis, and Alzheimer’s disease. In addition, due to the presence of phytochemicals, plant based protein assists in reducing weight, promoting gut health, and preventing obesity. It also assists in keeping the genetic material and blood and nerve cells of the body healthy.

Plant Based Protein Market Trends:

At present, the growing awareness among the masses about the nutritional value of plant based proteins represents one of the key factors driving the market. In addition, due to the increasing focus on living a sustainable life and minimizing reliance on animal proteins, there is a rise in the sales of plant based proteins across the globe. This, along with the growing number of flexitarian or vegan consumers, is positively influencing the market. Besides this, there is an increase in the adoption of plant-based food products and beverages among the masses on account of a broader range of product availability, enhanced product development, and innovation in the production process. This, coupled with the expanding food and beverage (F&B) industry, is propelling the growth of the market. Moreover, the rising need for clean label products and avoiding allergens is catalyzing the demand for plant based proteins worldwide. Apart from this, the increasing consumption of pea protein around the world due to its allergen-free, gluten-free, and lactose-free properties is contributing to the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global plant based protein market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on source, type, nature and application.

Breakup by Source:

Soy
Wheat
Pea
Others

Breakup by Type:

Concentrates
Isolates
Textured

Breakup by Nature:

Conventional
Organic

Breakup by Application:

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

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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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	2022
Historical Period	2017-2022
Forecast Period	2023-2028
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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
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 Questions Answered in This Report

We expect the global plant based protein market to exhibit a CAGR of 7.4% during 2023-2028.

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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