Plant based Protein Market by Source (Soy, Wheat, Pea, and Others), Type (Isolate Protein, Textured Protein, and Concentrate Protein), Application (Food and Beverages, Animal Feed, Pharmaceuticals & Nutraceuticals, and Others): Global Market Size Estimates and Forecast (2022–2030)
The market crossed US$ 10.8 billion mark in 2022 and is expected to hit US$ 18.43 billion by 2030, recording a CAGR of 6.9% during the forecast period.
Plant-based protein market has been significantly growing with higher adoption of meat alternative products.
Significant consumer shift to vegan diet and products with high protein content, and growing demand for plant-based and clean sport nutrition products for muscle recovery are some of the major factors driving the growth of the market. The isolate protein segment is expected to pace up with its adoption in wide range of application in nutritional and functional foods. Further, other segments such as textured protein and concentrate protein is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into source, type, application, and geography. By source, the market is further segmented into soy, wheat, pea, and others. On the basis of type, the market is bifurcated into isolate protein, textured protein, and concentrate protein. By application, the market is categorized into food and beverages, animal feed, pharmaceuticals and nutraceuticals, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Growing consumer interest in plant-based protein has empowered the growth of futuristic innovations.
Proteins are one the vital nutrients needed by the human body that are composed of amino acids. Plant-based proteins can be used as a substitute for animal protein. Consumer preference towards clean label and natural products coupled with rising lactose intolerant population is significantly contributing the growth of plant-based protein products. Further, populations are becoming vegan or flexitarian which has posed a opportunity for the market growth. Strong consumer demand for more protein from their food and beverages is driving innovation in plant-based protein products.
Rising adoption in various industries is one of the major factors accelerating the market growth.
The industries for plant-based protein are food and beverages, pharmaceuticals & nutraceuticals, animal feed and others. Within these industries, food and beverages industry is one such industry, wherein the use of plant-based protein is increasing owing to rising consumer demand for wellness-focused organic food and beverages, rising population with lactose intolerance, increasing consumer preference for meat alternatives, and others. The animal feed industry has also witnessed an extensive use of plant-based protein in feed products owing to increased demand for clean label and sustainable feed options. Other industries such as pharmaceutical and nutraceuticals, dietary supplements, and amongst others are also encouraging the use of plant-based protein.
Recent strategic developments in plant-based protein market
The plant-based protein market has undergone several significant developments, and a few of these have been mentioned below:
- In April 2022, Cargill, Incorporated announced its expansion of RadiPure pea protein product in Middle East, Turkey, Africa and India. The expansion was aimed to cater the rising demand of pea protein form food and beverages industry in the region.
- In December 2020, Ingredion announced the launch of pea protein isolate, with an aim to meet increasing consumer demand for protein-rich products, and offer a broad range of product portfolio for the customers.
The plant-based protein market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ADM, Cargill, Incorporated, Ingredion, Emsland Group, and Glanbia plc are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Plant-based protein related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Application industry of plant-based protein industry
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Source:
- Soy
- Wheat
- Pea
- Others
- Type
- Isolate Protein
- Textured Protein
- Concentrate Protein
- Application:
- Food and Beverages
- Animal Feed
- Pharmaceuticals & Nutraceuticals
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- ADM
- Cargill, Incorporated
- Ingredion
- Emsland Group
- Glanbia plc
- ADM
- Cargill, Incorporated
- Ingredion
- Emsland Group
- Glanbia plc