Plant-based Protein Market Worth $23.4 Billion By 2028

Plant-based Protein Market by Stage (Soy Protein, Wheat Protein, Pea Protein, Canola Protein, Potato Protein, Rice Protein, Corn Protein), Application (Food and Beverages, Animal Feed, Nutritional Supplements, Pharmaceuticals) -Global Forecast to 2028

Meticulous Research® – a leading global market research company published a research report titled “Plant-based Protein Market by Stage (Soy Protein, Wheat Protein, Pea Protein, Canola Protein, Potato Protein, Rice Protein, Corn Protein), Application (Food and Beverages, Animal Feed, Nutritional Supplements, Pharmaceuticals) -Global Forecast to 2028.”

According to this latest publication from Meticulous Research®, the plant-based protein market is expected to grow at a CAGR of 9.7% from 2021 to 2028 to reach $23.4 billion by 2028. This market is majorly driven by growing demand for protein-rich diet, growing health & wellness trends, increasing consumers’ focus on meat alternatives, growing demand from the food & beverage industry, and various advancements in ingredient technologies such as microencapsulation. Additionally, increasing inclination towards a vegan diet, emerging economics such as Southeast Asia, Latin America, and the Middle East & Africa, and increasing intolerance for animal proteins provide significant growth opportunities for plant-based protein manufacturers. However, a significant preference for animal-based protein and fluctuating raw material prices hinder this market's growth to some extent. On the other hand, increasing soy-free and gluten-free trends pose a great challenge to the global plant-based protein manufacturers.

The global plant-based protein market study is segmented based on type, crop type, source process, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on type, the global plant-based protein market is mainly segmented into soy, wheat, pea, canola, potato, rice, corn, and others. The soy protein segment is estimated to account for the largest share of the overall plant-based protein market in 2021. The leading position of this segment is mainly attributed to higher consumer acceptance level, presence of a large number of manufactures and their high scale of production, low cost than other types of plant proteins, increased demand for plant-based products, easy availability of raw materials, and a large number of applications in various industries. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its nutritional qualities and its allergen-free, gluten-free, and lactose-free properties.

Based on crop type, the plant-based protein market is segmented into genetically and non-genetically modified organism crops. In 2021, the genetically modified organism crops segment is estimated to account for the largest share of the global plant-based protein market. However, non-genetically modified organism crops are expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the recent trend of preference for food products with non-GMO labels, rising demand for eco-friendly, natural, and organic food products, and stringent regulations for GM crops in Europe and Asia-Pacific.

Based on source process, the plant-based protein market is segmented into organic and conventional plant-based protein ingredients. In 2021, the conventional plant-based protein ingredients segment is estimated to account for the largest share of the overall plant-based protein market. The leading position of this segment is mainly attributed to the high availability of crops grown through the traditional harvesting method (with the use of chemical fertilizers), easy accessibility to cost-effective conventional plant-based protein ingredients, their longer shelf life, and availability of substantial crop varieties. However, the organic plant-based protein ingredients segment is expected to grow at the highest CAGR during the forecast period.

Based on form, the plant-based protein market is segmented into solid and liquid. The solid or dry segment is estimated to account for the largest share of the global plant-based protein market. The large share of this segment is mainly attributed to the growing demand for powder plant-based protein coupled with their rising preference considering ease of handling and transport, comparatively lower costs, low chance of formulation mistakes, and their capacity to maintain ingredient stability. This segment is also expected to grow at the fastest CAGR during the forecast period.

Based on application, the global plant-based protein market is mainly segmented into food and beverages, animal feed, nutrition and health supplements, pharmaceuticals, and others. The food and beverage segment is estimated to account for the largest share of the overall plant-based protein market in 2021. The large share of this segment is mainly attributed to high consumer demand for sustainable products, growing awareness about the health benefits of plant proteins, increasing health concerns over animal products and ingredients, increasing vegan population, and rising meat prices and clean label trends. However, the nutrition and health supplements segment is expected to witness significant growth. The rapid growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, and the increasing prevalence of diseases.

Geographically, North America is estimated to account for the largest share of the overall plant-based protein market in 2021. The large share of this region is primarily attributed to the well-established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products, and growing health & wellness trend. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to growing protein-rich diet awareness, increasing health consciousness, growing technological advancements in the food & beverages industry, and increasing raw material availability.

The key players operating in the global plant-based protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères Le Romain (France), Ingredion Incorporated (U.S.), Kerry Group (Ireland), DuPont de Nemours, Inc. (U.S.), Now Foods (U.S.), Tate & Lyle PCL (U.K.), Axiom Foods Inc. (U.S.), AMCO Protein (U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (Germany), Glico Nutrition Co., Ltd (Japan), Glanbia plc (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Wilmar International (Singapore), and CHS Inc. (U.S.).

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Key questions answered in the report-

Which are the high growth market segments in terms of the type, crop type, source process, form, application, and countries?
What is the historical market for plant-based protein across the globe?
What are the market forecasts and estimates for the period of 2021-2028?
What are the major drivers, restraints, challenges, opportunities, and trends in the global plant-based protein market?
Who are the major players in the global market, and what share of the market do they hold?
Who are the major players in various countries, and what market share do they hold?
How is the competitive landscape?
What are the recent developments in the global plant-based protein market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global plant-based protein market, and how do they compete with the other players?