Plant Based Protein Market: Global Industry Analysis and Forecast (2024-2030)

  • The Plant Based Protein Market size was valued at USD 14.88 Bn. in 2023 and the total Plant Based Protein Market size is expected to grow at a CAGR of 7.83% from 2024 to 2030, reaching nearly USD 25.22 Bn. by 2030.

  • Format : PDF | Report ID : SMR_2011

Plant Based Protein Market Overview

The plant-based protein market has experienced a surge in popularity because of consumers seeking alternatives to traditional animal-derived protein sources. This trend is driven by health, ethics, environmental awareness, and personal dietary preferences. Many people choose plant-based protein products because of allergies, dietary restrictions, or a healthier lifestyle. The demand for low-calorie, sugar-free formulations is also increasing. Key market drivers include increasing health and wellness awareness, growing vegan and vegetarian populations, environmental sustainability concerns, technological advances, product availability, government policies, and celebrity endorsements.

 

Despite meat being the dominant protein source in developed economies, emerging markets are showing increasing interest in alternative options. The market has expanded beyond meat and dairy substitutes to include performance nutrition and infant nourishment. The functional benefits of plant-based protein have also gained recognition, with potential health benefits such as improved brain function, eye health, heart health, muscle endurance, strengthened immunity, and weight management.

Plant Based Protein Market

 

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Plant Based Protein Market Dynamics

The market of plant-based proteins is growing because of the increasing number of vegans and vegetarians who are adopting vegan, vegetarian, or flexitarian diets. This shift has expanded the consumer base, attracting more people who prioritize moral, environmental, and health considerations. Plant-based proteins, such as legumes, soy, tempeh, tofu, seitan, and plant-based protein powders, are seen as a more sustainable and nutritious alternative to animal products. Health-related reasons also drive the demand for plant-based proteins. They are often considered better options because of their higher fiber content and lower cholesterol and saturated fat content compared to animal proteins.

 

A plant-based diet has been related to a lower risk of chronic situations like heart disease, type 2 diabetes, and some cancers. Animal compassion, sustainability, and environmental concerns are driving the vegan and vegetarian community to adopt plant-based proteins. These proteins have a smaller ecological impact, use fewer natural resources, and emit fewer greenhouse gases. Vegans and vegetarians who choose plant-based protein options align with their moral principles, creating a more compassionate and sustainable food system. This aligns with the growing demand for plant-based protein products.

Plant Based Protein Market1

The plant-based protein market is growing, but some restraints such as taste and texture, higher production costs, supply chain restrictions, and regulatory hurdles hamper its full potential. Consumers find plant-based choices less satisfying than animal-derived proteins, and supply chain restraints limit manufacturing capacity. Also, these obstacles, growing consumer consciousness of health and eco-friendly benefits, and technological developments in ingredient invention and production procedures are gradually mitigating these obstacles and driving the market's growth.

 

The global market is for functional foods is facing significant challenges because of fluctuating prices of raw materials containing high protein levels. This has led to manufacturers struggling to meet demand and supply, resulting in increased costs for plant-based products like snack bars and supplement powders. The lack of production capacity, which is crucial for the manufacturing process, has also hindered market growth. Concerns over economic feasibility are negatively impacted overall market growth. Additionally, environmental challenges, such as droughts, floods, storms, earthquakes, and volcanic eruptions, have severely damaged crops and plants, impacting the production cycle and increasing production costs. These factors are expected to hinder market growth during the forecast period. Therefore, food developers need to find valuable uses for pea starch to ensure the sustainability of the plant-based protein market.

 

Plant Based Protein Market Segment Analysis

Based on Type, Protein isolates are a refined form of protein powder with high protein content, typically around XX%. Despite their higher cost, they are preferred for their digestibility and adaptability across various food products. Originating from legume sources like soy and pea de-oiled cake, they are considered safe for infant nutrition. The plant-based protein market is expected to see significant growth because of their concentrated protein content, making them suitable for nutritional and functional foods like snacks, cereals, beverages, and plant-based meat substitutes. Pea protein isolates have emerged as a valuable protein source because of the nutritional industry's increasing demand for high-protein offerings. Plant-based protein manufacturers are introducing novel isolates to cater to this demand and capitalize on associated business opportunities.

Plant Based Protein Market2

Plant Based Protein Market Regional Analysis

The Asia Pacific region has been experiencing rapid growth in the plant-based protein market because of increasing consumer awareness of health, immunity, and environmental sustainability. This shift towards plant-based protein sources is driven by health benefits like reduced chronic disease risks and improved immune function. Concerns about environmental sustainability, such as carbon emissions and land use linked to animal agriculture, are also driving consumers towards plant-based alternatives.

 

Innovative food technologies and diverse culinary preferences in the region are supporting this trend. The Asia-Pacific region is becoming a significant influencer in shaping the global plant-based protein market, with China holding the largest market share and the Indian market being the fastest-growing in the region. The market is composed for continuous growth and innovation in the upcoming years.

Plant Based Protein Market3

Plant Based Protein Market Competitive Landscape

  • May 2, 2024 — IFF, a global leader in food and beverage, home and personal care, and health, is introducing its full suite of plant-based and cellulosic-derived solutions for dietary supplements and over-the-counter (OTC) drugs at Vitafoods Europe 2024. This is the first time IFF Pharma Solutions has showcased its full clean-label portfolio for oral dosage forms at Vitafoods Europe.

 

  • May 15, 2024 — Burcon NutraScience Corporation (“Burcon” or the “Company”) (TSX: BU) (OTCQB: BRCNF), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that its common shares have begun trading in the United States on the OTCQB Venture Market (“OTCQB”), under the symbol “BRCNF”, effective May 8, 2024. We are excited to announce improved access for US investors by initiating trading on the OTCQB,” said Kip Underwood, Burcon’s chief executive officer.  “This move provides more investors the opportunity to be a part of Burcon’s success.  Our focus areas for the balance of 2024 include ramping production to meet hempseed protein demand and launching additional plant proteins to market via our capital-light business model.  Through these actions and others, we continue our path toward becoming a profitable business fueled by plant protein innovation.

Plant Based Protein Market Scope

Market Size in 2023

USD 14.88 Bn.

Market Size in 2030

USD 25.22 Bn.

CAGR (2024-2030)

7.83 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

   Segments

By Type

Concentrates

Isolates

Textured

By Nature

Conventional

Organic

By Source

Soy

Wheat

Pea

Others

By Application

Food

    Meat Alternatives

    Dairy Alternatives

    Bakery Products

    Performance Nutrition

    Convenience Foods

       Others

Feed

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Russia, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Key Player in the Plant Based Protein Market

  1. Kerry Group PLC - Ireland
  2. Cargill - United States
  3. GoodDot - India
  4. International Flavors & Fragrances Inc. - United States
  5. Ingredion - United States
  6. EVO Foods - India
  7. Wilmar International Ltd. - Singapore
  8. Glanbia - Ireland
  9. PlantMade - India
  10. AGT Food and Ingredients - Canada
  11. Burcon NutraScience Corporation - Canada
  12. Emsland Group - Germany
  13. Bioway Organic Group Limited - China
  14. BENEO - Germany
  15. AMCO Proteins - United States
  16. Axiom Foods, Inc - United States
  17. ETChem - China
  18. Australian Plant Proteins Pty Ltd - Australia
  19. SOTEXPRO - France
  20. ADM (Archer Daniels Midland) - United States
  21. XX.inc


Frequently Asked Questions

Asia Pacific is expected to lead the Plant Based Protein Market during the forecast period.

1.    Plant Based Protein Market: Research Methodology 
2.    Plant Based Protein Market: Executive Summary
3.    Plant Based Protein Market: Competitive Landscape
4.    Potential Areas for Investment

4.1. Stellar Competition Matrix
4.2. Competitive Landscape
4.3. Key Players Benchmarking
4.4. Market Structure
4.4.1.    Market Leaders 
4.4.2.    Market Followers

4.4.3.    Emerging Players
4.5. Consolidation of the Market
5.    Plant Based Protein Market: Dynamics
5.1. Market Trends by Region
5.1.1.    North America
5.1.2.    Europe
5.1.3.    Asia Pacific
5.1.4.    Middle East and Africa
5.1.5.    South America

5.2. Market Drivers by Region
5.2.1.    North America
5.2.2.    Europe
5.2.3.    Asia Pacific
5.2.4.    Middle East and Africa
5.2.5.    South America

5.3. Market Restraints
5.4. Market Opportunities
5.5. Market Challenges
5.6. PORTER’s Five Forces Analysis
5.7. PESTLE Analysis
5.8. Strategies for New Entrants to Penetrate the Market
5.9. Regulatory Landscape by Region
5.9.1.    North America
5.9.2.    Europe
5.9.3.    Asia Pacific
5.9.4.    Middle East and Africa
5.9.5.    South America

6.    Plant Based Protein Market  Size and Forecast by Segments (by value Units)
6.1. Plant Based Protein Market  Size and Forecast,  by Type (2023-2030)
6.1.1.    Concentrates
6.1.2.    Isolates
6.1.3.    Textured

6.2. Plant Based Protein Market  Size and Forecast, by Nature  (2023-2030)
6.2.1.    Conventional
6.2.2.    Organic

6.3. Plant Based Protein Market  Size and Forecast, by Source  (2023-2030)
6.3.1.    Soy
6.3.2.    Wheat
6.3.3.    Pea
6.3.4.    Others

6.4. Plant Based Protein Market  Size and Forecast, by Application (2023-2030)
6.4.1.    Food
6.4.1.1.    Meat Alternatives
6.4.1.2.    Dairy Alternatives
6.4.1.3.    Bakery Products
6.4.1.4.    Performance Nutrition
6.4.1.5.    Convenience Foods
6.4.1.6.    Others
6.4.2.    Feed

6.5. Plant Based Protein Market  Size and Forecast, by Region (2023-2030)
6.5.1.    North America
6.5.2.    Europe
6.5.3.    Asia Pacific
6.5.4.    Middle East and Africa
6.5.5.    South America

7.    North America Plant Based Protein Market  Size and Forecast (by value Units)
7.1. North America Plant Based Protein Market  Size and Forecast,  by Type (2023-2030)
7.1.1.    Concentrates
7.1.2.    Isolates
7.1.3.    Textured

7.2. North America Plant Based Protein Market  Size and Forecast, by Nature  (2023-2030)
7.2.1.    Conventional
7.2.2.    Organic

7.3. North America Plant Based Protein Market  Size and Forecast, by Source  (2023-2030)
7.3.1.    Soy
7.3.2.    Wheat
7.3.3.    Pea
7.3.4.    Others

7.4. North America Plant Based Protein Market  Size and Forecast, by Application    (2023-2030)
7.4.1.    Food
7.4.1.1.    Meat Alternatives
7.4.1.2.    Dairy Alternatives
7.4.1.3.    Bakery Products
7.4.1.4.    Performance Nutrition
7.4.1.5.    Convenience Foods
7.4.1.6.    Others
7.4.2.    Feed

7.5. North America Plant Based Protein Market  Size and Forecast, by Country (2023-2030)
7.5.1.    United States
7.5.2.    Canada
7.5.3.    Mexico

8.    Europe Plant Based Protein Market  Size and Forecast (by Value Units)
8.1. Europe Plant Based Protein Market  Size and Forecast,  by Type (2023-2030)
8.1.1.    Concentrates
8.1.2.    Isolates
8.1.3.    Textured

8.2. Europe Plant Based Protein Market  Size and Forecast, by Nature  (2023-2030)
8.2.1.    Conventional
8.2.2.    Organic

8.3. Europe Plant Based Protein Market  Size and Forecast, by Source  (2023-2030)
8.3.1.    Soy
8.3.2.    Wheat
8.3.3.    Pea
8.3.4.    Others

8.4. Europe Plant Based Protein Market  Size and Forecast, by Application (2023-2030)
8.4.1.    Food
8.4.1.1.    Meat Alternatives
8.4.1.2.    Dairy Alternatives
8.4.1.3.    Bakery Products
8.4.1.4.    Performance Nutrition
8.4.1.5.    Convenience Foods
8.4.1.6.    Others
8.4.2.    Feed

8.5. Europe Plant Based Protein Market  Size and Forecast, by Country (2023-2030)
8.5.1.    UK
8.5.2.    France
8.5.3.    Germany
8.5.4.    Italy
8.5.5.    Spain
8.5.6.    Sweden
8.5.7.    Austria
8.5.8.    Rest of Europe

9.    Asia Pacific Plant Based Protein Market  Size and Forecast (by Value Units)
9.1. Asia Pacific Plant Based Protein Market  Size and Forecast,  by Type (2023-2030)
9.1.1.    Concentrates
9.1.2.    Isolates
9.1.3.    Textured

9.2. Asia Pacific Plant Based Protein Market  Size and Forecast, by Nature  (2023-2030)
9.2.1.    Conventional
9.2.2.    Organic

9.3. Asia Pacific Plant Based Protein Market  Size and Forecast, by Source (2023-2030)
9.3.1.    Soy
9.3.2.    Wheat
9.3.3.    Pea
9.3.4.    Others

9.4. Asia Pacific Plant Based Protein Market  Size and Forecast, by Application (2023-2030) 
9.4.1.    Food
9.4.1.1.    Meat Alternatives
9.4.1.2.    Dairy Alternatives
9.4.1.3.    Bakery Products
9.4.1.4.    Performance Nutrition
9.4.1.5.    Convenience Foods
9.4.1.6.    Others
9.4.2.    Feed

9.5. Asia Pacific Plant Based Protein Market  Size and Forecast, by Country (2023-2030)
9.5.1.    China
9.5.2.    S Korea
9.5.3.    Japan
9.5.4.    India
9.5.5.    Australia
9.5.6.    Asean
9.5.7.    Rest of Asia Pacific

10.    Middle East and Africa Plant Based Protein Market  Size and Forecast (by Value Units)
10.1. Middle East and Africa Plant Based Protein Market  Size and Forecast,  by Type (2023-2030)
10.1.1.    Concentrates
10.1.2.    Isolates
10.1.3.    Textured

10.2. Middle East and Africa Plant Based Protein Market  Size and Forecast, by Nature  (2023-2030)
10.2.1.    Conventional
10.2.2.    Organic

10.3. Middle East and Africa Plant Based Protein Market  Size and Forecast, by Source  (2023-2030)
10.3.1.    Soy
10.3.2.    Wheat
10.3.3.    Pea
10.3.4.    Others

10.4. Middle East and Africa Plant Based Protein Market  Size and Forecast, by Application (2023-2030)
10.4.1.    Food
10.4.1.1.    Meat Alternatives
10.4.1.2.    Dairy Alternatives
10.4.1.3.    Bakery Products
10.4.1.4.    Performance Nutrition
10.4.1.5.    Convenience Foods
10.4.1.6.    Others
10.4.2.    Feed

10.5. Middle East and Africa Plant Based Protein Market  Size and Forecast, by Country (2023-2030)
10.5.1.    South Africa
10.5.2.    GCC
10.5.3.    Rest of ME&A

11.    South America Plant Based Protein Market  Size and Forecast (by Value Units)
11.1. South America Plant Based Protein Market  Size and Forecast,  by Type  (2023-2030)
11.1.1.    Concentrates
11.1.2.    Isolates
11.1.3.    Textured

11.2. South America Plant Based Protein Market  Size and Forecast, by Nature  (2023-2030)
11.2.1.    Conventional
11.2.2.    Organic

11.3. South America Plant Based Protein Market  Size and Forecast, by Source  (2023-2030)
11.3.1.    Soy
11.3.2.    Wheat
11.3.3.    Pea
11.3.4.    Others

11.4. South America Plant Based Protein Market  Size and Forecast, by Application      (2023-2030)
11.4.1.    Food
11.4.1.1.    Meat Alternatives
11.4.1.2.    Dairy Alternatives
11.4.1.3.    Bakery Products
11.4.1.4.    Performance Nutrition
11.4.1.5.    Convenience Foods
11.4.1.6.    Others
11.4.2.    Feed

11.5. South America Plant Based Protein Market  Size and Forecast, by Country (2023-2030)
11.5.1.    Brazil
11.5.2.    Argentina
11.5.3.    Rest of South America

12.    Company Profile: Key players
12.1. Kerry Group PLC 
12.1.1.    Company Overview
12.1.2.    Financial Overview
12.1.3.    Business Portfolio
12.1.4.    SWOT Analysis
12.1.5.    Business Strategy 
12.1.6.    Recent Developments  

12.2. Cargill  
12.3. GoodDot
12.4. International Flavors & Fragrances Inc. 
12.5. Ingredion 
12.6. EVO Foods 
12.7. Wilmar International Ltd. 
12.8. Glanbia  
12.9. PlantMade 
12.10. AGT Food and Ingredients  
12.11. Burcon NutraScience Corporation 
12.12.  Emsland Group 
12.13. Bioway Organic Group Limited
12.14. BENEO
12.15. AMCO Proteins
12.16. Axiom Foods, Inc
12.17. ETChem
12.18. Australian Plant Proteins Pty Ltd
12.19. SOTEXPRO
12.20. ADM
12.21. XX.inc
13.    Key Findings
14.    Industry Recommendation

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