Plant Proteins Market Size
The Global Plant Protein Market reached US$ 17 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 34 billion by 2031. The market is growing at a CAGR of 9.3% during the forecast period 2024-2031.
Plant-based protein sources are highly nutritious and offer a range of essential nutrients required for overall health and well-being. Soy protein, Pea protein, Wheat protein, Rice protein, Potato protein, Hemp protein, Chickpea protein, Faba bean protein, Lentil protein and tofu are some of the common plant-based protein sources with varying levels of protein, fiber, and other nutrients which drives the plant protein market value.
Lentils, for instance, provide 18 grams of protein and 15 grams of fiber per cooked cup, making it a great choice for those looking to increase their protein and fiber intake. Similarly, black beans provide 15 grams of protein and 15 grams of fiber per cooked cup while also containing 20% of daily iron needs, creating lucrative sales in the plant protein market revenue.
Market Summary
| Metrics | Details |
| CAGR | 9.3 % |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Source, Application and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Europe |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
The Focus on Aquatic Plants as New & Emerging Sources of Protein
The shift towards personalized nutrition has been significant as consumer health awareness has increased. Recently, consumers have become more aware of their food and how it affects their bodies. For instance, on April 27, 2020, California-based Plantible Foods invested US$4.6 million in a unique plant protein made from lemna, an aquatic duckweed known as one of the world's most nutrient-dense and sustainable plants.
Lemna is 40 X and 100 X more protein-efficient than soy. In addition to soy, wheat, and pea, which are the main sources of plant-based protein, aquatic plants offer a huge opportunity to obtain proteins and ingredients that meet consumers' distinct physiological and metabolic needs.
Allergies to Plant-Based Sources of Protein, Like Soy and Wheat, Hampers the Market.
Even though plant-based foods and beverages are functionally healthy and contain essential minerals, humans have occasionally developed allergies to them, limiting the market's expansion. For instance, soybeans are high in nutrients like vitamins, minerals, and proteins, but soy also contains anti-nutritional elements that may result in allergies.
According to the Cleveland Clinic, soy is one of the "Big Eight" allergens, along with cow's milk, eggs, peanuts, tree nuts, wheat, fish, and shellfish that account for 90% of all food allergens.
Market Segment Analysis
The Global Plant Protein Market is segmented based on type, source, application and region.
Pea Protein Segment Accounts for the Highest Share in Global Plant Protein Market
Among all the sources of plant-based proteins, the pea is expected to grow at 9.8% CAGR during the forecast period. Peas are not regarded as a major allergen and have a rich nutritional profile, unlike other plant-based protein sources like soy and wheat, which are soy and wheat-gluten allergens.
Pea has been gaining significant traction in the market in recent years and is anticipated to grow significantly during the forecast period due to this positive perception of it as a source of plant proteins. For instance, on October 24, 2022, Roquette Foods launched organic pea protein isolates and starch for dairy and meat alternatives.
Source: DataM Intelligence Analysis (2024)
Market Geographical Share
Asia-Pacific is the Dominating Region During the Forecast Period
The Global Plant Protein Market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle-east and America.
The plant protein market in China holds a significant market share of about 28.43% of the Asia-Pacific market. The developing economy of the nations and growing population have increased the plant protein demand in the region. The production of soy protein is the highest in China and India follows it.
Plant protein extracted from soy has the highest demand due to its high nutritional content and economic feasibility. For instance, on September 13, 2022, Bühler, Cargill, and Givaudan brought their combined innovation power to bear and helped plant-based protein start-ups to scale up and commercialize in Asia-Pacific with the Scale It Up.
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Source: DataM Intelligence Analysis (2024)
Market Companies
The major global players include Archer Daniels Midland Company, Axiom’s Foods, Amco Proteins, Cargill Incorporated, E. I Du Pont de company, Glanbia Nutritionals, Growing Naturals, LLC, Kerry Group, Manitoba harvest hemp foods, Omega Protein Corporation, Roquette Foods, Scoular Companys Food Ingredient, Sodrugestvo Groups, and Sunwarrior.
Covid Impact
The COVID-19 pandemic has had a mixed impact on plant proteins. On the one hand, there has been a surge in demand for plant-based proteins due to concerns about the safety of meat consumption and the impact of animal agriculture on the environment. This has led to increased sales of plant-based protein products and a surge in new product launches in this category.
On the other hand, the pandemic has also disrupted the supply chain for plant-based proteins. With restrictions on travel and movement, there have been challenges in sourcing and transporting raw materials, leading to production delays and shortages. Additionally, there have been disruptions in food service channels, such as restaurants and cafes, which has impacted the demand for plant-based protein products in these sectors.
Key Developments
- On January 9, 2023, Nestle, under its Mahler brand, launched a soy-based plant egg powder that consumers can add to egg dishes such as omelets, allowing them to create cheap but still nutritious dishes.
- On February 12, 2022, Benson Hill, Inc., a US-based food tech company launched the Truvail soy protein ingredient portfolio. The initial product line for the TruVail brand consists of soy flour with a high protein content, a less-processed version of soy protein concentrate (SPC), and texturized proteins that can be used widely in both conventional soy protein applications and the quickly expanding alternative plant-based protein markets.
- On September 19, 2022, American agribusiness Archer Daniels Midland (ADM) launched Soy Protein Extrusion Plant
Why Purchase the Report?
- To visualize the Global Plant Protein Market segmentation based on type, source, application and region and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous plant protein market-level data points with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of essential products of all the major players.
The Global Plant Protein Market Report Would Provide Approximately 77 Tables, 82 Figures And 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
