Categories: Market Research

Plant-Based Protein Market Size and Forecast 2024-2033|Archer-Daniels-Midland Company, DuPont Nutrition & Biosciences, Axiom Foods Inc., Cargill Inc., Kerry Group

Overhead view of a large group of food with high content of dietary fiber arranged side by side. The composition includes berries, oranges, avocado, chia seeds, wholegrain bread, wholegrain pasta, whole wheat, potatoes, oat, corn, mixed beans, brazil nut, sunflower seeds, pumpkin seeds, broccoli, pistachio, banana among others. High resolution 42Mp studio digital capture taken with SONY A7rII and Zeiss Batis 40mm F2.0 CF lens

Overview and Scope

Plant-based protein is a protein supplement that is derived from plant-based sources. Plant-based proteins are becoming more popular as meat substitutes because they are highly nutritious and include nutrients such as fiber, vitamins, and minerals in addition to proteins.

Sizing and Forecast

The plant-based protein market size has grown exponentially in recent years. It will grow from $42.13 billion in 2023 to $52.08 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to increased health and wellness awareness, risie in concerns about environmental sustainability, growth in preference for vegetarian and vegan diets, expansion of plant-based food and beverage industry, demand for allergen-free and non-gmo protein sources.

The plant-based protein market size is expected to see rapid growth in the next few years. It will grow to $107.28 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to regulatory support and labeling standards for plant-based foods, rising consumer demand for clean label and natural ingredients, market penetration in emerging economies and middle-income countries, increasing applications in functional foods and nutraceuticals, growing interest in sports nutrition and performance enhancing supplements. Major trends in the forecast period include technological advancements in protein extraction and processing, hybrid and blended products, fermented and cultivated proteins, customized protein solutions, innovations in dairy alternatives.

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Segmentation & Regional Insights

The plant-based protein market covered in this report is segmented –

1) By Type: Isolates, Concentrates, Textured

2) By Source: Soy, Wheat, Pea, Other Sources

3) By Form: Dry, Liquid

4) By Application: Feed, Food, Other Applications

North America was the largest region in the plant-based protein market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant-based protein market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The increasing awareness of health and wellness is expected to propel the growth of the plant-based protein market during the forecast period. Plant-based proteins are good for weight loss and provide building blocks for healthy muscles and tissues. They are high in fiber and contain less amount of calories & fats than animal protein. For instance, according to a poll by E times in 2021, the COVID-19 pandemic has transformed Indians’ attitudes toward health, with 70% saying they will prioritize food and lifestyle adjustments in 2021 to manage both physical and emotional health. Therefore, the increasing awareness of health and wellness drives the growth of the plant-based protein market.

Key Industry Players

Major companies operating in the plant-based protein market include Archer-Daniels-Midland Company, DuPont Nutrition & Biosciences, Axiom Foods Inc., Cargill Inc., Kerry Group, Ingredion Inc., Roquette Freres SA, Wilmar International Ltd., Glanbia plc, Cosucra Groupe Warcoing SA, Sotexpro SAS, Emsland Group, Puris Proteins LLC., Beyond Meat Inc., ETChem Ltd., BENEO GmbH, Tate & Lyle plc, Shandong Jianyuan group, American Casein Company, Proeon Foods, Australian Plant Proteins Pty Ltd., Impossible Foods Inc., Nestle SA, Kellogg Company, Conagra Brands Inc., Tyson Foods Inc., Turtle Island Foods, Lightlife Foods Inc., Field Roast Grain Meat Co. Inc., Quorn Foods Ltd.

The plant-based protein market report table of contents includes:

1. Executive Summary

2. Plant-Based Protein Market Characteristics

3. Plant-Based Protein Market Trends And Strategies

4. Plant-Based Protein Market – Macro Economic Scenario

5. Global Plant-Based Protein Market Size and Growth

26. South America Plant-Based Protein Market

27. Brazil Plant-Based Protein Market

28. Middle East Plant-Based Protein Market

29. Africa Plant-Based Protein Market

30. Plant-Based Protein Market Competitive Landscape And Company Profiles

Top Major Players: