Plant-based Protein Market

Plant-based Protein Market

New York, January 2024: According to a new research study by Global Insight Services (GIS), the Plant-based Protein Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 26.1 billion by 2033.

Plant-based protein refers to protein derived from plant sources, such as legumes, grains, nuts, seeds, and vegetables, as opposed to animal-based sources like meat, dairy, and eggs. These plant-based proteins are rich in essential nutrients, fiber, and antioxidants, making them a nutritious and sustainable alternative to animal products. Common sources include beans, lentils, tofu, quinoa, and peas. Plant-based protein has gained popularity due to its potential health benefits, environmental sustainability, and suitability for diverse dietary preferences, including vegetarian and vegan lifestyles.

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Global Plant-based Protein Market: Market Drivers and Trends

The plant-based protein market continues to experience significant growth driven by rising consumer awareness of health and sustainability, coupled with a growing demand for plant-centric diets. Key trends include the expansion of product portfolios by major food companies, innovation in plant protein sources, such as pea, hemp, and algae, and the emergence of novel processing techniques enhancing taste and texture. Increased investments in research and development, coupled with strategic partnerships and collaborations, are driving the market forward.

Additionally, advancements in food technology and innovation have led to the development of plant-based protein products with improved taste, texture, and nutritional profiles, enhancing their overall appeal. As global populations continue to prioritize a more sustainable and health-conscious approach to nutrition, the plant-based protein market is expected to experience sustained growth.

Global Plant-based Protein Market: Market Restraints and Challenges

Despite the growing popularity of plant-based proteins, the market faces several constraints that hinder its widespread adoption. One significant challenge is the higher production costs associated with plant-based protein sources compared to conventional animal-derived proteins. The extensive processing required for plant proteins and the need for specialized equipment contribute to elevated production expenses, limiting the competitiveness of plant-based products in price-sensitive markets.

Additionally, taste and texture inconsistencies, along with limited product variety, pose hurdles in fully replicating the sensory experience of traditional meat, hindering consumer acceptance. Furthermore, supply chain disruptions and volatility in source prices for plant-based proteins can impact the stability of the market, creating obstacles for manufacturers and inhibiting market growth.

Global Plant-based Protein Market Report Findings

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The concentrates segment is likely to hold the major share of the market in 2023

On the basis of type, the market is categorized into concentrates, textured, and isolates. Among these, in 2023,
the concentrates segment in the plant-based protein market has exhibited noteworthy growth attributed to its versatile applications and nutritional profile. Concentrated plant-based protein products, whether derived from sources like soy, pea, or other plant varieties, have gained popularity for their higher protein content per serving compared to raw plant materials. Consumers increasingly recognize the health benefits of incorporating concentrated plant-based proteins into their diets, including muscle building and weight management. Additionally, the concentrates’ adaptability in various food and beverage formulations, such as protein bars, shakes, and meat alternatives, has contributed to their market expansion.

The dry segment is likely to hold the major share of the market in 2023

On the basis of  from, the Plant-based Protein Market is segmented into dry and liquid. Among these, in 2022, the dry segment in the plant-based protein market has witnessed significant growth, reflecting a notable shift in consumer preferences and industry trends. As consumers increasingly seek plant-derived protein options, the dry form has gained traction due to its versatility and convenience in various applications. Dry plant-based protein products, including powders and concentrates, offer ease of storage, handling, and transportation, making them appealing for both manufacturers and consumers. The dry form’s adaptability in diverse sectors such as food and beverages, supplements, and animal feed has fueled its expansion.

The food and beverages segment is likely to hold the major share of the market in 2023

Based on application, the Plant-based Protein Market is segmented into animal feed, food and beverages, personal care and cosmetics, supplements, and others. Out of these, in 2023, the food and beverages segment within the plant-based protein market has witnessed remarkable growth, driven by a rising consumer inclination towards plant-centric diets and a growing awareness of the health and environmental benefits associated with plant-based protein consumption. As individuals seek healthier and sustainable dietary options, there has been an increasing demand for plant-based proteins as a key ingredient in various food and beverage products. This segment’s growth can be attributed to the development of innovative plant-based protein formulations that cater to the taste and texture preferences of consumers, ranging from meat alternatives to dairy substitutes. Additionally, collaborations between food manufacturers and plant-based protein suppliers, coupled with advancements in food processing technologies, have contributed to the expansion of plant-based offerings in the food and beverages sector, further fueling the overall growth of this segment in the market.

The supermarkets/hypermarkets segment  is accounted for the majority of market share in 2023

Based on distribution channel, it is divided into supermarkets/hypermarkets, online stores, direct-to-consumer, and others. Among  these, in 2023,  the supermarkets/hypermarkets segment has witnessed significant growth in the plant-based protein market as consumers increasingly turn to these retail channels for their dietary choices. The convenience and accessibility offered by supermarkets and hypermarkets play a pivotal role in the surge of plant-based protein product sales. These retail outlets provide a wide array of plant-based protein options, catering to the growing demand from health-conscious consumers seeking sustainable and plant-derived alternatives. The presence of diverse product offerings, coupled with the ability to reach a broad consumer base, has contributed to the substantial expansion of the supermarkets/hypermarkets distribution channel within the plant-based protein market, reflecting a dynamic shift in consumer preferences towards plant-centric food choices.

The North America region is accounted for the majority of market share in 2023

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America region has witnessed remarkable growth in the Plant-based Protein Market. This surge can be attributed to several factors, including increasing consumer shift towards healthier and sustainable dietary choices. Factors such as rising awareness about the environmental impact of traditional animal farming, coupled with a growing preference for plant-based diets, have fueled the demand for plant-based protein products. Major players in the region, including Cargill, Archer-Daniels-Midland (ADM), and Green Leaf Foods, have significantly contributed to the market expansion through product innovation and strategic partnerships. Moreover, a surge in the popularity of plant-based alternatives in various applications such as food and beverages, supplements, and personal care has further propelled the market’s growth trajectory in North America. The region’s dynamic market landscape, coupled with increasing investments in research and development, positions North America as a key hub for the flourishing plant-based protein industry.

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Competitive Landscape

To obtain a competitive edge in the rapidly expanding Plant-based Proteins Market, players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the Cargill, Roquette Frères S.A., Archer-Daniels-Midland (ADM), International Flavors & Fragrances Inc., Kerry Group plc, Glanbia Nutritionals, Axiom Food Incorporation, Wilmar International, Puris, DSM, BatoryFoods, Burcon NutraScience, Südzucker AG.(BENEO), Sotexpro, Emsland Group, Ingredion, A & B Ingredients, Green Leaf Foods (Maple Leaf Foods, Inc.), Prinova Group (Nagase Group), JIWRASAC, and AMCO Proteins, among others.

Global Plant-based Protein Market: Recent Developments

  • In June 2022, Roquette, a plant-based protein manufacturer, released two novel rice proteins to address the market demand for meat substitute applications. The new Nutralys rice protein line includes a rice protein isolate and a rice protein concentrate.
  • In May 2022, BENEO, a subsidiary of Südzucker, entered a purchase agreement to acquire Meatless BV, a producer of functional ingredients. BENEO is expanding its existing product offering with the acquisition to offer an even broader range of texturizing solutions for meat and fish alternatives.
  • In January 2022, Kerry, the largest taste and nutrition company, officially opened a new 21,500-square-foot state-of-the-art facility at its Jeddah location in Saudi Arabia. The company has invested more than EUR 80 million in the region, and this new facility is one of the most modern and efficient, which produces great tasting, nutritious, and sustainable food ingredients which will be distributed throughout the Middle East.

Global Plant-based Protein Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Plant-based Protein Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future global Plant-based Protein Market potential from 2023 to 2033 in terms of revenue($ Million), and Volume(Units).
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global Plant-based Protein Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Security Robots industry.

Global Plant-based Protein Market Segmentation

Market Segments

By Source

  • Hemp Protein
  • Pea Protein
  • Potato Protein
  • Rice Protein
  • Soy Protein
  • Wheat Protein
  • Others

By Form

  • Dry
  • Liquid

By Type

  • Concentrates
  • Textured
  • Isolates

By Application

  • Animal Feed
  • Food And Beverages
  • Personal Care And Cosmetics
  • Supplements
  • Others

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Online Stores
  • Direct-to-Consumer
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Key Players

  • Cargill
  • Roquette Frères S.A.
  • Archer-Daniels-Midland (ADM)
  • International Flavors & Fragrances Inc.
  • Kerry Group plc
  • Glanbia Nutritionals
  • Axiom Food Incorporation
  • Wilmar International
  • Puris
  • DSM
  • JIWRASAC
  • BatoryFoods
  • Burcon NutraScience
  • Südzucker AG.(BENEO)
  • Sotexpro
  • Emsland Group
  • Ingredion
  • A & B Ingredients
  • Green Leaf Foods (Maple Leaf Foods, Inc.)
  • Prinova Group (Nagase Group)
  • AMCO Proteins