Plant-based Protein Market

Analysis from GMI Research finds that the Plant based protein market size was valued at USD 11.0 billion in 2021 and estimated to touch USD 19.7 billion in 2029 will grow at a CAGR of 7.5% from 2022-2029 attributed to changes in consumers taste and preference and increasing health concerns.

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Key Plant-Based Protein Market Trends and Drivers

Major factors driving plant-based protein market are increasing adoption of vegan and vegetarian diets around the world, growing prevalence of chronic diseases such obesity and cardiovascular diseases and rising consumers inclination towards adopting healthy lifestyles. Vegan culture has been adopted in recent years, as people are more concerned about welfare of animals. Consumers are aware about the benefits such as less risk of chronic diseases such as obesity and cardiovascular diseases by adopting vegan diets. Moreover, various plant based and vegan products are launched in the food and beverage industry has increased by average of 21% and 58% every year. These factors encouraged companies to produce plant-based products to meet the growing demand of vegan food products across the globe. As per the world obesity federation, more than 50% of the total population are likely to become overweight by 2035, which in turn of increases in the cases of obesity worldwide. This will increase the demand for weight management products, which will boost the plant based protein products as it helps in reducing weight.

Increasing use of plant-based proteins in bakery and confectionery items, desserts and convenience food products coupled with growing demand for cruelty free-ingredients are accelerating the growth of plants-based protein market. Moreover, increasing prevalence of lactose intolerance in worldwide and growing consumer preference for healthy food items like protein shakes and chia seeds, are boosting the demand for plant-based protein products. Plant based protein foods which are derived from soy, are excellent source of protein and minerals, however, many people are still hesitant to use soy-based products as it can cause allergic reactions. Soy protein contains significant amounts of phytic acid, which can block the absorption of minerals like zinc and calcium and allergy from soy can further lead to abdominal pain and bloating, are some of the factors, restricting its demand in the plant-based protein market.

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According to plant based protein market report, Isolates segment is projected to grow at a robust CAGR.

Isolates are gaining traction in the market as it is easily digestible, rich in protein and can help in reducing cholesterol levels and risks of heart diseases. In addition, increasing application of protein infant food, and dietary products such as protein powders and shakes, is augmenting the segment’s growth.

As per plant-based protein market research report, Feed segment is forecast to expand at a significant rate.

Growing demand for high-grade premixes like protein-based feeds, increasing awareness amongst pet owners about the benefits of plant-based feed and rising popularity of organic pet food ingredients, are driving the Feed plant-based protein market.

As per plant-based protein market report Pea segment is estimated to expand at fastest rate.

Pea protein is becoming more popular amongst athletes due to its low-fat and high-fiber content and it is easy digestibility. Pea protein is considered as a healthy source of protein and it more sustainable to grow as it can be stored and transported easily and requires less resources to be grow, as compared to animal-based proteins, which is boosting its adoption rate.

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Based on Region, North American region is expected to hold the largest plant based protein market share.

North American plant-based protein market is propelled by rising geriatric population, growing demand for plant-based foods and increasing adoption of vegan diets. Asia-Pacific plant-based protein market is driven by increasing prevalence of cardiovascular diseases, rising penetration of e-commerce and growing production of dry peas. In Countries like India and China, raw materials are easily available, and labour is cheap, which is encouraging plant based protein manufacturers to produce plant-based proteins in huge quantities in these countries.

Plant Based Protein Companies

Some of the major plant based protein suppliers are Cargill, Incorporated, Kerry Group, Wilmar International Limited, DowDuPont Inc., Archer Daniels Midland, Glanbia PLC, DSM, Roquette Freres, Emsland Group, and PURIS, among others.

Key Developments: 

• • In May 2022, BENEO, a major manufacturer of functional ingredients, completed the acquisition of Meatless BV. With this acquisition, company plans to expand its product portfolio to offer texturizing solutions for meat and fish alternative products to its customers.
  • In November 2021, DSM, a Dutch chemicals company announced that it has completed the acquisition of Vestkorn Milling, at a value of €65 million. This acquisition helped the company to expand its alternative protein business.
  • In June 2020, Cargill Corporation announced that it has launched a new plant-based protein brand PlantEver in China. Plant-based protein under the brand PlantEver is produced in the company’s manufacturing facilities in China and are specifically designed to meet the demand for alternative protein products in the country.
  • In June 2020, Kerry Group launched new nutritional plant protein offering, which are plant based and allergic free. These products contain protein from different plant sources like sunflower and pea.
  • In July 2020, Archer Daniels Midland, a major food processing company based out of United States entered into strategic partnership with Imagine Meats develop plant-based products in India. With this partnership company plans to strengthen its position in Indian market and then expand its presence in the markets like Canada, UAE and United States.
  • In July 2020, DSM entered into a joint venture with Avril to manufacture canola (rapeseed) proteins in the international markets.

Segments Covered in the report:

Global plant based protein market has been segmented on the basis of Type, Application, Source, Form, and regions. Based on Type, the market is segmented into Isolates, Concentrates, and Textured. Based on Application, the market is segmented into Food and Feed. Based on Source, the market is segmented into Soy, Pea, Wheat, and Others. Based on Form the market is segmented into Dry and Liquid. Based on Nature, market is segmented into conventional and organic.

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Market Segmentation

Global Plant-based Protein Market by Type

• • Isolates
  • Concentrates
  • Textured Protein

Global Plant-based Protein Market by Application

• • Feed
  • Food
    • Meat Alternatives
    • Dairy Alternatives
    • Bakery
    • Performance Nutrition
    • Convenience Foods
    • Others

Global Plant-based Protein Market by Source

• • Soy
  • Pea
  • Wheat
  • Others

Global Plant-based Protein Market by Form

• • Dry
  • Liquid

Global Plant-based Protein Market by Nature

• • Conventional
  • Organic

Global Plant-based Protein Market by Region

• • North America Plant-based Protein Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Source
    • By Form
    • By Nature
    • US Market All-Up
    • Canada Market All-Up
  • Europe Plant-based Protein Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Source
    • By Form
    • By Nature
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Plant-based Protein Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Source
    • By Form
    • By Nature
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Plant-based Protein Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Source
    • By Form
    • By Nature
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Plant-based Protein (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cargill, Incorporated
  • Kerry Group
  • Wilmar International Limited
  • DowDuPont Inc.
  • Archer Daniels Midland
  • Glanbia PLC
  • DSM
  • Roquette Freres
  • Emsland Group
  • PURIS