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Global Plant Based Protein Market – Industry Trends and Forecast to 2031

Food & Beverage

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Global Plant Based Protein Market – Industry Trends and Forecast to 2031

  • Food & Beverage
  • Upcoming Report
  • Mar 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Plant Based Protein Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 12.24 USD Billion
Diagram Market Size (Forecast Year) USD 20.10 USD Billion
Diagram CAGR %

Major Markets Players

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Global Plant Based Protein Market , By Source (Soy Protein, Wheat Protein, Pea Protein, Canola Protein, Potato Protein, Rice Protein, Corn Protein, Oat Protein, Flaxseeds Protein, Hemp Protein, Quinoa Protein, Chia Protein and Others), Protein Concentration (Concentrate, Isolate and Hydrolysate),  Level Of Hydrolisation (Intact, Mildly Hydrolized, and Strongly Hydrolized), Nature (Organic and Conventional), Form (Dry and Liquid), Function (Solubility, Gelation, Emulsification, Water Binding, Foaming and Others), End User (Nutritional Products, Bakery, Ready-to-Eat, Snacks and Cereals, Dairy, Confectionary and Dessert, Convenience Food, Beverages, Animal Feed, and Others) – Industry Trends and Forecast to 2031.

Plant Based Protein Market

Plant Based Protein Market Analysis and Size

The plant-based protein market is majorly used in the food and beverage industry, where plant-based proteins are increasingly used as key ingredients in a variety of products. These proteins serve as alternatives to animal-based proteins, catering to the growing demand for plant-based and vegetarian/vegan diets. They are utilized in the formulation of plant-based meat substitutes, dairy alternatives, protein bars, and other functional food and beverage products.

Data Bridge Market Research analyses the global plant based protein market, which was USD 12.24 billion in 2023, is expected to reach USD 20.10 billion by 2031, at a CAGR of  6.40% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation      

Report Metric

Details

Forecast Period

2024-2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Source (Soy Protein, Wheat Protein, Pea Protein, Canola Protein, Potato Protein, Rice Protein, Corn Protein, Oat Protein, Flaxseeds Protein, Hemp Protein, Quinoa Protein, Chia Protein and Others), Protein Concentration (Concentrate, Isolate and Hydrolysate),  Level Of Hydrolisation (Intact, Mildly Hydrolized, and Strongly Hydrolized), Nature (Organic and Conventional), Form (Dry and Liquid), Function (Solubility, Gelation, Emulsification, Water Binding, Foaming and Others), End User (Nutritional Products, Bakery, Ready-to-Eat, Snacks and Cereals, Dairy, Confectionary and Dessert, Convenience Food, Beverages, Animal Feed, and Others)

Countries Covered

U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)

Market Players Covered

DSM (Netherlands), SOTEXPRO (France), Batory Foods (U.S.), Glanbia plc (Ireland), AGT Food and Ingredients (Canada), Axiom Foods, Inc (U.S.), Yantai Shuangta Food co. LTD (China), ADM (U.S.), Wilmar International Ltd (Singapore), COSCURA (Austria), Emsland-Stärke Limited Liability Company(Germany), Cargill, Incorporated (U.S.), DuPont (U.S.), Ingredion Incorporated (U.S.), Roquette Frères (France), ETChem (Taiwan), The Green Labs LLC (U.S.), Shandong Jianyuan group (China)

Market Opportunities

  • Technological Advancements Provides Enhanced quality Products
  • Market Expansion through Retail and E-commerce Channels

Market Definition

Plant-based protein refers to protein derived from plants, such as legumes, grains, nuts, seeds, and vegetables. Unsuch as animal-based protein sources, plant-based proteins are free from animal products and often contain essential nutrients, fiber, and antioxidants. Common examples Plant-based products include tofu, lentils, quinoa, and pea protein. Choosing plant-based protein can be a sustainable and ethical dietary choice, while also offering various health benefits.

Global Plant Based Protein Market Dynamics

Drivers

  • Growing Health Awareness Increases Demand to Reduce the Risk of Chronic Diseases  

Consumers are increasingly adopting plant-based diets due to perceived health benefits, including reduced risk of chronic diseases, weight management, and improved well-being. This trend is driven by a desire for cleaner and sustainable food options, fostering the demand for plant-based protein products.

  • Environmental Sustainability Concerns among the Consumers

With concerns about climate change and the environmental impact of conventional animal agriculture, consumers are seeking sustainable alternatives. Plant-based proteins, derived from crops with lower environmental footprints, are seen as a more eco-friendly option, attracting consumers looking to align their dietary choices with environmental conservation goals. This sustainability-driven demand is encouraging innovation and investment in the plant-based protein industry.

Opportunities

  • Technological Advancements Provides Enhanced Quality Plant-Based Products

Ongoing advancements in food technology and innovation in plant-based protein sources present a significant opportunity for the market. Improved taste, texture, and nutritional profiles of plant-based protein products are attracting a broader consumer base. Companies investing in research and development to enhance the quality and variety of plant-based protein offerings are such asexpected to capture a larger market share in the evolving landscape.

  • Market Expansion through E-commerce Channels Drives Increased Sales

E-commerce platforms offer a convenient and accessible avenue for consumers to explore and purchase plant-based protein products, thereby expanding market reach. This trend aligns with the growing consumer preference for online shopping, providing plant-based protein manufacturers with an opportunity to tap into a broader customer base. The digital marketplace allows for effective marketing strategies, brand visibility, and direct-to-consumer sales, fostering growth and establishing a robust presence in the global market. .

Restraints/Challenges

  • Cost of Raw Materials Leads to Potential Disruptions in the Supply Chain

Many plant-based protein sources require specific crops or ingredients for production, and fluctuations in the availability or pricing of these raw materials can impact the cost structure. Factors such as adverse weather conditions, agricultural challenges, or increased demand for specific crops may contribute to volatility in raw material costs, creating uncertainties for manufacturers. This instability can potentially hinder the market's growth by affecting product pricing, profitability, and the ability to maintain a consistent and reliable supply of plant-based protein products.

  • Inferior Taste or Texture Hinders Consumer Acceptance and Adoption

Consumers, accustomed to the familiar taste and texture of animal-derived proteins, may find certain plant-based alternatives lacking in sensory appeal. The challenge lies in replicating the mouthfeel, juiciness, and flavor complexity of traditional meat products. This hurdle hinders widespread consumer acceptance and adoption of plant-based proteins, as individuals may be hesitant to make a permanent shift due to sensory dissatisfaction.

This global plant based protein market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global plant based protein market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In July 2023, Burcon NutraScience Corporation and HPS Food and Ingredients Inc. marked a milestone with the release of the first high-purity, soluble hempseed protein isolate, contributing to advancements in plant-based protein production
  • In December 2022, Royal DSM introduced Vertis Textured Pea Canola Protein, a dairy-free, gluten-free, and soy-free option with optimal amino acid composition, providing a unique textured vegetable protein with comprehensive nutritional benefits
  • In April 2022, Cargill expanded its Radipure pea protein offerings to the Middle East, Turkey, Africa, and India, addressing the escalating demand for pea protein as a preferred alternative protein source in these regions
  • In March 2022, Mighty Foods tailored plant-based protein products for the Indian market, offering a diverse range of easy-to-cook dishes such as grilled plant fish, seekh kebab, and galauti kebab to cater to the specific dietary preferences of Indian consumers
  • In July 2021, ADM acquired Sojaprotein (Serbia), bolstering its plant-based protein production capabilities and strategically positioning itself to meet the increasing global demand for plant-based proteins

Global Plant Based Protein Market Scope

The global plant based protein market is segmented on the basis of source, protein concentration, level of hydrolisation, form, nature, function and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Source

Protein Concentration

  • Concentrate
  • Isolate
  • Hydrolysate

Level of Hydrolisation

  • Intact
  • Mildly Hydrolized
  • Strongly Hydrolized

Form

  • Dry
  • Liquid

Nature

  • Organic
  • Conventional

Function

  • Solubility
  • Gelation
  • Emulsification
  • Water Binding
  • Foaming
  • Others

End User  

  • Nutritional Products
    • Sports Nutrition
    • Medical Nutrition
    • Infant Nutrition
  • Bakery
  • Ready-to-Eat
  • Snacks and Cereals
  • Dairy
  • Confectionary and Dessert
  • Convenience Food
  • Beverages
  • Animal Feed
  • Others

Global Plant Based Protein Market Regional Analysis/Insights

The global plant based protein market is analysed and market size insights and trends are provided by country, source, protein concentration, level of hydrolisation, form, nature, function and end user as referenced above.

The countries covered in the global plant based protein market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the global plant-based protein market driven by a robust demand for organic and nutritious food, coupled with a focus on health and wellness. The region's preference for plant-based alternatives is fueled by the recognized benefits of high protein content, contributing to the reduction of cholesterol levels and aligning with the growing trend of health-conscious consumer choices.

Europe is expected to experience rapid growth in the global plant-based protein market due to the increasing awareness and adoption of plant-based diets in the region, driven by the perceived benefits such as weight loss promotion and reduction of cardiovascular diseases. The growing health-conscious consumer base in Europe is such asly to drive the demand for plant-based protein products, contributing to the market's accelerated expansion during the forecast period.

The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Plant Based Protein Market Share Analysis

The global plant based protein market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global plant based protein market.

Some of the major players operating in the global plant based protein market are:

  • DSM (Netherlands)
  • SOTEXPRO (France)
  • Batory Foods (U.S.)
  • Glanbia plc (Ireland)
  • AGT Food and Ingredients (Canada)
  • Axiom Foods, Inc (U.S.)
  • Yantai Shuangta Food co. LTD (China)
  • ADM (U.S.)
  • Wilmar International Ltd (Singapore)
  • COSCURA (Austria)
  • Emsland-Stärke Limited Liability Company(Germany)
  • Cargill, Incorporated (U.S.)
  • DuPont (U.S.)
  • Ingredion Incorporated (U.S.)
  • Roquette Frères (France)
  • ETChem (Taiwan)
  • The Green Labs LLC (U.S.)
  • Shandong Jianyuan group (China)


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FREQUENTLY ASK QUESTIONS

Increased number of health conscious consumers, rise in population with lactose intolerant consumers & increase in awareness about the benefits of plant based proteins are the growth drivers of the plant based protein market.
Source, protein concentration, level of hydrolisation, form, nature, function and application are the factors on which the plant based protein market research is based.
Major companies in the plant based protein market are DSM (Netherlands), Sotexpro (France), Batory Foods (U.S.), Glanbia Plc (Ireland), AGT Food and Ingredients (Canada), Axiom Foods, Inc (U.S.), Prolupin GmbH (Germany), Yantai Shuangta Food co. LTD (China), ADM (U.S.), Wilmar International Ltd (Singapore), COSCURA (Austria), Emsland Group (Germany), Cargill, Incorporated (U.S.), DuPont (U.S.), Ingredion Incorporated (U.S.), Roquette Frères (France), ET CHEM (Taiwan), The Green Labs LLC (U.S.), and Shandong Jianyuan group (China)
The Plant Based Protein Market growth rate is 6.40% by 2031 during the forecast period.
The Plant Based Protein Market size will be worth USD 20.10 billion by 2031 during the forecast period.
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