Market Overview:

The plant-based protein market size was USD 13.84 billion in 2022. Covid-19's impacts with the pandemic raising awareness of the link between diet and health, many consumers have been turning to plant-based proteins to improve their diets and boost their immune systems. Between 2023 and 2031, the market is projected to grow at a CAGR of 5.7%, from USD 14.62 billion in 2023 to USD 22.70 billion in 2031. The sudden rise in CAGR is attributed to this market growth returning to the pre-pandemic level once the pandemic is over.

Market Scope and Definition:

The plant-based protein market refers to the market for protein derived from plant sources, such as legumes, nuts, seeds, and grains. These plant-based proteins are used as an alternative to animal-based proteins, such as meat, dairy, and eggs. The plant-based protein market has been growing rapidly in recent years, driven by increasing consumer awareness of the health and environmental benefits of plant-based diets. Plant-based proteins are generally lower in saturated fats and cholesterol and are often considered to be a more sustainable and ethical choice than animal-based proteins.

The scope of the plant-based protein market includes the production, processing, and distribution of plant-based protein products. This market includes a wide range of plant-based protein sources, such as soy, pea, rice, wheat, and others. The market is influenced by various factors, including changing consumer preferences, growing concerns over health and wellness, and increasing awareness of the environmental impact of animal agriculture. The plant-based protein market is expected to continue to grow as more consumers seek out healthier and more sustainable food options. Several key players in the market are adopting strategies such as mergers, acquisition, partnerships, and collaboration for the expansion their product portfolio. For instance,

• In November, 2020, International Flavours & Fragrances Inc. has also recently acquired a company called B2B Natures, which specializes in natural ingredients and plant-based proteins. This acquisition has expanded International Flavours & Fragrances Inc. capabilities in the plant-based protein market and is expected to help the company meet the growing demand for natural and sustainable ingredients.

Market Drivers:

Rising Consumers Demand and Technological Advancements in the Food Industry Drives the Market Growth

The availability and variety of plant-based protein products have increased significantly, making them more accessible to consumers and expanding the market. The availability and variety of plant-based protein products have expanded beyond traditional options such as veggie burgers to include plant-based meat alternatives, dairy-free milk and cheese products, and even plant-based seafood alternatives. This increased variety has made plant-based diets more accessible and appealing to a wider range of consumers.

The Rise in Vegan and Flexitarian Diets is One of the Key Drivers of the Plant-Based Protein Market

Veganism is a lifestyle that excludes all animal products, while flexitarian is a semi-vegetarian diet that includes occasional meat consumption but focuses primarily on plant-based foods. There has been a significant increase in the number of people following a vegan or flexitarian diet, driven by concerns over health, animal welfare, and the environment. Plant-based protein products are seen as a healthier and more sustainable alternative to animal-based protein products, which has led to a surge in demand for plant-based options.

According to a report by Global Consumer Survey, in the overall U.S. population, around 5% of individual were vegan diets and nutrition consumers in 2022. In Europe, the number of vegans and vegetarians has also been on the rise, with Germany and the UK leading the trend. According to the Guardian Report in 2022, there were around 79 million individuals consumes vegan food. This is the major driving factor for the growth of the plant-based protein market.

Market Trends:

The Increase in Partnerships and Collaborations is a Significant Trend in the Plant-Based Protein Market

Companies in the plant-based protein market are increasingly collaborating with other companies, start-ups, and research institutions to improve product development, sourcing, and distribution. For example, major food companies have formed partnerships with plant-based protein startups to bring new products to market.

For example, in 2021, Beyond Meat announced a multi-year partnership with McDonald's to develop and offer plant-based products for the fast-food chain's menu. Similarly, Nestle has collaborated with several plant-based protein manufacturers to develop and launch a range of plant-based meat alternatives under its Garden Gourmet brand.

Additionally, plant-based protein manufacturers are also partnering with ingredient suppliers to develop new plant-based protein formulations with improved nutritional profiles and sensory characteristics. These partnerships and collaborations are expected to drive innovation in the plant-based protein market and offer a wider range of options for consumers.

Market Restraining Factors:

The Intense Competition from Animal-Based Products and High Expensive Price is a Restraining Factor in the Plant-Based Protein Market

While the demand for plant-based proteins is increasing, animal-based products such as meat and dairy still dominate the market. Many consumers still prefer animal-based products for their taste and texture, and the perceived health benefits of consuming meat and dairy. Additionally, animal-based products have a long-standing cultural and social significance in many societies, which can make it difficult for plant-based proteins to replace them entirely. This competition from animal-based products can make it challenging for plant-based protein manufacturers to gain market share and may slow down the growth of the plant-based protein market.

Plant-based proteins can often be more expensive than their animal-based counterparts due to the cost of sourcing, processing, and formulating plant-based ingredients. This can make it challenging for plant-based protein manufacturers to compete with animal-based products in terms of price.

Key Players Strategies in the Market:

• In 2020, Archer Daniels Midland Company (ADM) the company announced the opening of a new research lab in Singapore to develop new plant-based protein ingredients and formulations. Archer Daniels Midland Company (ADM) has been investing in R&D to improve the taste, texture, and nutritional value of its plant-based protein products.
• In 2020, Fuji Oil Holdings Inc. announced a joint venture with Burcon NutraScience Corporation, a leader in plant-based protein ingredients, to develop and manufacture plant-based proteins for the global market. The joint venture is expected to utilize Burcon's proprietary extraction and purification technology to produce high-quality plant-based proteins.
• Südzucker company is expanding its plant-based protein production capacity. In 2021, the company announced plans to build a new production plant for plant-based protein in Europe, which will have a capacity of 20,000 tons per year.
• In 2020, Crespel & Deiters GmbH & Co. KG the company opened a new production facility in Germany to produce textured wheat proteins. The company has been expanding its production facilities to increase its production capacity and meet the growing demand for plant-based proteins.

Plant-Based Protein Market Players Analysis:

• Crespel & Deiters GmbH & Co. KG
• Südzucker
• Fuji Oil Holdings Inc.
• Archer Daniels Midland Company (ADM)
• Kerry Group PLC
• Glanbia plc
• AMCO Proteins
• Quest Nutrition
• NOW Foods
• The Bountiful Company
• MusclePharm Corporation
• Abbott Laboratories
• IOVATE Health Sciences International, Inc.
• Transparent Labs
• WOODBOLT DISTRIBUTION LLC
• A&B Ingredients
• Prolupin GmbH
• Now Health Group Inc
• Others

Plant-Based Protein Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2023-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Key Industry Developments:

• In July 2022: BENEO, a functional ingredient manufacturer, showcased its new fava bean protein concentrate at the IFT FIRST Annual Event and Expo 2022 in Chicago, USA. The event was themed "Rooted in Nature - the Power of Plants" With its mild taste, excellent amino acid profile, high solubility and emulsifying properties, the company believes its fava bean ingredients are suitable substitutes for animal or soy protein.
• In May 2022: BENEO, a subsidiary of Suedzucker, has entered into a purchase agreement to acquire Meatless BV, a manufacturer of functional ingredients. With the acquisition, BENEO expands its existing product offering to provide an even broader range of texturizing solutions for meat and fish alternatives.
• In November 2021, Burcon NutraScience Corporation, a Canadian-based company engaged in the research and development of plant protein extraction processes and purification technologies, announced its joint venture JV partner Merit Functional Foods to build a new facility in Winnipeg, Manitoba, with approximately 94,000 square feet of space.

Plant-Based Protein Market Segmentation Analysis:

The market scope is segmented on the basis of by source, by type, by application and by region.

By Source Analysis

Based on the source the market is segmented into pea, soy, wheat, quinoa, oats, beans and others.

Soy: The soy protein segment has been the largest in terms of market share in 2022. This is owing to the widespread use of soybeans in plant-based meat alternatives, dairy alternatives, and nutritional supplements.

Pea: The highest CAGR segment in the plant-based protein market is the pea protein segment.

By Type

Based on the type of the market is segmented into concentrates, protein floor, isolates.

Concentrates: The concentrates segment is one of the fastest-growing segments in the plant-based protein market. Plant protein concentrates are obtained through the removal of non-protein components such as fiber, fat, and ash from protein-rich plant sources.

Isolates: Isolates segment is a significant and growing segment in the plant-based protein market. Isolates are protein powders that are highly processed to remove almost all other components except protein.

By Application

Based on application the market is segmented into Nutrition supplements, poultry, and seafood, Bakery products, Convenience food, Protein beverages, Dairy alternatives, Meat alternatives, Protein bars, Sports nutrition.

Nutrition Supplements: The nutrition supplements segment is expected to have the highest CAGR (Compound Annual Growth Rate) in the plant-based protein market. This can be attributed to the increasing health and fitness consciousness among consumers, along with the growing trend of veganism and vegetarianism.

Dairy Alternatives: Dairy alternatives are one of the highest market share segments in the plant-based protein market. This includes plant-based milk, yogurt, cheese, and other dairy substitutes made from sources such as soy, almond, coconut, and oats.

Regional Snapshots:

North America: In North America, the plant-based protein market has experienced significant growth due to the increasing demand for plant-based food products, growing health awareness, and rising vegan and flexitarian diets. The U.S. dominates the market in the region, accounting for a significant share of the market, followed by Canada.

Europe: Europe is a significant market for plant-based proteins, with countries like Germany, France, and the United Kingdom leading the demand. The market is driven by factors such as an increase in vegan and flexitarian diets, health concerns, and environmental sustainability.

Asia-Pacific: The Asia Pacific region is expected to be the fastest-growing market for plant-based proteins due to the increasing adoption of veganism and vegetarianism, rising disposable incomes, and growing awareness about the health benefits of plant-based proteins.

Middle East and Africa: The Middle East and Africa (MEA) region is still in the early stages of adopting plant-based diets and is currently a small market for plant-based protein products. However, there is a growing interest in health and wellness, sustainability, and ethical considerations among consumers in the region, which is driving the demand for plant-based protein products.

Global Plant-Based Protein Market Regional Analysis:

North America accounted for the highest xx% market share in terms of revenue in the Plant-Based Protein market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Plant-Based Protein. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Plant-Based Protein companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Plant-Based Protein Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Plant-Based Protein Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Report Coverage:

The report will cover the qualitative and quantitative data on the global plant-based protein market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Points Covered in the Report:

The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.

The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.

The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.

Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.

The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

To gain insightful analyses of the Plant-Based Protein market and have comprehensive understanding of the global market and its commercial landscape.

Assess the production processes, major issues, and solutions to mitigate the development risk.

To understand the most affecting driving and restraining forces in the market and its impact in the global market.

Learn about the Plant-Based Protein market strategies that are being adopted by leading respective organizations.

To understand the future outlook and prospects for the Plant-Based Protein market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Plant-Based Protein Market:

• Historic year: 2018- 2021
• Base year: 2022
• Forecast: 2023 to 2031
• Representation of Market revenue in USD Million

Plant-Based Protein Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: