Global Plant Based Protein Market Size Likely to Surpass at a CAGR of 5.4% By 2033

Global Plant Based Protein Market size was valued at USD 14.84 Billion in 2024 and is expected to reach USD 23.82 Billion by 2033, at a CAGR of 5.4% during the forecast period 2024 – 2033.

Plant-based Protein Market: Overview

The Plant Based Protein Market has seen significant growth in recent years, driven by various factors such as increasing health consciousness among consumers, environmental sustainability concerns, and advancements in food technology. Plant-based proteins, derived from sources like soy, wheat, pea, rice, and potatoes, offer nutritional benefits and are being increasingly adopted as healthier alternatives to animal-based proteins.

One of the key drivers for the plant-based protein market is the growing awareness of health and wellness among consumers. With rising concerns about chronic diseases like obesity and heart ailments, individuals are seeking healthier dietary options.

Plant-based proteins, with their lower saturated fat content, reduced cholesterol levels, and higher fiber content, are perceived as healthier alternatives to animal-based proteins. Endorsements from organizations like the World Health Organization and the American Heart Association further reinforce the benefits of plant-based diets in reducing the risk of diseases.

Environmental sustainability concerns also drive the growth of the plant-based protein market. Livestock farming, a major source of animal-based proteins, contributes significantly to greenhouse gas emissions, deforestation, and water pollution. As awareness about these environmental impacts increases, consumers are shifting towards plant-based diets as a more sustainable alternative. Initiatives like the Paris Agreement and Sustainable Development Goals further promote sustainable food systems, driving the adoption of plant-based proteins.

However, the market faces some challenges, including cost barriers and taste and texture concerns. Plant-based products often come with a higher price tag compared to animal-based counterparts due to factors like production processes and availability of raw materials. This cost differential may deter price-conscious consumers, especially in regions with lower purchasing power.

Additionally, taste and texture challenges associated with plant-based meat substitutes pose a barrier to mainstream adoption. Despite advancements in food technology, achieving an exact replication of meat’s taste and texture remains a challenge.

Despite these challenges, there are ample opportunities for market growth. Increasing health and wellness trends drive demand for plant-based protein sources as healthier alternatives to animal products. Concerns about obesity and other health issues related to excessive meat consumption propel this shift towards plant-based diets. Furthermore, innovation and product development in food technology have led to a diverse range of plant-based protein products that closely mimic the taste, texture, and nutritional profile of meat and dairy products.

Expansion in retail and food service channels also contributes to market growth. Major food retailers and restaurant chains are incorporating plant-based options into their menus to cater to the rising demand from vegan, vegetarian, and flexitarian consumers. This expanding availability of plant-based protein products in retail stores and food service outlets indicates significant opportunities for market expansion.

Regionally, North America leads the plant-based protein market, driven by factors like health consciousness, environmental concerns, and dietary preferences. The region benefits from a mature market infrastructure, robust distribution networks, and supportive regulatory environments. Additionally, initiatives promoting sustainability and animal welfare further fuel market growth in North America.

In terms of market segmentation, plant-based protein products are categorized based on product type, application, form, and distribution channels. Soy protein holds the highest market share among product types, followed by pea protein, which has experienced rapid growth in recent years. In applications, food and beverages represent the largest market segment, with meat alternatives witnessing significant growth due to the rising demand for plant-based protein sources.

Isolates are the most preferred form of plant-based protein, known for their purity and versatility in formulation. Hypermarkets and supermarkets are the leading distribution channels for plant-based protein products, offering convenience and accessibility to a wide consumer base.

Report Scope

CMI has comprehensively analyzed Plant-based Protein market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Plant-based Protein industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players ate studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, the Report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships, and emerging business models.

List of the prominent players in the Plant Based Protein Market:

• ADM
• AGT Food & Ingredients Inc.
• AMCO Proteins
• Aminola
• Archer Daniels Midland Co.
• Australian Plant Proteins Pty Ltd
• Axiom Foods Inc
• BENEO GmbH
• Burcon Nutrascience Corporation
• Cargill Incorporation
• CHS Inc.
• Corbion Tate & Lyle Plc.
• COSUCRA
• DSM
• I. du Pont de Nemours & Co.
• Emsland Group
• ETChem
• European Protein A/S
• Glanbia Plc.
• Ingredion Inc.
• International Flavors & Fragrances Inc.
• Kerry Group PLC
• MycoTechnology
• Now Food
• Nutraferma Inc.
• PURIS
• ROEON
• Roquette Freres
• Royal Avebe UA
• Shandong Jianyuan group
• SOTEXPRO
• Tate & Lyle
• The Green Labs LLC.
• Wilmar International Ltd.
• Others

These key players are adopting various organic and inorganic growth strategies such as M&A, joint ventures, collaborations, strategic alliances, expansion, and new product launches among others to increase their revenues and business operations.

The Plant Based Protein Market is segmented as follows:

By Product Type

• Soy Protein
• Wheat Protein
• Pea Protein
• Rice Protein
• Potato Protein
• Corn Protein
• Others (Quinoa, Hemp, Chia, etc.)

By Application

• Food & beverages
• Meat Alternatives
• Dairy Alternatives
• Bakery Products
• Performance Nutrition
• Convenience Foods
• Animal Feed
• Other

By Form

• Isolates
• Concentrates
• Textured
• Others (Flour, Protein Crisps, etc.)

By Distribution Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Online Retail
• Specialty Stores
• Others (Health Stores, Pharmacies, etc.)

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America