REDDING, Calif., May 9, 2024 /PRNewswire/ -- According to a new market research report titled, 'Plant-based Proteins Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins, Potato Proteins), Form (Solid, Liquid), Source Process (Conventional, Organic), and Application (Food and Beverage, Animal Feed, Nutritional Supplements)-Global Forecast to 2031, the plant-based proteins market is projected to reach $26.45 billion by 2031, at a CAGR of 8.4% during the forecast period 2024-2031.
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Consumer interest in boosting their protein intake is increasing, with more attention being paid to specific types of protein being consumed. With increasing world population and welfare, the demand for protein as a food-nutritional component is rising sharply. The high protein trend is gaining traction and will continue to evoke interest in the coming years. Consumers have become more aware of the benefits of protein in supporting an active lifestyle. The desire for clean labels, ease of digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan lifestyles, and concerns about sustainability among the general population are putting the spotlight on plant proteins. Consumer notions of what constitutes a good protein source are expanding to include a wider variety of plant protein ingredients. Subsequently, interest in plant protein ingredients among food manufacturers and food service operators is intensifying, fueling the growth of the global plant-based protein market.
In recent years, the global plant-based proteins market has witnessed several product launches, expansions, mergers & acquisitions, partnerships, agreements, and collaborations. The key players operating in the global plant-based proteins market are Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances, Inc. (IFF) (U.S.), Now Health Group, Inc. (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), AMCO Protein (U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (A Part of Südzucker AG) (Germany), Glico Nutrition Co., Ltd (Japan), Glanbia Plc (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest-Tallman Foods Corporation (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Wilmar International (Singapore), and CHS Inc. (U.S.).
The global plant-based proteins market is segmented by type, form, source process, application, and geography.
Among all the plant-based protein types studied, in 2024, the soy proteins segment is expected to account for the largest share of 55% of the plant-based proteins market. However, the pea proteins segment is expected to record the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its nutritional qualities and its allergen-free, gluten-free, and lactose-free properties.
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Among all the forms studied in the report, in 2024, the solid segment is expected to account for the larger share of the global plant-based proteins market. The large market share of this segment is attributed to the increasing demand for powdered plant-based protein due to its benefits, such as ease of handling and transport, comparatively lower costs, low chances of formulation errors, and ingredient stability. This segment is also expected to register the highest CAGR during the forecast period.
Among all the source processes studied in the report, in 2024, the conventional plant-based protein ingredients segment is expected to account for the larger share of 97% of the plant-based proteins market. The large market share of this segment is attributed to the widespread availability of crops cultivated through traditional harvesting methods (utilizing chemical fertilizers), the easy accessibility to cost-effective conventional plant-based protein ingredients, the extended shelf life of these proteins, and the availability of a diverse range of crop varieties. However, the organic plant-based protein ingredients segment is expected to register the highest CAGR during the forecast period.
Among all the applications studied in the report, in 2024, the food & beverage segment is expected to account for the largest share of 61% of the plant-based proteins market. The large market share of this segment is mainly attributed to increasing consumer preference for plant-based foods and ingredients, growing awareness and demand for protein-rich food products, plant-based proteins' versatile functionality and compatibility with vegetarian and vegan lifestyles, and the rising clean-label trend. The plant-based protein market for food & beverage is further segmented into meat, poultry, and seafood; bakery; meat analogs; dairy alternatives; cereal & snacks; beverages; and other applications (confectionery, infant food, fermented food, and frozen food). In 2024, the meat, poultry, and seafood segment is expected to account for the largest share of the plant-based proteins market for food & beverage.
However, the nutrition & health supplements segment is expected to record a CAGR during the forecast period of 2024-2031. The rapid growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, and the increasing prevalence of diseases.
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Geographically, the global plant-based proteins market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 41% of the plant-based proteins market. The North America plant-based proteins market is estimated to be worth USD 6.16 billion in 2024. The leading position of this region is primarily attributed to the well-established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, and increasing demand for healthy & nutritional products & health & wellness trends.
However, the Asia-Pacific plant-based proteins market is expected to record the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the increasing protein-rich diet awareness, increasing health consciousness, booming food & beverage industry, growing economy, rapid urbanization, and a large vegan population.
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Scope of the Report:
Plant-based Proteins Market Assessment-by Type
- Soy Proteins
- Soy Protein Concentrate
- Soy Protein Isolate
- Textured Soy Protein
- Other Soy Proteins
- Wheat Proteins
- Vital Wheat Gluten
- Wheat Protein Isolate
- Hydrolyzed Wheat Protein
- Textured Wheat Protein
- Pea Proteins
- Yellow Pea Proteins
- Yellow Pea Protein Isolate
- Yellow Pea Protein Concentrate
- Textured Yellow Pea Protein
- Yellow Pea Protein Hydrolysate
- Yellow Pea Flour
- Other Yellow Pea Protein Types
- Green Pea Proteins
- Green Pea Protein Isolate
- Green Pea Protein Concentrate
- Textured Green Pea Protein
- Green Pea Protein Hydrolysate
- Green Pea Flour
- Other Green Pea Protein Types
- Yellow Pea Proteins
- Canola Proteins
- Canola Protein Isolate
- Canola Protein Concentrate
- Other Canola Proteins
- Potato Proteins
- Potato Protein Concentrate
- Potato Protein Isolate
- Rice Proteins
- Rice Protein Isolate
- Rice Protein Concentrate
- Rice Protein Hydrolysate
- Corn Proteins
- Corn Protein Isolate
- Corn Protein Concentrate
- Corn Protein Hydrolysate
- Other plant-based proteins
Plant-based Proteins Market Assessment-by Form
- Solid (Dry)
- Liquid
Plant-based Proteins Market Assessment-by Source Process
- Conventional Plant-based Protein Ingredients
- Organic Plant-based Protein Ingredients
Plant-based Proteins Market Assessment-by Application
- Food & Beverage
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Other Plant Protein-based Applications
Plant-based Proteins Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
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