CHICAGO, May 30, 2024 /PRNewswire/ -- The Plant-based Protein Market is estimated at USD 14.2 billion in 2024 and is projected to reach USD 20.5 billion by 2029, at a CAGR of 8.1% from 2024 to 2029 according to a report published by MarketsandMarkets. The plant-based protein market has seen exponential growth in recent years, fueled by increasing consumer awareness of health, environmental sustainability, and ethical concerns regarding animal agriculture. This market encompasses a wide range of products derived from sources like soy, pea, wheat, rice, and other plant-based sources, providing alternatives to traditional animal-derived proteins. With the rise of flexitarian, vegetarian, and vegan diets, there has been a surge in demand for plant-based protein products across various categories, including meat substitutes, dairy alternatives, snacks, and beverages.
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One significant driver of growth in the plant-based protein market is the expanding availability and variety of plant-based products, catering to diverse consumer preferences and dietary requirements. Major food companies, as well as startups, are investing in research and development to innovate new plant-based formulations that mimic the taste, texture, and nutritional profile of animal-derived proteins. Additionally, partnerships and collaborations between food manufacturers, retailers, and foodservice providers have facilitated the mainstream adoption of plant-based products, making them more accessible to consumers worldwide.
Moreover, the plant-based protein market is witnessing increasing investment from venture capitalists and food industry giants, indicating confidence in its long-term growth prospects. This investment influx has led to the scaling up of production capacities, technological advancements in ingredient sourcing and processing, and aggressive marketing campaigns to promote plant-based products. As consumers continue to prioritize health, sustainability, and ethical considerations in their food choices, the plant-based protein market is poised to expand further, presenting lucrative opportunities for companies operating in this space.
The dry sub-category is projected to hold the leading position within the form sector of the plant-based protein market.
Between 2024 and 2029, the dry segment is anticipated to lead the plant-based protein market. Dry protein processing, involving dry milling and air classification, is widely regarded as a more environmentally sustainable method compared to wet processing. This sustainability advantage arises from the absence of water addition, eliminating the energy-intensive hydration process. Additionally, dry processing preserves the natural functionality of protein components and avoids direct exposure to chemicals. Typically applied in legumes and grains processing, dry processing separates smaller protein-rich fragments from larger granules containing starch or fiber after milling through air classification.
Dry processing plays a crucial role in producing protein ingredients for various food products, including plant-based foods, meat alternatives, breakfast cereals, and baked goods. Notably, the demand for plant-based food options has propelled significant growth in dry processing for plant-based protein in recent years. This method yields protein ingredients suitable for a wide array of food applications, spanning plant-based foods, meat substitutes, breakfast cereals, and bakery items.
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Pea sub-source is estimated to be the fastest source segment in the plant-based protein market during the forecasted period 2024-2029.
In recent years, there has been a significant uptick in the popularity of pea protein within the plant-based protein sector, attributed to changing consumer preferences away from conventional sources like soy. Derived from yellow split peas, pea protein is available in three primary forms: pea protein isolate, pea protein concentrate, and textured pea protein. Pea protein isolate, boasting a high protein concentration, is obtained through wet fractionation, while pea protein concentrates, featuring a lower protein content, are acquired through dry fractionation. Textured pea protein finds extensive application in various food items, particularly in plant-based meat substitutes. Key industry players such as Roquette Frères and Ingredion have been expanding their production capacities and introducing novel pea protein products to cater to the escalating demand. For instance, in February 2023, Roquette Frères augmented its Nutrahs plant protein portfolio by launching four new pea protein ingredients, encompassing isolates, hydrolysates, and textured variants. These versatile pea proteins are engineered to tackle formulation hurdles in plant-based foods and high-protein nutritional items, opening avenues for innovation across segments like nutritional bars, protein beverages, and plant-based alternatives to meat and dairy products.
The North American region is estimated to dominate the plant-based protein market.
The increasing desire for plant-based proteins in North America stems from various factors reflecting changing consumer tastes, heightened environmental awareness, increased health consciousness, and recognition of the benefits of plant-focused diets. Particularly, health-conscious individuals in the region are favoring plant-based proteins over animal products due to their reduced saturated fat and cholesterol levels. Additionally, rising concerns regarding the environmental repercussions of animal farming, including deforestation, greenhouse gas emissions, and water usage, have prompted consumers to see plant-based proteins as a more sustainable and environmentally friendly option.
In March 2023, ADM (US) and Air Protein Inc (US) forged a Strategic Development Agreement (SDA) to collaborate on advancing new protein sources for nutrition. Air Protein specializes in producing air-based protein without the need for agriculture or farmland, reducing traditional supply chain risks. This partnership combines ADM's expertise in nutrition, formulation, and research with Air Protein's innovative landless agriculture platform to scale up cost-effective protein ingredients for meat substitutes. It includes plans to build and operate the world's first commercial-scale Air Protein plant. ADM's investment in Air Protein, along with other partners, has facilitated the development of Air Protein's technology, including its Bay Area Air Farm. The agreement underscores both companies' commitment to sustainable food systems and meeting the protein demands of a growing global population.
Key Market Players in this include Tate & Lyle PLC (London), Kerry Group PLC (Ireland), DSM Firmenich (Switzerland, ADM (US), Cargill Incorporated (US), International Flavors & Fragrances Inc. (US), Ingredion (US), Roquette Frères (France), Wilmar International Ltd. (Singapore), Glanbia plc (Ireland), Kerry Group PLC (Ireland), DSM-Firmenich (Switzerland), AGT Food and Ingredients (Canada), Burcon NutraScience Corporation (Canada), Emsland Group (Germany), PURIS (US), COSUCRA (Belgium), Tate & Lyle (UK).
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