Dublin, June 24, 2024 (GLOBE NEWSWIRE) -- The "Global Plant-based Protein Market by Source (Soy, Wheat, Pea, Canola Oats, Rice & Potato, Beans & Seeds, Fermented Protein), Type (Concentrates, Isolates, Textured), Form (Dry, Liquid), Nature (Conventional, Organic), Application - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global market for plant-based protein is estimated to be valued at USD 14.2 billion in 2024 and is projected to reach USD 20.5 billion by 2029, at a CAGR of 8.1% during the forecast period.
This research report categorizes the plant-based protein market by Source (soy, wheat, pea, oats, canola rice & potato, beans & seeds, fermented protein, and other sources), by Type (concentrates, isolates, textured), by Form (dry, liquid), by Nature (conventional, organic), by application (food & beverages, feed) and by region (North America, Europe, Asia Pacific, South America, RoW).
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the plant-based protein market. A detailed analysis of the key industry players has been done to provide insights into their business overview, services, key strategies, contracts, partnerships, and agreements. New service launches, mergers and acquisitions, and recent developments associated with the plant-based protein market. Competitive analysis of upcoming startups in the plant-based protein market ecosystem is covered in this report.
The surge in demand for plant-based protein is driven by several key factors, notably the increasing consumer preference for natural and clean-label ingredients in food and beverages. As individuals prioritize health, there's a growing desire for products perceived as natural and nutritious. Plant-based proteins derived from sources such as soy, peas, and lentils align perfectly with this trend. Not only do they serve as natural additives, but they also offer functional benefits, making them appealing for incorporation into a diverse range of food and beverage offerings.
Moreover, there's a heightened awareness and adoption of plant-based diets among consumers, emphasizing the importance of protein-rich plant sources. Plant-based protein diets are recognized for their various health advantages, including enhanced weight management, better digestive health, and a reduced risk of chronic ailments like heart disease and diabetes. Plant-based proteins, such as those derived from legumes, nuts, and seeds, fulfill this need while also offering sustainable and ethical alternatives to animal-based proteins, further driving their popularity in the market.
The conventional segment is projected to dominate the market in the nature segment during the forecast period.
Plant-based protein has gained immense popularity in today's market, with an increasing number of consumers turning away from animal-derived protein sources in favor of plant-based alternatives. This shift has sparked a surge in demand for plant-based protein products. Notably, conventional crops generally boast slightly higher protein levels compared to organic crops, attributed to the use of fertilizers, pesticides, and other synthetic chemicals in conventional farming practices. Consequently, conventional plant-based protein sources are better equipped to meet the rising demand for such products.
Consumers have voiced concerns regarding health issues and allergic reactions associated with soy and wheat, prompting manufacturers of plant-based protein to innovate their offerings. In January 2022, NuCiser, a US-based company, unveiled a range of chickpea protein products as a more sustainable and economically viable substitute for traditional plant-based proteins. These products are characterized by their high protein content and gluten-free nature. The company spokesperson emphasized their objective to position chickpea protein as a compelling alternative to conventional sources like soy, wheat, and peas.
As the demand for plant-based protein continues to soar, companies are increasingly investing in research and development to diversify their product offerings and address consumer preferences and concerns. Beyond chickpeas, other novel plant sources such as hemp, algae, and quinoa are gaining traction for their nutritional benefits and sustainability credentials. Moreover, advancements in food technology are enabling the creation of plant-based protein products with improved taste, texture, and functionality, further driving consumer acceptance and market growth. With ongoing innovation and expansion in the plant-based protein sector, the future holds promising opportunities for both consumers and manufacturers alike.
The concentrates sub-segment in the type of segment is estimated to grow at a significant CAGR during the forecast period.
Plant-based protein concentrates are experiencing a surge in demand within the plant-based protein market. As consumers increasingly prioritize health, sustainability, and ethical considerations, they are turning to plant-based alternatives for their protein needs. These concentrates, derived from various plant sources such as soy, pea, and wheat, offer a rich nutritional profile, boasting high protein content along with essential vitamins, minerals, and fiber. Moreover, they cater to diverse dietary preferences and restrictions, including vegan, vegetarian, and flexitarian lifestyles. As a result, food manufacturers are integrating plant-based protein concentrates into a wide array of products, ranging from meat substitutes to sports nutrition supplements, to meet the growing demand for sustainable and nutritious food options.
In November 2022, Ingredion Incorporated (US) entered into an exclusive commercial distribution partnership with InnovoPro (Canada), a pioneering company in plant-based protein innovation. This strategic alliance aimed to introduce a chickpea protein concentrate to the US and Canadian markets, aligning with the escalating consumer demand for sustainable, nutritious, and flavorful plant-based products. Harnessing the nutritional prowess of chickpeas, renowned for their protein-rich composition and versatility, this collaboration promised to offer a compelling alternative for consumers seeking plant-based protein sources. By leveraging Ingredion's extensive distribution network and market expertise alongside InnovoPro's cutting-edge technology, the partnership signaled a significant advancement in providing accessible and high-quality plant-based protein solutions to meet evolving consumer preferences.
Europe has consistently held a substantial market share within the plant-based protein sector during the period studied.
The European region stands at the forefront of the burgeoning plant-based protein market, showcasing robust growth and evolving consumer preferences. With an increasing emphasis on health consciousness, environmental sustainability, and ethical considerations, European consumers are gravitating towards plant-based protein alternatives over traditional animal-derived sources. This shift in dietary patterns is fueled by a growing awareness of the health benefits associated with plant-based diets, including reduced risk of chronic diseases and improved environmental sustainability. Consequently, the plant-based protein market in Europe has witnessed significant expansion, with a plethora of innovative products flooding the market to cater to diverse consumer needs and preferences.
Moreover, the rising trend of plant-based protein adoption is not confined to human consumption alone but extends to animal feed as well. As concerns surrounding the environmental impact and ethical considerations of livestock rearing continue to mount, there is a growing demand for sustainable alternatives in animal agriculture. Plant protein-based animal feed offers a viable solution, serving as a nutritious and eco-friendly substitute for conventional feed ingredients derived from animal sources. This trend is further propelled by regulatory initiatives aimed at promoting sustainable agriculture and reducing the ecological footprint of livestock production. As a result, the European market for plant-based protein-based animal feed is witnessing steady growth, presenting lucrative opportunities for stakeholders across the agricultural value chain.
The report provides insights on the following:
- Analysis of key drivers (Growing interest in health-centric food and beverages), restraints (Possibilities of nutritional & vitamin deficiencies among vegans), opportunities (Effective marketing strategies and correct positioning of plant-based proteins), and challenges (Concerns regarding taste and texture of plant-based protein) influencing the growth of the plant-based protein market.
- New product launch/Innovation: Detailed insights on research & development activities and new product launches in the plant-based protein market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the plant-based protein market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the plant-based protein market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like ADM, Cargill, International Flavors & Fragrances, Ingredion, Roquette Freres and others in the plant-based protein market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 373 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $14.2 Billion |
| Forecasted Market Value (USD) by 2029 | $20.5 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Plant-based Protein Market Snapshot, 2024 vs. 2029 (USD Million)
- Plant-based Protein Market, by Source, 2024 vs. 2029 (USD Million)
- Plant-based Protein Market, by Type, 2024 vs. 2029 (USD Million)
- Plant-based Protein Market, by Nature, 2024 vs. 2029 (USD Million)
- Plant-based Protein Market, by Application, 2024 vs. 2029 (USD Million)
- Plant-based Protein Market, by Form, 2024 vs. 2029
- Plant-based Protein Market Share and Growth Rate, by Region, 2024 (By Value)
Premium Insights
- Attractive Opportunities for Players in Plant-based Protein Market -Consumer Preferences for Healthy and Nutritional Protein Sources to Drive Plant-based Protein Market
- North America: Plant-based Protein Market, by Application and Country -US and Food & Beverages Segment to Account for Significant Share in 2024
- Plant-based Protein Market, by Type -Concentrates Segment to Dominate Market During Forecast Period
- Plant-based Protein Market, by Source - Soy Segment to Dominate Market During Forecast Period
- Plant-based Protein Market, by Form -Dry Segment to Lead Market During Forecast Period
- Plant-based Protein Market, by Nature -Conventional Segment to Account for Larger Share During Forecast Period
- Plant-based Protein Market, by Application and Region- Food & Beverages Segment to Lead Market During Forecast Period
- Plant-based Protein Market: Regional Snapshot - US to Dominate Plant-based Protein Market in 2024
Market Dynamics
Drivers
- Growing Interest in Health-Centric Food and Beverages
- Growth in Consumer Preferences Toward Veganism
- Rise in Cases of Lactose Intolerance
- Increased Preference for Meat Alternatives
- Innovation and Developments Related to Plant-based Protein to Augment Vegan Trend
Restraints
- Allergies Associated with Plant-based Protein Sources
- Nutritional and Vitamin Deficiencies Among Vegans
Opportunities
- Focus on Aquatic Plants as New and Emerging Sources of Protein
- Effective Marketing Strategies and Correct Positioning of Plant-based Proteins
- Lifestyle Changes
Challenges
- Concerns Over Quality of Food and Beverages due to Adulteration of Gm Ingredients
- Economic Constraints
- Concerns Related to Taste and Texture Offered by Plant-based Protein
Case Study Analysis
- Blue Diamond Growers Partnered with Group Lala to Establish Network in Mexico
- Kerry Group PLC Revolutionized Plant-based Products in Asia-Pacific Market
- Adm Offered New Plant-based Proteins to Meet Growing Consumer Demand
- Glanbia Launched Its Grain Portfolio to Address Consumers' Rising Health Concerns
Companies Featured
- Cargill
- ADM
- Kerry Group plc
- International Flavors & Fragrances Inc.
- Ingredion
- Wilmar International Ltd.
- Roquette Freres
- Glanbia plc
- DSM-Firmenich
- AGT Food and Ingredients
- Tate & Lyle
- Burcon
- Emsland Group
- PURIS
- Cosucra
- Beneo GmbH
- Sotexpro
- Shandong Jianyuan Group
- AMCO Proteins
- Australian Plant Proteins Pty Ltd.
- Nutraferma, Inc.
- MycoTechnology, Inc.
- European Protein A/S
- Aminola
- The Green Labs LLC
- ET-Chem
- Proeon
- Bioway Organic Group Limited
- Navitalo
For more information about this report visit https://www.researchandmarkets.com/r/g531fq
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