Wilmington, Delaware, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global plant-based protein market is projected to flourish at a CAGR of 5.7% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 22.7 billion is anticipated for the market in 2031. As of 2023, the market for plant-based protein is expected to close at US$ 14.6 billion.
Consumers are becoming more health-conscious and are seeking protein sources that are perceived as healthier than traditional animal-based proteins. Plant-based proteins are often seen as lower in saturated fats and cholesterol, making them attractive to health-conscious individuals.
The surging demand for nutritious food due to increasing incidences of cardiovascular diseases, diabetes, hypertension, obesity, and other lifestyle diseases, among the global population, has changed the consumer preference toward vegan food. This factor is contributing to the plant-based protein market.
The growing adoption of vegetarian and vegan diets is a significant driver of the plant-based protein market. Vegetarians and vegans rely on plant-based protein sources to meet their nutritional needs, creating a steady demand for plant-based protein products.
Increased awareness of the environmental impact of animal agriculture, including greenhouse gas emissions and deforestation, has led consumers to opt for plant-based diets as a more sustainable choice. Plant-based proteins generally have a lower carbon footprint compared to animal-based proteins.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 13.1 Bn | |
| Estimated Revenue | US$ 22.7 Bn | |
| Growth Rate - CAGR | 5.7% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 284 Pages | |
| Market Segmentation | By Product Type, Form, Application, Region | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | AGT Food & Ingredients, Inc, Batory Foods., Ag Processing Inc, Archer-Daniels Midland Co, Biopress S.A.S, Burcon Nutrascience Corporation, Cargill Inc., CHS Inc, Cosucra Groupe Warcoing, Crown Soya Protein Group, Devansoy Inc., E. I. DU PONT DE NEMOURS AND COMPANY, Fuji Oil Holdings Inc., Glanbia plc, Gushen Group Co., Ltd., Ingredion Inc., ROQUETTE FRERES, Shandong Yuwang Ecological Food Industry Co., Ltd., The Scoular Company, Wilmar International Ltd. | |
Key Takeaways from the Market Study
- As of 2022, the plant-based protein market was valued at US$ 13.8 billion
- By form, the isolated segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on product type, the soy protein segment is anticipated to dominate the industry during the forecast period
- Based on application, the animal feed segment is expected to generate high revenue during the forecast period.
Plant-based Protein Market: Key Trends and Opportunistic Frontiers
- Food manufacturers and startups are continually innovating in the plant-based protein space, creating a wide range of products, including plant-based meat alternatives, dairy alternatives, protein bars, and snacks. These innovations attract consumers looking for variety in their plant-based diets.
- The availability of plant-based protein products in mainstream supermarkets, restaurants, and fast-food chains has made them more accessible to a broader consumer base. This expansion in retail and food service outlets has driven market growth.
- Advances in food technology have led to significant improvements in the taste and texture of plant-based protein products. These improvements have helped overcome taste barriers and encouraged more consumers to try plant-based options.
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Plant-based Protein Market – Regional Analysis
- North America is a significant market for plant-based protein products. The region has seen a surge in demand for plant-based meat alternatives, dairy substitutes, and protein-rich plant-based snacks. This growth is driven by health-conscious consumers, environmental concerns, and a rising number of vegetarians and vegans.
- The Asia-Pacific region is witnessing rapid growth in the plant-based protein market. In China, the demand for plant-based meat products has surged, driven by environmental concerns and health-conscious consumers. In India, where vegetarianism is prevalent, there is a long-standing tradition of plant-based diets.
Competitive Landscape
Plant-based Protein Market: Key Players
Manufacturers are focusing on increasing their presence to reach out to a maximum number of consumers and are focusing on acquiring or partnering with different companies to increase their product portfolio. Some of the key players in the market include
- AGT Food & Ingredients, Inc
- Batory Foods
- Ag Processing Inc
- Archer-Daniels Midland Co
- Biopress S.A.S
- Burcon Nutrascience Corporation
- Cargill Inc.
- CHS Inc
- Cosucra Groupe Warcoing
- Crown Soya Protein Group
- Devansoy Inc.
- E. I. DU PONT DE NEMOURS AND COMPANY
- Fuji Oil Holdings Inc.
- Glanbia plc
- Gushen Group Co., Ltd.
- Ingredion Inc.
- ROQUETTE FRERES
- Shandong Yuwang Ecological Food Industry Co., Ltd.
- The Scoular Company
- Wilmar International Ltd
Key Developments in the Plant-Based Protein Market
- Beyond Meat is known for its plant-based meat alternatives. The company has continually expanded its product portfolio with new offerings, including plant-based burgers, sausages, and meatballs. Beyond Meat has also expanded its distribution globally, entering new markets to meet consumer demand for plant-based protein.
- Impossible Foods has made significant advancements in plant-based meat technology. The company launched its Impossible Burger, which has gained popularity in restaurants and fast-food chains. It has also expanded its product line to include ground meat and plant-based sausages.
Partial Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
5. Global Plant-based Protein Market Demand Analysis 2016–2020 and Forecast, 2021–2031
5.1. Historical Market Volume (in Metric Tons) Analysis, 2016–2020
5.2. Current and Future Market Volume (in Metric Tons) Projections, 2021–2031
6. Global Plant-based Protein Market - Pricing Analysis
6.1. Regional Pricing Analysis
6.2. Global Average Pricing Analysis Benchmark
7. Global Plant-based Protein Market Demand Value (US$ Mn) Analysis 2016–2020 and Forecast, 2021–2031
7.1. Historical Market Value (US$ Mn) Analysis, 2016–2020
7.2. Current and Future Market Value (US$ Mn) Projections, 2021–2031
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
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Plant-based Protein Market -Key Segments
Product Type
- Soy Protein
- Wheat Protein
- Pea Protein
- Others
Form
- Isolate
- Concentrate
- Others
Application
- Supplement & Nutritional Powder
- Beverages
- Protein & Nutritional Bars
- Bakery & Snacks
- Breakfast Cereals
Meat Products
- Dairy Products
- Infant Nutrition
- Animal Feed
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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