NEWARK, Del, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The plant-based protein market is poised for significant growth, with its size expected to increase from US$ 18.64 billion in 2024 to US$ 42.55 billion by 2034. During this period, a promising 8.6% CAGR in the demand for plant-based protein is projected to drive this expansion.
Vegetarian cuisine is becoming increasingly popular all around the world. This idea has spread beyond nations where people practice moral or spiritual abstinence from meat intake. Customers are consciously choosing plant-based food sources that are less harmful to the environment. This choice stems from concerns regarding the rise in the global carbon footprint caused by excessive consumption of animal-based food. Plant-based food consumption is now at an all-time high due to growing awareness of the benefits of ingesting protein.
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In addition to environmental concerns, consumers are actively looking for plant-based protein sources because of their proven health advantages. Furthermore, consuming more plant-based protein and less meat-based protein lowers the risk of type 2 diabetes, obesity, heart disease, hypertension, high cholesterol, and various malignancies.
Sources of plant-based protein are abundant in fiber. In addition to controlling blood sugar levels, fiber also helps control appetite. Furthermore, one of the niche food trends that is expanding rapidly is the "free-from" diet that excludes gluten and soy has emerged as the speedily expanding dietary trend due to its numerous health advantages.
Vegetarianism has gained popularity in highly developed regions like Europe and North America. Given the increasing lactose intolerance among consumers and a burgeoning vegan and vegetarian population, the plant-based protein market is also expanding continuously. Since plant-based proteins can mimic meat in flavor and texture, they are used as a meat substitute.
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Key Takeaways from the Plant-based Protein Market
- Between 2019 and 2023, the plant-based protein industry recorded a CAGR of 8.2%.
- The plant-based protein industry in the United Kingdom is estimated to witness prominent growth with a projected 13.2% CAGR from 2024 to 2034, driven by the increasing awareness of sustainable and healthy lifestyles.
- Germany's plant-based protein industry is projected to follow closely with an estimated 11.5% CAGR through 2034, attributed to the country's strong emphasis on environmental consciousness.
- The plant-based protein market in the United States is likely to show a significant 9.6% CAGR between 2024 and 2034, influenced by the increasing awareness of the environmental impact of traditional meat production.
- China’s plant-based protein industry is likely to exhibit a 6.3% CAGR from 2024 to 2034, affected by an expanding middle class with an inclination toward healthier food options.
- India's plant-based protein industry is projected to develop at 5.4% CAGR through 2034, propelled by an increasing number of individuals adopting plant-centric diets for ethical reasons.
“Things are starting to look up in the continually developing field of plant-based proteins. Advances in cross-bred pea protein isolate, and the creative blending of rice and peas are two recent innovations that point toward varied, sustainable solutions. With customers seeking superior nutrition and being environmentally concerned, the plant-based protein market is likely to peak very soon.” - Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Players and Strategies for Success in the Plant-based Protein Market:
Here are some key strategies that plant-based protein industry players employ for victory:
- Emphasize diverse product offerings to satisfy consumer preferences
- Invest in research and development for innovative plant-based protein sources
- Collaborate with renowned nutritionists to enhance product appeal
- Focus on sustainable supply chains to meet the growing demand for eco-friendly products
- Establish strategic partnerships with key retailers for widespread market penetration
- Leverage digital platforms for effective brand building and direct consumer engagement.
Key Plant-based Protein Market Players:
- Glanbia Plc.
- Archer-Daniels-Midland Co.
- Cargill Incorporation
- Kerry Inc.
- Burcon Nutrascience Corporation
- E.I. du Pont de Nemours & Co.
- Royal Avebe UA
- Cosucra Groupe Warcoing
- Ingredion Inc.
- Corbion, Tate & Lyle Plc.
- CHS Inc.
- Roquette Freres
- AGT Food & Ingredients Inc.
- Now Food
Recent Developments in the Plant-based Protein Market:
- Beyond Meat introduced a new range of plant-based chicken strips and nuggets in April 2023. Pea and bean protein is used to make them all.
- Roquette confirmed the introduction of two rice proteins into its current lineup in June 2022. With NUTRALYS® rice protein, Roquette is set to provide customers with a wholesome substitute protein.
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Key Segments in the Plant-based Protein Market Report
By Product Type:
- Soy Protein
- Wheat Protein
- Pea Protein
- Others
By Form:
- Isolates
- Concentrates
- Hydrolysates
By Nature:
- Organic
- Conventional
By End Use:
- Nutritional Products
- Sports Nutrition
- Medical Nutrition
- Infant Nutrition
- Bakery
- Ready-to-eat
- Snacks & Cereals
- Dairy
- Confectionary and Dessert
- Convenience Food
- Beverages
- Animal Feed
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
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Algae Protein Market: The algae protein market generated a total revenue of US$ 750 million in 2022. The industry is anticipated to rise at a healthy CAGR of 5.5% over the forecast period.
Plant-based pet food Market: The global plant-based pet food market is set to expand its roots in the global market at a promising CAGR of 9.2%.
Protein Ingredients Market: The protein ingredients market is estimated to be valued at USD 27.5 Billion in 2022. the overall market value is expected to reach a valuation of USD 47.4 Billion by 2032.
Protein Hydrolysate Ingredients Market: The sales of protein hydrolysate ingredients Market are likely to rise at a CAGR of 7.25% from 2022 to 2032.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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