Plant-based Protein Market Size, Industry Analysis Report By Source (Soy, Wheat, Pea), By Type (Concentrates, Isolates, Textured), By Form (Dry, Liquid), By Application (Food, Meat alternatives, Dairy alternatives, Bakery products, Performance nutrition, Convenience foods, Confectioneries, Beverages) & Region – Forecasts
- PUBLISHED ON
- 2023-04-08
- NO OF PAGES
- 241
- CATEGORY
- Agriculture
Market Overview
The Plant-based Protein market is predicted to develop at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2034, when it is projected to reach USD 21.92 Billion, based on an average growth pattern. The market is estimated to reach a value of USD 13.85 Billion in 2024.
SOURCE: We Market Research
Protein derived
from plants, such as grains (quinoa, wheat), legumes (beans, lentils), nuts,
seeds, and soy products (tofu, tempeh), is referred to as plant-based protein.
Plant-based proteins are appropriate for vegetarian, vegan, and
health-conscious diets because they don't come from animal sources and usually
have less saturated fat. They offer vital amino acids required for general
health and muscle regeneration. In addition to being high in fibre, vitamins,
and minerals, plant-based proteins also support a balanced diet. By including
these sources, one can support environmental sustainability and animal welfare
concerns while diversifying one's nutrient intake.
Growing consumer
awareness of sustainability and ethical food choices, which has led to a rise
in the popularity of vegetarian, vegan, and flexitarian diets, is driving the
demand for plant-based proteins. Plant-based proteins are in greater demand due
to health considerations like lowering cholesterol and saturated fat intake.
Thanks to technological breakthroughs, a wider range of people looking for
alternatives to traditional animal proteins can now enjoy meat-like substitutes
made from plants. These elements work together to propel market expansion,
increasing the range and accessibility of plant-based protein products around
the globe.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 13.85 Billion |
|
Market Forecast in 2034 |
USD 21.92 Billion |
|
CAGR % 2024-2034 |
4.7% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2034 |
|
Report USP
|
Production, Consumption, company share, company
heatmap, company production capacity, growth factors and more |
|
Segments Covered |
By Source, By Type, Form, By
Application and By Region |
|
Regional Scope |
North America, Europe, APAC, South America and
Middle East and Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic
Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia;
Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa;
Nigeria |
Plant-based Protein Industry: Dynamics & Restrains
Market opportunity:
We Market Research: Plant-based Protein Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
Plant-based Protein Segmentation
Market- By Source Analysis
By Source, the Plant-based Protein Market is Categories into Soy, Wheat, Pea. The Soy segment accounts for the largest share of around 59% in 2024.
The soy segment in the global plant-based
protein market is driven by its widespread availability, nutritional value, and
versatility in various food applications. Soy proteins are known for their
complete amino acid profile and are extensively used in vegan and vegetarian
diets worldwide.
The
following segments are part of an in-depth analysis of the global Plant-based
Protein market:
|
Market Segments |
|
|
By Product type |
·
Microbials ·
Macrobials ·
Semiochemicals ·
Natural Products |
|
By Type |
·
Concentrates ·
Isolates ·
Textured |
|
By Form |
·
Dry ·
Liquid |
Plant-based Protein Industry: Regional Analysis
North America Market Forecast
North America dominate the Plant-based Protein Market with the highest revenue generating market with share of more than 48%. North America leads the plant-based protein market, driven by increasing consumer awareness of health benefits and sustainability. The United States and Canada have a strong presence of plant-based food companies and a growing vegan and vegetarian population.
Europe Market Statistics
Europe's Plant-based
Protein market is second largest market. Europe follows closely, with countries
like Germany, the UK, and France showing robust growth in plant-based protein
consumption. There's a strong emphasis on environmental sustainability and
ethical eating, contributing to the market expansion.
Asia Pacific Market Forecasts
Asia Pacific is expected to be the fastest-growing regional segment of the Plant-based Protein market during the forecast period. In the Asia Pacific region, this region is experiencing rapid growth due to changing dietary preferences in countries like China, Japan, and India. Rising health consciousness, coupled with concerns over food security and animal welfare, is driving the demand for plant-based proteins.
The Key Market Players
The Plant-based
Protein Market is dominated by a few large companies, such as
·
Beyond Meat
·
Archer Daniels Midland Company
·
Fuji Oil Group
·
Impossible Foods
·
Ingredion
·
FMC Corporation
·
International Flavors &
Fragrances Inc.
·
Kerry Group PLC
· Südzucker AG
· Others
1.
Global
Plant-based Protein Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Plant-based Protein
Market Scope and Market Estimation
1.2.1. Global Plant-based Protein Overall
Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2034)
1.2.2. Global Plant-based Protein
Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1. Source of Global Plant-based
Protein Market
1.3.2. Type of Global Plant-based
Protein Market
1.3.3. Form of Global Plant-based
Protein Market
1.3.4. Application of Global Plant-based
Protein Market
1.3.5. Region of Global Plant-based
Protein Market
2.
Executive Summary
2.1. Market Dynamics
2.1.1. Drivers
2.1.2. Limitations
2.1.3. Opportunities
2.1.4. Impact Analysis of Drivers and
Restraints
2.2. Pricing Trends Analysis &
Average Selling Prices (ASPs)
2.3. Key Mergers & Acquisitions,
Expansions, JVs, Funding / VCs, etc.
2.4. Porter’s Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitutes
2.4.4. Threat of New Entrants
2.4.5. Competitive Rivalry
2.5. Market Investment Opportunity
Analysis (Top Investment Pockets), By Segments & By Region
3.
Global Plant-based Protein
Market Estimates & Historical Trend
Analysis (2019 - 2023)
4.
Global Plant-based Protein
Market Estimates & Forecast Trend
Analysis, by Source
4.1. Global Plant-based Protein
Market Revenue (US$ Mn) Estimates and Forecasts, by Source, 2019 to 2034
4.1.1. Soy
4.1.2. Wheat
4.1.3. Pea
5.
Global Plant-based Protein
Market Estimates & Forecast Trend
Analysis, by Type
5.1. Global Plant-based Protein
Market Revenue (US$ Mn) Estimates and Forecasts, by Type, 2019 to 2034
5.1.1. Concentrates
5.1.2. Isolates
5.1.3. Textured
6.
Global Plant-based Protein
Market Estimates & Forecast Trend
Analysis, by Form
6.1. Global Plant-based Protein
Market Revenue (US$ Mn) Estimates and Forecasts, by Form, 2019 to
2034
6.1.1. Dry
6.1.2. Liquid
7.
Global Plant-based Protein
Market Estimates & Forecast Trend
Analysis, by Application
7.1. Global Plant-based Protein
Market Revenue (US$ Mn) Estimates and Forecasts, by Application,
2019 to 2034
7.1.1. Food
7.1.2. Meat alternatives
7.1.3. Dairy alternatives
7.1.4. Bakery products
7.1.5. Performance nutrition
7.1.6. Convenience foods
7.1.7. Confectioneries
7.1.8. Beverages
8.
Global Plant-based Protein
Market Estimates & Forecast Trend
Analysis, by Region
8.1. Global Plant-based Protein
Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2034
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Middle East & Africa
8.1.5. South America
9.
North
America Plant-based Protein Market: Estimates & Forecast Trend Analysis
9.1.
North
America Plant-based Protein Market Assessments & Key Findings
9.1.1. North America Plant-based
Protein Market Introduction
9.1.2. North America Plant-based
Protein Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
9.1.2.1. By Source
9.1.2.2. By Type
9.1.2.3. By Form
9.1.2.4. By Application
9.1.2.5. By Country
9.1.2.5.1. The U.S.
9.1.2.5.2. Canada
9.1.2.5.3. Mexico
10. Europe Plant-based
Protein Market: Estimates &
Forecast Trend Analysis
10.1. Europe Plant-based Protein
Market Assessments & Key Findings
10.1.1. Europe Plant-based Protein
Market Introduction
10.1.2. Europe Plant-based Protein
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
10.1.2.1. By Source
10.1.2.2. By Type
10.1.2.3. By Form
10.1.2.4. By Application
10.1.2.5. By Country
10.1.2.5.1. Germany
10.1.2.5.2. U.K.
10.1.2.5.3. France
10.1.2.5.4. Italy
10.1.2.5.5. Spain
10.1.2.5.6. Russia
10.1.2.5.7. Rest of Europe
11. Asia Pacific Plant-based
Protein Market: Estimates &
Forecast Trend Analysis
11.1. Asia Pacific Market Assessments
& Key Findings
11.1.1. Asia Pacific Plant-based Protein
Market Introduction
11.1.2. Asia Pacific Plant-based Protein
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
11.1.2.1. By Source
11.1.2.2. By Type
11.1.2.3. By Form
11.1.2.4. By Application
11.1.2.5. By Country
11.1.2.5.1. China
11.1.2.5.2. Japan
11.1.2.5.3. India
11.1.2.5.4. Australia
11.1.2.5.5. South Korea
11.1.2.5.6. ASEAN
11.1.2.5.7. Rest of Asia Pacific
12. Middle East & Africa Plant-based
Protein Market: Estimates &
Forecast Trend Analysis
12.1. Middle East & Africa Market
Assessments & Key Findings
12.1.1. Middle
East & Africa Plant-based
Protein Market Introduction
12.1.2. Middle
East & Africa Plant-based
Protein Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
12.1.2.1. By Source
12.1.2.2. By Type
12.1.2.3. By Form
12.1.2.4. By Application
12.1.2.5. By Country
12.1.2.5.1. U.A.E.
12.1.2.5.2. Saudi Arabia
12.1.2.5.3. Egypt
12.1.2.5.4. South Africa
12.1.2.5.5. Rest of Middle East & Africa
13. South America
Plant-based Protein Market: Estimates
& Forecast Trend Analysis
13.1. South America Market Assessments
& Key Findings
13.1.1. South America Plant-based
Protein Market Introduction
13.1.2. South America Plant-based
Protein Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
13.1.2.1. By Source
13.1.2.2. By Type
13.1.2.3. By Form
13.1.2.4. By Application
13.1.2.5. By Country
13.1.2.5.1. Brazil
13.1.2.5.2. Argentina
13.1.2.5.3. Colombia
13.1.2.5.4. Rest of South America
14. Competition Landscape
14.1. Global Plant-based Protein
Market Competition Matrix & Benchmarking, by Leading Players / Innovators /
Emerging Players / New Entrants
14.2. Global Plant-based Protein
Market Competition White Space Analysis, By End-user
14.3. Global Plant-based Protein
Market Competition Heat Map Analysis, By End-user
14.4. Global Plant-based Protein
Market Concentration & Company Market Shares (%) Analysis, 2022
15. Company Profiles
15.1.
Beyond Meat.
15.1.1. Company Overview & Key Stats
15.1.2. Financial Performance & KPIs
15.1.3. Product Portfolio
15.1.4. Business Strategy & Recent
Developments
* Similar details would be provided
for all the players mentioned below
15.2. Archer Daniels
Midland Company
15.3. Fuji Oil Group
15.4. Impossible
Foods
15.5. Ingredion
15.6. FMC
Corporation
15.7. International
Flavors & Fragrances Inc.
15.8. Kerry Group
PLC
15.9. Südzucker AG
15.10. Others
16. Research
Methodology
16.1. External Transportations /
Databases
16.2. Internal Proprietary Database
16.3. Primary Research
16.4. Secondary Research
16.5. Assumptions
16.6. Limitations
16.7. Report FAQs
17. Research Findings & Conclusion
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size of Plant-based Protein Market in 2024?
Plant-based Protein Market was valued at USD 13.85 Billion in 2024.
What is the growth rate for the Plant-based Protein Market?
Plant-based Protein Market size will increase at approximate CAGR of 4.7% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the Plant-based Protein Market Are Beyond Meat, Archer Daniels Midland Company, Fuji Oil Group, Impossible Foods, Ingredion, FMC Corporation, International Flavors & Fragrances Inc., Kerry Group PLC, Südzucker AG and Others.
Which region dominates the Plant-based Protein Market?
North America dominates the market with an active share of 48%.
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