Global Plant-based Protein Market

Market Overview:

The global Plant-based Protein market was valued at USD 12.76 billion in 2022 and expected to grow at a CAGR of 7.6% during the forecast period. The plant-based protein market is a rapidly growing industry that includes a wide range of plant-based protein sources, such as soy, pea, rice, hemp, and others. This market is being driven by the growing demand for plant-based foods among consumers who are looking for healthier and more sustainable alternatives to traditional animal-based proteins.

Plant-based proteins are becoming increasingly popular due to several reasons, including concerns over the environmental impact of animal agriculture, ethical concerns related to animal welfare, and a growing awareness of the health benefits of plant-based diets.

The plant-based protein market is expected to continue its growth in the coming years, driven by increasing consumer demand and advancements in technology that are improving the taste and texture of plant-based protein products.

Several major food companies have already entered the plant-based protein market, and many more are expected to follow suit as they recognize the potential for growth in this industry. This has led to an increase in product offerings and innovations in plant-based protein products, including plant-based meat alternatives, protein bars, and protein powders.

Overall, the plant-based protein market is expected to continue its growth trajectory, driven by consumer demand for sustainable and healthy food options.

Covid-19 Impact:

The COVID-19 pandemic has had a mixed impact on the plant-based protein market. On the one hand, the pandemic has led to disruptions in the global food supply chain, causing shortages of certain ingredients and delays in product launches.

However, on the other hand, the pandemic has also led to a surge in demand for plant-based protein products, as consumers increasingly turn to healthier and more sustainable food options. This has led to an increase in sales of plant-based protein products across various categories, including plant-based meats, dairy alternatives, and protein supplements.

One of the reasons for the increase in demand for plant-based protein products during the pandemic is the growing awareness of the link between diet and health, as well as concerns over the safety of animal-based protein products. Additionally, as people are spending more time at home and cooking more meals, they are increasingly experimenting with plant-based recipes and products.

The pandemic has also highlighted the need for a more sustainable and resilient food system, which has led to increased interest in plant-based protein products from investors and food companies alike.

Overall, while the COVID-19 pandemic has presented challenges for the plant-based protein market, it has also created opportunities for growth and innovation in this rapidly expanding industry.

Market Dynamics:

Drivers:

Health and Wellness: Consumers are becoming increasingly health-conscious and are looking for alternatives to traditional meat and dairy products that are high in saturated fat and cholesterol. Plant-based proteins are generally lower in fat and calories and are a good source of fiber, vitamins, and minerals.

Environmental Sustainability: Concerns over the environmental impact of animal agriculture are driving consumers to seek out more sustainable food options. Plant-based proteins have a significantly lower carbon footprint than animal-based proteins and require fewer resources such as water and land to produce.

Animal Welfare: Ethical concerns over the treatment of animals in the food industry are driving some consumers to switch to plant-based proteins, which are perceived as more humane.

Taste and Quality: The taste and texture of plant-based proteins have improved significantly in recent years, making them a more appealing alternative to traditional meat and dairy products.

Innovation and Investment: The plant-based protein market has seen significant investment in recent years, leading to advancements in technology and product innovation. This has led to a wider variety of plant-based protein products that are more accessible and appealing to consumers.

Cultural and Religious Factors: Plant-based proteins are a staple in many cultures and religions, such as Indian and Buddhist cuisines, which has contributed to the growing popularity of these products among a wider range of consumers.

Overall, these driving factors are expected to continue to fuel the growth of the plant-based protein market in the coming years, as consumers become more conscious of the impact of their food choices on their health, the environment, and animal welfare.

Restraints:

Cost: Plant-based proteins can be more expensive to produce than traditional meat and dairy products, and this cost is often passed on to the consumer in the form of higher prices. This can make it difficult for some consumers to choose plant-based options over cheaper meat and dairy products.

Availability and Accessibility: Plant-based proteins are not as widely available as traditional meat and dairy products, and this can make it difficult for some consumers to find them in their local grocery stores or restaurants. This lack of accessibility can limit the potential market for plant-based protein products.

Taste and Texture: While the taste and texture of plant-based proteins have improved significantly in recent years, some consumers still find them less appealing than traditional meat and dairy products. This can limit the potential market for these products, particularly among consumers who are not already committed to plant-based diets.

Nutritional Profile: Plant-based proteins can be lower in certain nutrients such as vitamin B12 and iron, which can make it difficult for some consumers to meet their nutritional needs. This can limit the potential market for plant-based protein products among certain populations, such as athletes or pregnant women.

Government Regulations: Government regulations can also be a restraining factor for the plant-based protein market. For example, regulations around labeling and marketing of plant-based products can vary between countries and regions, making it difficult for companies to market their products effectively.

Overall, while these restraining factors could limit the growth of the plant-based protein market, many of them are being addressed through advancements in technology, product innovation, and government policies. As these barriers are overcome, the plant-based protein market is expected to continue to grow in the coming years.

Segment Analysis:

The plant-based protein market can be segmented based on the source of protein, with soy, wheat, and pea being the primary sources. Here is a brief analysis of each segment:

Soy: Soy is the most commonly used source of plant-based protein, and it is also the most widely studied. Soy protein is a complete protein, meaning it contains all of the essential amino acids. It is also a good source of other nutrients such as iron, calcium, and vitamin B12. Soy protein is used in a variety of products such as meat substitutes, dairy alternatives, and nutrition bars.

Wheat: Wheat protein is another popular source of plant-based protein, and it is commonly used in products such as bread, pasta, and cereal. Wheat protein is not a complete protein, but it can be combined with other sources such as peas to create a complete protein. Wheat protein is also a good source of fiber and other nutrients such as iron and zinc.

Pea: Pea protein is a relatively new source of plant-based protein, but it is growing in popularity due to its nutritional profile and versatility. Pea protein is a complete protein, and it is also a good source of iron and other nutrients. Pea protein is used in a variety of products such as meat substitutes, dairy alternatives, and nutrition bars.

Other sources of plant-based protein include rice, hemp, and potato. Each of these sources has unique nutritional profiles and properties, and they are used in a variety of products depending on their characteristics.

Overall, the choice of protein source depends on a variety of factors such as nutritional profile, taste and texture, and cost. As the plant-based protein market continues to grow, it is likely that new sources of plant-based protein will emerge, and existing sources will continue to evolve and improve.

Regional Analysis:

North America: North America is the largest market for plant-based protein products, with the United States being the primary contributor to the market. The demand for plant-based protein products in North America is driven by increasing concerns over animal welfare, environmental sustainability, and health and wellness.

Europe: The plant-based protein market in Europe is also growing rapidly, driven by similar factors as in North America. The European market is characterized by a high level of consumer awareness about the environmental impact of food production and the benefits of plant-based diets.

Asia-Pacific: The Asia-Pacific region is emerging as a significant market for plant-based protein products, with countries such as China, Japan, and India being the primary contributors. The market growth in this region is driven by increasing consumer awareness of the health benefits of plant-based diets, rising concerns over animal welfare, and growing environmental concerns.

Latin America: The plant-based protein market in Latin America is still in its early stages, but it is expected to grow rapidly in the coming years. The market growth in this region is driven by a combination of health and wellness concerns, environmental sustainability, and increasing consumer awareness of the benefits of plant-based diets.

Middle East and Africa: The plant-based protein market in the Middle East and Africa is still nascent, but it is expected to grow significantly in the coming years. The market growth in this region is driven by a combination of health and wellness concerns, environmental sustainability, and increasing consumer awareness of the benefits of plant-based diets.

Overall, the plant-based protein market is expected to continue to grow globally, with increasing consumer awareness of the benefits of plant-based diets and rising concerns over animal welfare and environmental sustainability being the primary driving factors.

Competitive Landscape:

The global Plant-based Protein market is highly competitive and fragmented with the presence of several players. These companies are constantly focusing on new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and expand their geographical presence. Some of the key players operating in the market are:

·         Archer Daniels Midland Company

·         Cargill, Incorporated

·         Roquette Frères Le Romain

·         Ingredion Incorporated

·         Kerry Group

·         DuPont de Nemours, Inc.

·         Now Foods

·         Tate & Lyle PCL

·         Axiom Foods Inc.

·         AMCO Protein

·         Burcon NutraScience Corporation

·         BENEO GmbH

·         Glico Nutrition Co., Ltd.

·         Glanbia plc

·         Cosucra Groupe Warcoing SA

·         Sotexpro

·         Farbest Brands

·         Crespel & Deiters GmbH & Co. KG

·         Wilmar International

·         Others

Segments

By Source

·         Soy

·         Wheat

·         Pea

By Type

·         Concentrates

·         Isolates

·         Textured

By Form

·         Dry

·         Liquid

By Application

·         Food

o   Meat alternatives

o   Dairy alternatives

o   Bakery products

o   Performance nutrition

o   Convenience foods

o   Confectioneries

·         Beverages

·         Animal Feed

·         Nutrition & Health Supplements

·         Pharmaceuticals

·         Others

By Geography

·         North America

o   U.S.

o   Canada

o   Mexico

·         Europe

o   U.K.

o   Germany

o   France

o   Italy

o   Spain

o   Russia

·         Asia-Pacific

o   Japan

o   China

o   India

o   Australia

o   South Korea

o   ASEAN

o   Rest of APAC

·         South America

o   Brazil

o   Argentina

o   Colombia

o   Rest of South America

·         MEA

o   South Africa

o   Saudi Arabia

o   UAE

o   Egypt

o   Rest of MEA