Plant-Based Protein Market Worth USD 16.80 Billion By 2028

Market Overview:

Plant-Based Protein Market Size is Projected to Reach USD 16.80 Billion by 2028 from an Estimated USD 10.67 Billion in 2021, Growing at A CAGR of 6.7% Globally, Analysis Period 2023-2030

Proteins are necessary for the skeletal framework of muscles. Plant-based proteins have a protein concentration that ranges from 50% to 85% and is ideal for vegan and vegetarian diets. Key players who provide the plant-based substitutes for meat, dairy, and seafood that consumers desire will find significant, occurring opportunities as the demand for plant-based proteins increases globally. Brands must also outperform competitors with elastic supply networks to sustain ongoing development. The plant-based sector has evolved in recent years from being the newest opportunity to a big industry. For instance, according to Euromonitor, the size of the European meat substitute market nearly doubled between 2014 and 2019.

Top Key Players for the Plant-Based Protein Market:

• Cargill Incorporated (US)
• Archer Daniels Midland Company (ADM) (US)
• DuPont (US)
• Kerry Group (Ireland)
• DSM (Netherlands)
• Wilmar International (US)
• Cosucra Groupe (Belgium)
• Emsland Group (Germany)
• Axiom Foods (US)
• Ingredion (US)
• Roquette Frères (France)
• PURIS (US)
• Burcon NutraScience Corp. (Canada)
• Sotexpro (France).
• Glanbia (Ireland)
• Batory Foods (US)
• AGT Food & Ingredients (Canada)
• Prolupin GMBH (Germany)
• Aminola (Netherlands)
• Herblink Biotech Corporation (China)
• BENEO (Germany)
• ET Chem (China)
• Shandong Jianyuan Group (China)
• The Green Labs LLC (US)
• Parabel (US), and Other Major Players

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Market Dynamics and Factors: 

Demand for goods with plant proteins rather than animal proteins is rising as a result of rising consumer health consciousness and the trend towards vegan, vegetarian, or flexitarian lifestyles. As a result, valuable plant-based sources of protein like soy products, certain grains, and legumes are increasingly making an appearance on menus. Plant-based foods have quickly gone from being a niche item to an integral component of the product lines of major players, and they still have a bright future ahead of them.

Plant-based byproducts that raise the bar on sustainability by repurposing food waste are the novel trend to watch this year. While Outcast Foods, an expert in reviving unsaleable fruits and vegetables, offers protein powders fortified with fruit and vegetables, Planetarians is researching ways to extract sunflower seed protein from the oil cakes left over after the production of sunflower oil (currently used for animal feed). With its most recent plant-based protein bars that support recycled kale, sweet potato and cauliflower, Real Food Bar joined the wave this year.

The Report Will Include A Major Chapter

• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis

Key Industry Development:

In June 2023, Cargill and Kotug International formed a partnership to introduce Kotug’s revolutionary zero-emission E-Pusher™ and E-Barges in the transportation of cocoa beans. This collaboration aimed to facilitate the transfer of cocoa beans from the Port of Amsterdam, which is recognized as the largest cocoa import port globally.

In May 2023, ADM, a prominent player in sustainably sourced nutrition, and Air Protein, an innovator in air-based nutritional protein production that eliminates the need for agriculture or farmland, announced their entry into a Strategic Development Agreement. The purpose of this collaboration is to conduct joint research and development initiatives aimed at advancing new and unique protein sources for nutrition.

Plant-Based Protein Market Report Highlight:

• By Source, the soy segment is expected to register the maximum market share during the forecast period. Due to their high fiber level and strong protein and fat content, soybeans are good for your digestive system.
• By Type, the isolates segment is expected to dominate the plant-based protein market during the forecast period. The rising purchasing power of people around the world is to blame for the rising demand for processed food products.
• By Form, the dry segment is anticipated to register a significant market share in the projected timeframe. Dry food items are convenient to handle and prepare. Due to the fact that plant-based proteins contain fewer calories and fat than animal proteins and are therefore preferred by athletes and fitness instructors.
• By Application, the food and beverage segment is anticipated to account for the highest market share during the projected period. The plant-based revolution is being driven by the food industry and the demand for plant-based proteins.
• North America region is expected to register the largest share in the plant-based protein market during the forecast period. The aging population in North America is driving up demand for plant-based protein.

Central to our report are the company profiles and competitive analysis, providing insights into market players’ overview, market roles, and operating business segments. We evaluate their financial performance, production volume, sales volume, and sales margin while highlighting recent market developments. Our market research offers invaluable intelligence and strategic insights to drive informed decision-making. By capitalizing on emerging opportunities and understanding the competitive landscape, our report empowers businesses to thrive in the Global Plant-Based Protein Market.

Plant-Based Protein Market Segmentation:

By Source

• Soy
• Wheat
• Pea
• Rice
• Potato
• Corn
• Others

By Type

• Concentrates
• Isolates
• Textured

By Form

• Dry
• Liquid

By Application

• Food & Beverages
• Animal Feed
• Nutritional Supplements

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For this report, Introspective Market Research has segmented the Plant-Based Protein Market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America

• US
• Canada
• Mexico

Eastern Europe

• Bulgaria
• The Czech Republic
• Hungary
• Poland
• Romania
• Rest of Eastern Europe

Western Europe

• Germany
• UK
• France
• Netherlands
• Italy
• Russia
• Spain
• Rest of Western Europe

Asia Pacific

• China
• India
• Japan
• South Korea
• Malaysia
• Thailand
• Vietnam
• The Philippines
• Australia
• New Zealand
• Rest of APAC

Middle East & Africa

• Turkey
• Bahrain
• Kuwait
• Saudi Arabia
• Qatar
• UAE
• Israel
• South Africa

South America

• Brazil
• Argentina
• Rest of SA

Scope of the Report:

The latest research on the Plant-Based Protein market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Plant-Based Protein industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Plant-Based Protein market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.

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