A Plant-based Protein Market Analysis And Forecast To 2033: By Source (Hemp Protein, Pea Protein, Potato Protein, Rice Protein, Soy Protein, Wheat Protein, Others), Type (Concentrates, Textured, Isolates), Form (Dry Liquid)

Plant-based Protein Market Analysis And Forecast To 2033: By Source (Hemp Protein, Pea Protein, Potato Protein, Rice Protein, Soy Protein, Wheat Protein, Others), Type (Concentrates, Textured, Isolates), Form (Dry Liquid), Application (Animal Feed, Food And Beverages, Personal Care And Cosmetics, Supplements, Others), Distribution Channel (Supermarkets/Hypermarkets, Online Stores, Direct-to-consumer, Others), and Region

The plant-based protein market size was USD 15.3 billion in 2023 and is anticipated to reach USD 26.1 billion in 2033, growing at a rate of 5.3% from 2024 to 2033.

Plant-based protein refers to protein derived from plant sources, such as legumes, grains, nuts, seeds, and vegetables, as opposed to animal-based sources like meat, dairy, and eggs. These plant-based proteins are rich in essential nutrients, fiber, and antioxidants, making them a nutritious and sustainable alternative to animal products. Common sources include beans, lentils, tofu, quinoa, and peas. Plant-based protein has gained popularity due to its potential health benefits, environmental sustainability, and suitability for diverse dietary preferences, including vegetarian and vegan lifestyles.

Plant-based Protein Market Scope and Report Structure

Market Trends and Drivers

The plant-based protein market continues to experience significant growth driven by rising consumer awareness of health and sustainability, coupled with a growing demand for plant-centric diets. Key trends include the expansion of product portfolios by major food companies, innovation in plant protein sources, such as pea, hemp, and algae, and the emergence of novel processing techniques enhancing taste and texture. Increased investments in research and development, coupled with strategic partnerships and collaborations, are driving the market forward.

Additionally, advancements in food technology and innovation have led to the development of plant-based protein products with improved taste, texture, and nutritional profiles, enhancing their overall appeal. As global populations continue to prioritize a more sustainable and health-conscious approach to nutrition, the plant-based protein market is expected to experience sustained growth.

Market Restraints and Challenges

Despite the growing popularity of plant-based proteins, the market faces several constraints that hinder its widespread adoption. One significant challenge is the higher production costs associated with plant-based protein sources compared to conventional animal-derived proteins. The extensive processing required for plant proteins and the need for specialized equipment contribute to elevated production expenses, limiting the competitiveness of plant-based products in price-sensitive markets.

Additionally, taste and texture inconsistencies, along with limited product variety, pose hurdles in fully replicating the sensory experience of traditional meat, hindering consumer acceptance. Furthermore, supply chain disruptions and volatility in source prices for plant-based proteins can impact the stability of the market, creating obstacles for manufacturers and inhibiting market growth.

Plant-based Protein Market Segmental Overview

The report analyses the Plant-based Protein Market based on source, type, application, distribution channel, and region.

Plant-based Protein Market by Source

Based on source, the market is categorized hemp protein, pea protein, potato protein, rice protein, soy protein, wheat protein, and others. Among these, in 2023, the hemp protein segment is experiencing notable growth within the plant-based protein market. This surge can be attributed to the increasing demand for plant-derived protein sources and the rising popularity of hemp-based products. Hemp protein, derived from the seeds of the hemp plant, is gaining traction due to its rich nutritional profile, including essential amino acids, omega-3 fatty acids, and fiber. Consumers are increasingly embracing plant-based diets for health and sustainability reasons, further driving the demand for hemp protein. Additionally, the versatility of hemp protein in various applications, such as food and beverages, supplements, and animal feed, contributes to its expanding market share. As awareness of the health benefits associated with hemp protein continues to grow, it positions itself as a significant player in the dynamic landscape of plant-based protein consumption.

Plant-based Protein Market by Type

On the basis of type, the market is categorized into concentrates, textured, and isolates. Among these, in 2023,

the concentrates segment in the plant-based protein market has exhibited noteworthy growth attributed to its versatile applications and nutritional profile. Concentrated plant-based protein products, whether derived from sources like soy, pea, or other plant varieties, have gained popularity for their higher protein content per serving compared to raw plant materials. Consumers increasingly recognize the health benefits of incorporating concentrated plant-based proteins into their diets, including muscle building and weight management. Additionally, the concentrates' adaptability in various food and beverage formulations, such as protein bars, shakes, and meat alternatives, has contributed to their market expansion.

Plant-based Protein Market by Form

On the basis of  from, the Plant-based Protein Market is segmented into dry and liquid. Among these, in 2022, the dry segment in the plant-based protein market has witnessed significant growth, reflecting a notable shift in consumer preferences and industry trends. As consumers increasingly seek plant-derived protein options, the dry form has gained traction due to its versatility and convenience in various applications. Dry plant-based protein products, including powders and concentrates, offer ease of storage, handling, and transportation, making them appealing for both manufacturers and consumers. The dry form's adaptability in diverse sectors such as food and beverages, supplements, and animal feed has fueled its expansion.

Plant-based Protein Market by Application

Based on application, the Plant-based Protein Market is segmented into animal feed, food and beverages, personal care and cosmetics, supplements, and others. Out of these, in 2023, the food and beverages segment within the plant-based protein market has witnessed remarkable growth, driven by a rising consumer inclination towards plant-centric diets and a growing awareness of the health and environmental benefits associated with plant-based protein consumption. As individuals seek healthier and sustainable dietary options, there has been an increasing demand for plant-based proteins as a key ingredient in various food and beverage products. This segment's growth can be attributed to the development of innovative plant-based protein formulations that cater to the taste and texture preferences of consumers, ranging from meat alternatives to dairy substitutes. Additionally, collaborations between food manufacturers and plant-based protein suppliers, coupled with advancements in food processing technologies, have contributed to the expansion of plant-based offerings in the food and beverages sector, further fueling the overall growth of this segment in the market.

Plant-based Protein Market by Distribution Channel

Based on distribution channel, it is divided into supermarkets/hypermarkets, online stores, direct-to-consumer, and others. Among  these, in 2023,  the supermarkets/hypermarkets segment has witnessed significant growth in the plant-based protein market as consumers increasingly turn to these retail channels for their dietary choices. The convenience and accessibility offered by supermarkets and hypermarkets play a pivotal role in the surge of plant-based protein product sales. These retail outlets provide a wide array of plant-based protein options, catering to the growing demand from health-conscious consumers seeking sustainable and plant-derived alternatives. The presence of diverse product offerings, coupled with the ability to reach a broad consumer base, has contributed to the substantial expansion of the supermarkets/hypermarkets distribution channel within the plant-based protein market, reflecting a dynamic shift in consumer preferences towards plant-centric food choices.

Geographical Analysis of Plant-based Protein Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America region has witnessed remarkable growth in the Plant-based Protein Market. This surge can be attributed to several factors, including increasing consumer shift towards healthier and sustainable dietary choices. Factors such as rising awareness about the environmental impact of traditional animal farming, coupled with a growing preference for plant-based diets, have fueled the demand for plant-based protein products. Major players in the region, including Cargill, Archer-Daniels-Midland (ADM), and Green Leaf Foods, have significantly contributed to the market expansion through product innovation and strategic partnerships. Moreover, a surge in the popularity of plant-based alternatives in various applications such as food and beverages, supplements, and personal care has further propelled the market's growth trajectory in North America. The region's dynamic market landscape, coupled with increasing investments in research and development, positions North America as a key hub for the flourishing plant-based protein industry.

Major Players in the Plant-based Protein Market

The plant-based protein market is characterized by a high degree of consolidation, with a limited number of key players dominating the market. Major contributors include Cargill, Roquette Frères S.A., Archer-Daniels-Midland (ADM), International Flavors & Fragrances Inc., Kerry Group plc, Glanbia Nutritionals, Axiom Food Incorporation, Wilmar International, Puris, DSM, BatoryFoods, Burcon NutraScience, Südzucker AG.(BENEO), Sotexpro, Emsland Group, Ingredion, A & B Ingredients, Green Leaf Foods (Maple Leaf Foods, Inc.), Prinova Group (Nagase Group), JIWRASAC, and AMCO Proteins, among others.

COVID-19 Impact

The COVID-19 pandemic has exerted a multifaceted impact on the plant-based protein market, witnessing both challenges and opportunities. Disruptions in the global supply chain, labor shortages, and logistical constraints have impeded manufacturing and distribution processes, leading to occasional shortages of plant-based protein products. However, the pandemic has also accelerated the shift toward healthier and sustainable dietary choices, driving increased consumer interest in plant-based alternatives. The heightened awareness of health and wellness, coupled with a growing emphasis on environmental sustainability, has spurred a surge in demand for plant-based proteins as a preferred choice among consumers. As the world adapts to the

new normal,

the plant-based protein market is positioned to rebound, with the potential for sustained growth driven by evolving consumer preferences and an expanding market for plant-derived food and beverage products.

Recent Developments

• In June 2022, Roquette, a plant-based protein manufacturer, released two novel rice proteins to address the market demand for meat substitute applications. The new Nutralys rice protein line includes a rice protein isolate and a rice protein concentrate.
• In May 2022, BENEO, a subsidiary of Südzucker, entered a purchase agreement to acquire Meatless BV, a producer of functional ingredients. BENEO is expanding its existing product offering with the acquisition to offer an even broader range of texturizing solutions for meat and fish alternatives.
• In January 2022, Kerry, the largest taste and nutrition company, officially opened a new 21,500-square-foot state-of-the-art facility at its Jeddah location in Saudi Arabia. The company has invested more than EUR 80 million in the region, and this new facility is one of the most modern and efficient, which produces great tasting, nutritious, and sustainable food ingredients which will be distributed throughout the Middle East.

Market Report Coverage

• The report offers a comprehensive quantitative as well as qualitative analysis of the current Plant Based Protein outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
• The report also covers qualitative as well as quantitative analysis of Plant Based Protein Market in terms of revenue ($Million).
• Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Plant Based Protein industry.
• A thorough analysis of market trends and restraints is provided.
• By region as well as country market analysis is also presented in this report.
• Analytical depiction of the Plant Based Protein along with the current trends and future estimations to depict imminent investment pockets. The overall Plant Based Protein industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
• Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Plant Based Protein are also analyzed.

Frequently Asked Questions

Q1.

How big is the Plant-based Protein Market?

Ans:

The plant-based protein market size was USD 15.3 billion in 2023 and is anticipated to reach USD 26.1 billion in 2033, growing at a rate of 5.3% from 2024 to 2033.

Q2.

What is the Plant-based Protein Market growth rate?

Ans.

The growth rate of the Plant-based Protein Market is 5.3%.

Q3.

Which region holds a major market share for the market?

Ans.

North America holds a major market share of the Plant-based Protein Market in 2022.

Q4.

Which segment accounted for the largest Plant-based Protein Market share?

Ans.

By source, the hemp segment accounted for the largest Plant-based Protein Market share in 2022.

Q5.

Who are the key players in the Plant-based Protein Market?

Ans.

The Plant-based Protein Market report includes players such as Cargill, Roquette Frères S.A., Archer-Daniels-Midland (ADM), International Flavors & Fragrances Inc., Kerry Group plc, Glanbia Nutritionals, Axiom Food Incorporation, Wilmar International, Puris, DSM, JIWRASAC, BatoryFoods, Burcon NutraScience, Südzucker AG (BENEO), Sotexpro, Emsland Group, Ingredion, A & B Ingredients, Green Leaf Foods (Maple Leaf Foods, Inc.), Prinova Group (Nagase Group), and AMCO Proteins, among others.

Q6.

What is the factor driving the Plant-based Protein Market growth?

Ans.

The major factor driving the growth of the market is growing demand for a protein-rich diet, growing health and wellness trend, increasing consumer focus on meat alternatives, growing demand from the F&B industry, and advancement in ingredient technologies: microencapsulation.

Q7.

What are the key growth strategies of Plant-based Protein Market players?

Ans.

The key growth strategies of Plant-based Protein Market players are product launch and product approval.

Q8.

Which region will provide more business opportunities for the Plant-based Protein Market during the forecast period?

Ans.

The North America region will provide more business opportunities for the Plant-based Protein Market during the forecast period.

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