Plant Protein Ingredients Market Forecasts to 2030 – Global Analysis By Type (Soy Protein, Pea Protein, Wheat Protein, Rice Protein, Potato Protein and Other Types), Form, Application, End User and By Geography

Plant Protein Ingredients Market Forecasts to 2030 – Global Analysis By Type (Soy Protein, Pea Protein, Wheat Protein, Rice Protein, Potato Protein and Other Types), Form, Application, End User and By Geography

According to Stratistics MRC, the Global Plant Protein Ingredients Market is accounted for $13.3 billion in 2023 and is expected to reach $9.7 billion by 2030 growing at a CAGR of 25.4% during the forecast period. Plant protein ingredients are derived from various plant sources, such as peas, soy, hemp, and rice, offering a sustainable and plant-based alternative to animal proteins. Rich in essential amino acids, vitamins, and minerals, they cater to the growing demand for plant-based diets. Used in food and beverage products, including plant-based meats, dairy alternatives, and nutritional supplements, plant protein ingredients provide health benefits and support environmental sustainability.

According to reports from the European Vegetable Protein Association (EUVEPRO), wheat proteins are abundant in sulfur-rich amino acids, making them suitable for creating well-balanced protein supplements when combined with pulse proteins for both human and pet food

Market Dynamics:

Driver:

Increasing awareness of health and sustainability

Consumers, recognizing the health benefits of plant-based diets and concerned about the environmental impact of animal agriculture, are actively seeking sustainable and nutritious alternatives. This awareness drives the demand for plant protein ingredients, fostering a shift towards plant-centric diets. Furthermore, food manufacturers respond with innovative products, including plant-based meats and dairy alternatives, further propelling market growth.

Restraint:

Allergies associated with plant-based protein sources

Plant-based foods and beverages offer various health benefits and essential minerals, but their consumption has been associated with allergies in some cases, which hinders market growth. For instance, soybeans are packed with nutrients like vitamins, minerals, and proteins, but they can trigger allergies due to the presence of anti-nutritional components. Moreover, allergic reactions to gluten in the diet cause inflammation and damage to the inner lining of the small intestines in celiac disease. Therefore, allergies associated with certain plant-based ingredients are expected to limit the growth of the plant-based protein industry in the forecast period.

Opportunity:

Advances in processing and formulation

Continuous innovation enhances the taste, texture, and overall quality of plant-based products, addressing historical challenges. Improved processing technologies contribute to creating more appealing and palatable plant protein ingredients, expanding consumer acceptance. This results in a broader range of innovative plant-based products, such as realistic meat substitutes and dairy alternatives, fostering market growth.

Threat:

Economic constraints related to processing capacity of pea protein

The use of pea as a source of plant-based protein has seen a notable uptick, but manufacturers of pea protein face a significant challenge due to a lack of processing capacity. The economic feasibility of the process hinges on whether the protein or starch is sold, and selling the protein without incurring losses on the starch could be profitable. While some food manufacturers, especially those producing products like veggie burgers, have relied on soybean protein due to lower costs and a stable supply, premium food product makers have turned to pea protein to meet consumer expectations for a niche ingredient known for its health benefits, hypoallergenic properties, and other functional qualities hamper the market growth.

Covid-19 Impact

While the pandemic initially disrupted supply chains and posed manufacturing challenges, the growing interest in health and sustainable diets bolstered demand for plant-based alternatives. Consumers, increasingly focused on immunity and wellness, turned to plant protein ingredients found in products like plant-based meats and dairy alternatives. The pandemic accelerated the adoption of plant-based diets, creating opportunities for market growth.

The soy protein segment is expected to be the largest during the forecast period

The soy protein segment is estimated to have a lucrative growth, due to versatile and nutritionally rich alternative in various food products. Its popularity in plant-based meats, dairy alternatives, and nutritional supplements is bolstered by its complete amino acid profile and health benefits. Thus as consumers increasingly adopt plant-based diets, the demand for soy protein escalates.

The meat alternatives segment is expected to have the highest CAGR during the forecast period

The meat alternatives segment is anticipated to witness the highest CAGR growth during the forecast period, as consumers increasingly seek sustainable and plant-based protein sources, ingredients derived from peas, soy, and other plants are in high demand. These ingredients play a pivotal role in creating meat substitutes such as burgers, sausages, and nuggets. The market experiences substantial growth as the plant protein trend aligns with health-conscious and environmentally aware consumer preferences encourage the market growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increased demand for sustainable and vegetarian protein sources, especially in countries like China and India, drives the market. Plant protein ingredients find extensive use in food and beverage applications, including snacks, dairy alternatives, and sports nutrition. Industry players are investing in research and development to introduce innovative plant protein products. Regulatory support and a growing population emphasizing healthy lifestyles contribute to the expanding market

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to Canada which stands out as a leading producer of peas, hosting numerous pea processing units, while the United States plays a crucial role in soybean and wheat production. The U.S. is the world's top soybean producer and the second-largest exporter, with soybeans accounting for a substantial 90% of the country's oilseed production. The highly diverse and multicultural population in Mexico also contributes to the high demand for protein-rich food and beverage products, bolstering the growth of plant-based protein offerings in the region.

Key players in the market

Some of the key players in the Plant Protein Ingredients Market include AMCO Proteins, Kerry Group, Batory Foods, Axiom Foods Inc., Glanbia PLC, A&B Ingredients, The Scoular Company, ABH Pharma Inc., Sun Brothers, LLC, NutraScience Labs, Archer Daniel Midland Company, Arla Food Ingredients, Cargill Incorporated, Reliance Private Label Supplements, Ingredion Incorporated, Cambridge Commodities Inc, PLT Health Solutions and Jungbunzlauer Suisse AG

Key Developments:

In January 2024, ADM global leader in sustainably sourced solutions from nature announced that it has loaded and shipped its first vessels of verified, fully traceable soybeans from the U.S. to Europe.

In January 2024, AMCO Proteins launches innovative clean label dough conditioner. HG-80 provides functional benefits at low usage rates to many baked products like breads, rolls, flatbreads, pizza crusts, crackers, cookies and flour tortillas.

In December 2018, Kerry to expand its clean label offering through new partnership with Renaissance BioScience. Kerry has signed a license agreement with Renaissance BioScience Corp to supply Renaissance's Acryleast, a non-GMO acrylamide-reducing yeast enzyme, to food and beverage manufacturers.

Types Covered:
• Soy Protein
• Pea Protein
• Wheat Protein
• Rice Protein
• Potato Protein
• Other Types

Forms Covered:
• Concentrates
• Isolates
• Textured Proteins
• Bars
• Hydrolyzed
• Other Forms

Applications Covered:
• Meat Alternatives
• Dairy-Free Beverages
• Pre-Workout Supplements
• Meal Replacement Shakes
• Other Application

End Users Covered:
• Nutraceutical & Dietary Supplement Industry
• Sports & Fitness Industry
• Food Service & Hospitality
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements