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Plant-based Protein Market Worth $23.44 Billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
According to the FAO/UN forecast, in 2050, the global food demand, particularly for protein, will be twice the demand in 2013 (FAO, 2013). When global food security is considered, protein will become the limiting macronutrient, and the world population will require sufficient quantities of protein with adequate quality. Further, in recent years, high protein diets and products have made a real impression on nutrition, and re-shaping consumers' attitudes towards protein in their food intake as adequate nutrition is an important aspect of a healthy lifestyle for all individuals. With the increasing world population and welfare, the demand for protein as a food-nutritional component is rising sharply.
The high protein trend is gaining traction and will continue to evoke interest in the upcoming years. Consumers have become more aware of protein benefits in supporting an active lifestyle. Proteins can help reduce the risk for diabetes and cardiovascular disease and be imperative to feeling healthy and energetic by maintaining healthy skin, nails, and hair. It is a vital nutrient required for building, maintaining, and repairing tissues, cells, and organs throughout the body; it keeps the immune system functioning properly; and maintains heart health. It also plays a vital role in the growth and development of children and aged people. Also, there is a growing awareness of the negative health aspect of eating red meat, with a growing number of people wishing to either minimize or cut animal protein out of their diet altogether. This is leading to a significant increase in plant-based protein production and consumption worldwide.
The global plant-based protein market study presents historical market data in terms of value (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on type, crop type, source process, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
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Based on type, the global plant-based protein market is mainly segmented into soy, wheat, pea, canola, potato, rice, corn, and others. The soy protein segment accounted for the largest share of the overall plant-based protein market in 2021. The leading position of this segment is mainly attributed to higher consumer acceptance level, presence of a large number of manufacturers and their high scale of production, low cost than other types of plant proteins, increased demand for plant-based products, easy availability of raw materials, and a large number of applications in various industries. However, the pea protein segment is expected to grow at the highest CAGR during the forecast period.
Based on crop type, the plant-based protein market is segmented into genetically and non-genetically modified organism crops. In 2021, the genetically modified organism crops segment accounted for the largest share of the global plant-based protein market. However, non-genetically modified organism crops are expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the recent trend of preference for food products with non-GMO labels; rising demand for eco-friendly, natural, and organic food products; and stringent regulations for GM crops in Europe & Asia-Pacific .
Based on source process, the plant-based protein market is segmented into organic and conventional plant-based protein ingredients. In 2021, the conventional plant-based protein segment accounted for the largest share of the overall plant-based protein market. However, the organic plant-based protein segment is expected to grow at the highest CAGR during the forecast period.
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Based on application, the global plant-based protein market is mainly segmented into food and beverages, animal feed, nutrition and health supplements, pharmaceuticals, and others. The food and beverage segment accounted for the largest share of the overall plant-based protein market in 2021. However, the nutrition and health supplement segment is expected to witness significant growth. The rapid growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, and the increasing prevalence of diseases.
Geographically, North America accounted for the largest share of the overall plant-based protein market in 2021. The large share of this region is primarily attributed to the well-established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products, and growing health & wellness trend. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
The key players operating in the global plant-based protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères Le Romain ( France ), Ingredion Incorporated (U.S.), Kerry Group ( Ireland ), DuPont de Nemours, Inc. (U.S.), Now Foods (U.S.), Tate & Lyle PCL (U.K.), Axiom Foods Inc. (U.S.), AMCO Protein (U.S.), Burcon NutraScience Corporation ( Canada ), BENEO GmbH ( Germany ), Glico Nutrition Co., Ltd ( Japan ), Glanbia plc ( Ireland ), Cosucra Groupe Warcoing SA ( Belgium ), Sotexpro ( France ), Farbest Brands (U.S.), Crespel & Deiters GmbH & Co. KG ( Germany ), Wilmar International ( Singapore ), and CHS Inc. (U.S.).
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