Plant Based Protein Market by Source (Beans & Seeds, Canola, Pea), Form (Dry, Liquid), Type, Nature, Application - Global Forecast 2024-2030

[193 Pages Report] The Plant Based Protein Market size was estimated at USD 14.55 billion in 2023 and expected to reach USD 15.67 billion in 2024, at a CAGR 7.87% to reach USD 24.73 billion by 2030.

Plant-based protein refers to a category of proteins derived from various plant sources, such as legumes, grains, nuts, seeds, and algae. The rising awareness of health benefits associated with plant-based diets due to their high nutritional content and prevalence of lactose intolerance among individuals worldwide also contributes to a higher demand for alternative protein sources. However, the higher cost of production compared to conventional sources such as dairy and meat may hinder the adoption of plant-based protein. Nevertheless, developing innovative processing techniques to improve the functional properties of plant proteins, such as solubility, emulsifying, and foaming capacity, can further enhance the overall value proposition for these products, creating potential opportunities for the market growth.

The plant-based protein market is evolving in the Americas owing to the growing consumer awareness of health benefits, focus on animal welfare, and environmental sustainability in the region. The European Union (EU) countries also witness increased consumer interest in plant-based protein options due to the expanding vegan population. In the Middle East, while meat consumption remains high, there is an emerging trend towards alternative plant-based food products, including plant-based proteins, a thriving start-up culture, and strong governmental support for agritech research. Increasing urbanization, rising demand for nutritious and eco-friendly food solutions, and increased investment in local production facilities for plant-based proteins are fueling the growth of the plant-based protein market in Africa. In the APAC region, traditional diets emphasizing plant-based protein sources such as tofu and tempeh, coupled with the majority of the population following a vegetarian diet, have influenced the demand for plant-based protein in the region. Besides, ongoing research to improve properties and utilization of innovative sustainable packaging materials are anticipated to encourage the growth of the plant-based protein market globally.

The market dynamics represent an ever-changing landscape of the Plant Based Protein Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

• Market Drivers
  • Prevalence of lactose intolerance among individuals and need for alternative protein sources
  • Surging vegan and vegetarian population globally
  • Increasing availability of plant-based proteins on eCommerce platforms
• Market Restraints
  • Raw material price fluctuation
• Market Opportunities
  • Introduction of innovative plant-based protein products
  • Advancements in manufacturing and processing of plant-based proteins
• Market Challenges
  • Allergies and limitations associated with plant-based protein sources

• Source: Rising utilization of pea protein owing to its high digestibility rate

  Beans and seeds offer various options for plant-based protein consumers with varying dietary needs or restrictions. They are abundant in nutrients like fiber and iron and can be consumed whole or processed into flour and protein isolates. Canola protein is gaining popularity due to its high nutritional value with a complete amino acid profile similar to soy, however, without allergenic concerns or GMO controversy associated with it. Pea protein offers a hypoallergenic alternative for individuals seeking plant-based proteins without common allergens such as soy or gluten found in wheat. Potato protein benefits from a high biological value and offers desirable functional properties for food formulation, including emulsification, binding, and foaming. Rice protein is an easily digestible alternative for those with soy or gluten sensitivities while providing essential amino acids needed for proper muscle function. Soy has long been a staple source of plant-based protein due to its complete amino acid profile and numerous health benefits associated with reducing cholesterol levels and promoting heart health. Wheat protein offers a rich source of plant-based protein with desirable functional properties such as elasticity, water absorption, and binding capacity.

• Form: Proliferating usage of dry plant-based protein owing to their longer shelf life

  Dry plant-based protein options include powders, flours, and textured vegetable proteins (TVP). These are popular among consumers for their ease of use and versatility since they can be added to various recipes or consumed as standalone supplements. Compared to liquid plant-based proteins, dry options have a longer shelf life and greater convenience for storage. Liquid plant-based protein options such as ready-to-drink (RTD) shakes, beverages, and smoothies provide consumers with convenient on-the-go nutrition. Compared to dry forms, liquid plant-based proteins offer easy consumption without blending or mixing. However, they may have a shorter shelf life and require refrigeration or specific storage conditions.

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Plant Based Protein Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Plant Based Protein Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Plant Based Protein Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

• Synthite Innovates Plant-Based Dairy Alternative for Sustainable Protein Sources

  Synthite Industries introduced a plant-based dairy alternative made using plant protein, offering consumers an environmentally friendly and vegan option to traditional dairy products. With its naturally sourced plant proteins, healthy fats, and essential micronutrients, this product caters to health-conscious individuals who value convenience and nutrition in their diet. [Published On: June 08, 2023]

• Strategic Partnership Between EVERY Co. and Alpha Foods to Innovate the Next Generation of Plant-Based Meat Alternatives

  The EVERY Co. and Alpha Foods joined forces in a collaborative effort to develop and introduce the next generation of alternative meat products to the market. This partnership aims to create plant-based proteins that offer an enhanced culinary experience for consumers. The EVERY Co. brings its expertise in branded consumer packaged goods, while Alpha Foods contributes its knowledge in developing next-generation plant-based protein products. Together, they will work towards the development, production, and commercialization of a wide range of alternative meat products that boast superior quality, taste, texture, and nutritional profiles. [Published On: May 03, 2023]

• Wicked Kitchen’s Strategic Acquisition of Current Foods Signals Major Shift in Plant-Based Protein Market

  Wicked Kitchen acquired Current Foods, creating a transformative shift in the plant-based industry. With the rapid growth of the plant-based sector in North America, Wicked Kitchen can now offer consumers an even wider range of menu items. This acquisition unites two companies committed to enhancing the plant-based eating experience by developing high-quality, innovative products. [Published On: March 23, 2023]

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Plant Based Protein Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

The report delves into recent significant developments in the Plant Based Protein Market, highlighting leading vendors and their innovative profiles. These include AGT Food and Ingredients Inc., AMCO Proteins, Aminola B.V., Archer Daniels Midland Company, Atlantic Natural Foods LLC, Axiom Foods Inc., Batory Foods, Inc., Burcon NutraScience Corporation, Cargill, Incorporated, Cosucra Groupe Warcoing SA, DuPont de Nemours, Inc., Emsland Group, Glanbia PLC, Ingredion Incorporated, Kerry Group PLC, Koninklijke DSM N.V., NOW Health Group, Inc., Proeon, PURIS, Roquette Freres SA, Sotexpro Protein Texturing Company, Tate & Lyle PLC, The Green Labs LLC, The Scoular Company, and Wilmar International Limited.

This research report categorizes the Plant Based Protein Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Source
  • Beans & Seeds
  • Canola
  • Pea
    • Chickpeas
    • Lentils
    • Yellow Split Peas
  • Potato
  • Rice
  • Soy
  • Wheat
• Form
  • Dry
  • Liquid
• Type
  • Concentrates
  • Isolates
  • Textured
• Nature
  • Conventional
  • Organic
• Application
  • Bakery Products
  • Dairy Alternatives
  • Meat Alternatives
  • Nutrition Supplements
  • Protein Bars
  • Sports Nutrition

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

1. What is the current market size and projected growth?
2. Which products, segments, applications, and regions offer promising investment opportunities?
3. What are the prevailing technology trends and regulatory frameworks?
4. What is the market share and positioning of the leading vendors?
5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?