Global Plant Protein Market Report and Forecast 2024-2032

Global Plant Protein Market Outlook

The global plant protein market stood at a value of around USD 12.05 billion in 2023. The market is further expected to grow at a CAGR of 7.5% in the forecast period of 2024-2032 to attain USD 23.14 billion by 2032.

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Growing Demand for Soy Protein Owing to the Rising Cases of Cancer and Heart-Related Diseases to Bolster the Growth of the Plant Protein Industry

Based on type, the soy protein segment accounts for a significant share in the market and is likely to witness a considerable growth in the forecast period as well. This can be attributed to the rising cases of breast cancer, heart-related diseases, and osteoporosis among the working-class population. Soy protein boosts energy and helps improve heart health.

Over the forecast period, the rising cases of obesity or weight gain, owing to the emergence of the work-from-home culture, is likely to aid the segment growth, as soy protein helps lose weight and balances the hormones in the body. Meanwhile, the demand for rice protein is anticipated to attain a considerable growth in the forecast period, owing to the presence of essential vitamins and minerals that help the blood transport oxygen and perform other vital functions.

The Asia Pacific Accounts for a Significant Share in the Market

The plant protein industry in the Asia Pacific is driven by the thriving food and beverage sector. The rising population and the increasing demand for plant-based food products are aiding the market growth. In addition, the increasing prevalence of heart-related diseases in the region is likely to augment the demand for plant protein. In the forecast period, the growing popularity of tofu, tempeh, peanuts, and edamame, among others is likely to aid the market.

Plant Protein: Market Segmentation

Plant protein is defined as a food source of protein that is obtained from plants. The plant proteins include pulses, tofu, soy, tempeh, seitan, nuts, seeds, and certain grains, among others, and are known to facilitate muscle growth and help reduce weight.

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Based on source, the market is divided into:

• Algae
• Soy
• Wheat
• Pea
• Potato
• Oat
• Chickpea
• Rice
• Others

The significant applications of the product include:

• Food and Beverage
• Animal Feed
• Supplements
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Trend of Clean Eating to Boost the Growth of the Plant Protein Industry

The global plant protein industry is driven by the rising demand for plant protein in the food and beverage industry, owing to the growing inclination of people towards health and fitness. The sustained interest in eating more plant protein while reducing the intake of animal protein is aiding industry growth. According to the International Food Information Council (IFIC) Food & Health Survey 2020, around 6% of Americans reported following a plant-based diet compared to 5% in 2019. At the same time, plant-based eating ranked above vegetarian (4%) and vegan diets (1%). The plant protein facilitates muscle growth, helps reduce body weight, and lessens the risk of heart diseases. Over the forecast period, the growing awareness about the ecological impact of meat-sourcing practices and the increasing cases of animal-borne diseases, such as swine flu, bird flu, and others, are likely to augment the market growth. In addition, the market is expected to be aided by the various nutritional benefits offered by plant protein owing to the presence of vitamins and minerals, which are essential for maintaining a healthy body.

Key Industry Players in the Global Plant Protein Market

The report gives a detailed analysis of the following key players in the global plant protein market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Archer Daniels Midland Company
• DuPont de Nemours Inc.
• Kerry Group
• Tate & Lyle Plc
• Roquette Freres
• Cargill Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report