Global Vegetable Protein Market Report and Forecast 2024-2032

Global Vegetable Protein Market Outlook

The global vegetable protein market reached a value of USD 11.64 billion in 2023. The market is further expected to grow at a CAGR of 6% in the forecast period of 2024-2032 to reach a value of USD 19.60 billion by 2032.

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Rising Demand for Texturised Vegetable Proteins to Augment the Growth of the Industry

Based on type, there has been a rise in demand for texturised vegetable proteins in the food and beverage sector. Texturised vegetable proteins are becoming an integral part of meat analogues, and meat substitutes as more and more people shift to vegetarianism. This is expected to significantly contribute to the growth of the overall vegetable protein industry in the forecast period.  Meanwhile, hydrolysed vegetable proteins are now being utilised as flavour enhancers in various vegetarian/non-vegetarian food products over animal proteins or yeast proteins.

Region-wise, the Asia Pacific is expected to provide significant growth opportunities to the market over the forecast period. This can be accredited to the increasing health awareness in the region and the advancing food and beverages industry. The growing demand for food products that mimic animal-derived products is aiding the growth of the industry. Moreover, the region also has a strong agricultural production base, which is a significant factor in the manufacture of proteins derived from vegetables.

Vegetable Protein: Market Segmentation

Vegetable proteins refer to the proteins that are present in or isolated from vegetables or vegetable products used as food. In general, plant-based proteins are known to provide digestive balance as they contain healthy amounts of fibre. Unlike dairy products, plant-based proteins are a lot easier for the body to digest, and, thus, they are gaining heavy traction across numerous forums.

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Based on sources, the market is divided into:

• Soy
• Hemp
• Rice
• Pea
• Potato
• Oat
• Chickpea
• Others

By type, the industry can be segmented into:

• Concentrates
• Textured
• Isolates

The forms in which vegetable proteins are available include:

• Dry
• Liquid

On the basis of end use, the industry can be categorised into:

• Food
• Feed

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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Growing Shift Towards Veganism to Boost the Growth of the Vegetable Protein Industry

The growing adoption of veganism and the rise in flexitarian population are driving the growth of the global market for vegetable protein. The market is further supported by the rising health awareness among consumers and the increasing demand for meat alternatives. Other factors like the escalating disposable incomes, increasing demand for protein-rich food products, and advancements in the food processing sector are further propelling the industry growth. Over the forecast period, the growing preference for cruelty-free products and the rising demand for environment-friendly alternatives to animal-derived proteins/ food products is expected to further boost the industry growth. The market is projected to be supported by the launch of new products and increased investments in R&D activities by the manufacturers.

Key Industry Players in the Global Vegetable Protein Market

The report gives a detailed analysis of the following key players in the global vegetable 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.
• Cargill, Incorporated
• BENEO GmbH
• Roquette Frères
• Coöperatie AVEBE U.A.
• 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