The Plant-Based Protein Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plant-Based Protein Global Market Report 2024, The plant-based protein market size has grown exponentially in recent years. It will grow from $42.13 billion in 2023 to $52.08 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to increased health and wellness awareness, risie in concerns about environmental sustainability, growth in preference for vegetarian and vegan diets, expansion of plant-based food and beverage industry, demand for allergen-free and non-gmo protein sources.
The plant-based protein market size is expected to see rapid growth in the next few years. It will grow to $107.28 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to regulatory support and labeling standards for plant-based foods, rising consumer demand for clean label and natural ingredients, market penetration in emerging economies and middle-income countries, increasing applications in functional foods and nutraceuticals, growing interest in sports nutrition and performance enhancing supplements. Major trends in the forecast period include technological advancements in protein extraction and processing, hybrid and blended products, fermented and cultivated proteins, customized protein solutions, innovations in dairy alternatives.
The increasing awareness of health and wellness is expected to propel the growth of the plant-based protein market during the forecast period. Plant-based proteins are good for weight loss and provide building blocks for healthy muscles and tissues. They are high in fiber and contain less amount of calories & fats than animal protein. For instance, according to a poll by E times in 2021, the COVID-19 pandemic has transformed Indians’ attitudes toward health, with 70% saying they will prioritize food and lifestyle adjustments in 2021 to manage both physical and emotional health. Therefore, the increasing awareness of health and wellness drives the growth of the plant-based protein market.
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The plant-based protein market covered in this report is segmented –
1) By Type: Isolates, Concentrates, Textured
2) By Source: Soy, Wheat, Pea, Other Sources
3) By Form: Dry, Liquid
4) By Application: Feed, Food, Other Applications
Plant-based meat substitutes are gaining significant popularity in the plant-based proteins market. Plant-based meat alternatives are the priority of major companies operating in the plant-based proteins sector attributing to various benefits such as being ecologically friendly, aiding in weight loss, preventing chronic illnesses, and regulating cholesterol and blood sugar levels. For instance, in July 2021, Nature’s Fynd, a US-based company which develops microbe-based proteins for meat and dairy substitutes has raised over $158 million in funds for the launch of its meatless breakfast products including patties, burgers chicken-less nuggets, and others. Additionally, according to the Plant-Based Foods Association, the alternative foods sector exploded in 2020, increasing U.S. retail sales by 27% and boosting the entire market value to $7 billion.
The plant-based protein market report table of contents includes:
1. Executive Summary
2. Plant-Based Protein Market Characteristics
3. Plant-Based Protein Market Trends And Strategies
4. Plant-Based Protein Market – Macro Economic Scenario
5. Global Plant-Based Protein Market Size and Growth
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26. South America Plant-Based Protein Market
27. Brazil Plant-Based Protein Market
28. Middle East Plant-Based Protein Market
29. Africa Plant-Based Protein Market
30. Plant-Based Protein Market Competitive Landscape And Company Profiles
Top Major Players:
- Archer-Daniels-Midland Company
- DuPont Nutrition & Biosciences
- Axiom Foods Inc
- Cargill Inc
- Kerry Group
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