Plant Protein Market Size, Share, Growth Analysis, By Type(Cereal-based (Wheat, Rice, Maize/Corn, Oat), By Application(Dietary nutrition, functional nutrients, sports nutrition, infant nutrition), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30I2289 | Region: Global | Published Date: July, 2036
Pages: 265 |Tables: 79 |Figures: 75

Plant Protein Market Insights

Plant Protein Market size was valued at USD 9.6 billion in 2019 and is poised to grow from USD 10.11 billion in 2023 to USD 14.36 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

Plant protein is simply a useful source of protein derived from plants. Pulses, tofu, soya, tempeh, seitan, nuts, seeds, some cereals, and even peas can be included in this category. Pulses are a broad category of plants that includes chickpeas, lentils, beans (including black, kidney, and adzuki beans), and split peas.

Plant-based proteins are regarded a more sustainable alternative to animal-sourced proteins in terms of both personal and environmental health. The considerable increase in demand for plant-based meals as a result of the rise in veganism and health concerns such as cardiovascular disease has led to the growth of this industry. Plant-based proteins are also gaining popularity among consumers due to the claimed health benefits of obesity control, which is also a global problem.

The covid pandemic and the rise in the vegan lifestyle are driving the demand for plant-based proteins. Plant-based proteins are healthier and contain less trans and saturated fats hence, the demand for various plant-based proteins is projected to increase over the forecast period. Major sources of plant-based protein are cereals in which corn holds the majority market followed by wheat and rice because these crops are easy to grow and are the most consumed agricultural crops across the world. Hence, corn, rice, and wheat is expected to hold the majority share. Apart from cereals, another trending category is legume-based proteins which are dominated by soybean, beans, and chickpeas.

US Plant Protein Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 9.6 billion

Largest Segment

Cereal-based

Fastest Growth

Cereal-based

Growth Rate

5.5% CAGR

Global Plant Protein Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Plant Protein Market Segmental Analysis

The global Plant Protein market is segmented based on type, application and region. Plant Protein Market segmented into Cereal-based (Wheat, Rice, Maize/Corn, Oat, Barley, Rye, Pearl Millet, Sorghum, Quinoa), Legumes-based (Beans, Soybeans, Peas, Chickpeas, Others), Root-based, Nuts & Seeds-based, Ancient Grains. Based on application, Plant Protein Market is segmented into dietary nutrition, functional nutrients, sports nutrition, infant nutrition, others. Based on region, the Plant Protein market is categorized into North America, Europe, Asia-Pacific, and MEA.

Plant Protein Market Analysis by type

Cereal-based plant proteins dominated the market in 2021, with a revenue share of more than 8%. Wheat and maize/corn are the most popular segments in cereal-based plant protein market. Cereal-based plant proteins have a high nutritional value and are used in a variety of nutritional and functional foods. Another factor driving growth in this segment is that plant-based protein isolates are more digestible and commonly regarded as the safest type of plant-based protein, with major applications in infant meals.

Global Plant Protein Market By Type, 2021 (%)

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Plant Protein Market Regional Insights

In 2022, North America is expected to register largest market share in the Plant Protein market, followed by Europe, Asia Pacific, and the Rest of the World. Changing lifestyles, a lack of balanced nutritional consumption, and enhanced R&D to develop new types of plant-protein enriched goods are contributing to the region’s growth. The United States continues to hold the greatest market share for plant protein, followed by Canada and Mexico. The desire for processed and low-cholesterol foods has opened the way for the region's plant-based protein sector. Nowadays, people all over the world are converting to alternative products such as green label food products, which, together with increased awareness of healthy and plant-based products, is propelling the market forward.

Global Plant Protein Market By Geography, 2021-2028
  • Largest
  • Fastest

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Plant Protein Market Dynamics

Plant Protein Market Driver

  • Plant-based protein innovation and advances to supplement the vegan trend

According to 2019 research issued by the European Vegetarian Union, Europe's vegan population accounts for more than 6% of the total population. Furthermore, according to The Vegan Society, the vegan population in the UK surpassed 600,000 in 2019, representing a 300% growth over the vegan population in 2014. This was one of the primary motivations motivating food and beverage businesses to innovate and develop meat replacements, dairy alternatives, and protein nutritional beverages, as well as giving a boost to plant-based food and beverages. Archer Daniels Midland Company (US), DuPont (US), Roquette Frères (France), Kerry Group (Ireland), Ingredion (US), Beyond Meat (US), and Tyson Foods (US) have all prioritized the development of plant-based protein products and beverages.

Plant Protein Market Opportunity

  • Rising emphasis on aquatic plants as new and developing protein sources

The shift toward personalized nutrition has been swift as consumer health awareness has grown. In recent years, customers have become more mindful and specific about the food they consume and its consequences on the body. Aside from soy, wheat, and pea as primary sources of plant-based protein, aquatic plants offer a huge possibility to collect proteins and components that match the consumers' particular physiological and metabolic needs. The natural synthesis of plant-based protein is the outcome of a sequence of transformations in which many chemical constituents combine in a precise form, with energy provided by sunlight. The chlorophyll found in plants is the critical agent responsible for this unique mechanism. Over 70% of solar energy is directed toward the oceans and freshwater bodies including rivers, lakes, and wetlands. A largely untapped reservoir of aquatic proteins fit for human consumption exists in the world's water bodies and can be expanded through advanced aquaculture techniques.

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Plant Protein Market Competitive Landscape

The global plant protein market is highly competitive due to the huge number of global and regional competitors participating in the market. Archer Daniels Midland Company, DuPont de Nemours Inc., Cargill Incorporated, Royal Avebe UA, and Kerry Group are among of the prominent participants. Companies are focused on new and creative items in order to enhance their market share. For example, in December 2019, DuPont Nutrition & Biosciences introduced Danisco Planit, a novel plant-based solution. It consists of a comprehensive array of plant proteins, cultures, probiotics, enzymes, and stabilizing solutions that provide all-around nutritional and functional advantages.

Plant Protein Market Top Players Company Profiles

  • Archer Daniels Midland Company
  • DuPont de Nemours, Inc.
  • Ingredion Incorporated
  • Kerry Group
  • Cargill, Incorporated
  • Roquette Freres
  • Cosucra Groupe Warcoing SA
  • Tate & Lyle PLC
  • Axiom Foods, Inc.
  • Glanbia plc
  • E.I. du Pont de Nemours and Company
  • The Scoular Company
  • Burcon NutraScience Corporation
  • BENEO GmbH
  • SunOpta Inc.
  • The Green Labs LLC
  • Prolupin GmbH
  • NutriPea Ltd.
  • Farbest Brands
  • Terravia Holdings, Inc.

Plant Protein Market Recent Development

  • In April 2022, Cargill (US) announced the expansion of its Radipure pea protein product portfolio to the Middle East, Turkey, Africa, and India markets in order to address increased demand for pea protein as an alternative protein source in these regions.
  • In July 2021, ADM (US) acquired Sojaprotein (Serbia), one of the leading producers of plant-based protein in Southern Europe, in order to expand production and meet the fast-expanding global demand for plant-based proteins.

Plant Protein Key Market Trends

  • Increasing incidences of animal protein intolerance is driving the demand for plant-based proteins. According to the National Institute of Allergy and Infectious Diseases, eggs, milk, fish, and red meat cause the vast majority of food allergies. Because of animal protein sensitivities, most meat consumers prefer meat alternatives comprised of vegan protein, which boosts the plant protein market. According to the allergy data collecting reference list, allergen levels in chicken flesh range from 0.5 to 5% in Southern Europe. Pea protein, a complete protein, can be used in a variety of egg-based items such as pasta, vermicelli, cakes, and cookies. According to the Centers for Disease Control and Prevention, 12.2 million people in the United States have a food allergy, with egg allergy accounting for two-thirds of the cases. Consumption of animal-based proteins may increase the prevalence of allergies induced by them; thus, food manufacturers in developed countries are adding plant-based food ingredients to cater to the vegan community.
  • The considerable increase in demand for plant-based meals as a result of increased veganism and health concerns such as cardiovascular disease has aided the expansion of this industry. Plant-based proteins are also gaining popularity among consumers due to the claimed health benefits of obesity control, which is also a global issue.

Plant Protein Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

According to our analysis, the growing soy-free and gluten-free trend poses new obstacles to plant protein market growth. One of the fastest-growing trends in specialized foods is "free-from." The gluten-free and soy-free diets have swiftly become the most popular nutritional trends, thanks to their health and therapeutic benefits. The development in soy-free and gluten-free food products is mostly due to an increase in food sensitivities, regional dietary preferences, an increase in celiac disease diagnosis, and the concept of using food as medicine. The USFDA adopted a rule that defined gluten-free for food labeling purposes. The definition gave customers, particularly celiac disease sufferers, certainty that "gluten-free" claims on food goods would be uniform and reliable across the food sector. It provided them with a standardized instrument for controlling their health and diet. As a result, increased consumer desire for soy-free and gluten-free food products around the world poses certain difficulties to the soy protein and wheat protein markets.

Report Metric Details
Market size value in 2023 USD 9.6 billion
Market size value in 2031 USD 14.36 billion
Growth Rate 5.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Cereal-based (Wheat, Rice, Maize/Corn, Oat, Barley, Rye, Pearl Millet, Sorghum, Quinoa), Legumes-based (Beans, Soybeans, Peas, Chickpeas, Others), Root-based, Nuts & Seeds-based, Ancient Grains
  • Application
    • Dietary nutrition, functional nutrients, sports nutrition, infant nutrition, others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Archer Daniels Midland Company
  • DuPont de Nemours, Inc.
  • Ingredion Incorporated
  • Kerry Group
  • Cargill, Incorporated
  • Roquette Freres
  • Cosucra Groupe Warcoing SA
  • Tate & Lyle PLC
  • Axiom Foods, Inc.
  • Glanbia plc
  • E.I. du Pont de Nemours and Company
  • The Scoular Company
  • Burcon NutraScience Corporation
  • BENEO GmbH
  • SunOpta Inc.
  • The Green Labs LLC
  • Prolupin GmbH
  • NutriPea Ltd.
  • Farbest Brands
  • Terravia Holdings, Inc.
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Plant Protein Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Plant Protein Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Plant Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plant Protein Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plant Protein Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Plant Protein Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Plant Protein Market size was valued at USD 9.6 billion in 2019 and is poised to grow from USD 10.11 billion in 2023 to USD 14.36 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

The plant protein market is highly competitive due to the huge number of and regional competitors participating in the market. Archer Daniels Midland Company, DuPont de Nemours Inc., Cargill Incorporated, Royal Avebe UA, and Kerry Group are among of the prominent participants. Companies are focused on new and creative items in order to enhance their market share. For example, in December 2019, DuPont Nutrition & Biosciences introduced Danisco Planit, a novel plant-based solution. It consists of a comprehensive array of plant proteins, cultures, probiotics, enzymes, and stabilizing solutions that provide all-around nutritional and functional advantages. 'Archer Daniels Midland Company', 'DuPont de Nemours, Inc.', 'Ingredion Incorporated', 'Kerry Group', 'Cargill, Incorporated', 'Roquette Freres', 'Cosucra Groupe Warcoing SA', 'Tate & Lyle PLC', 'Axiom Foods, Inc.', 'Glanbia plc', 'E.I. du Pont de Nemours and Company', 'The Scoular Company', 'Burcon NutraScience Corporation', 'BENEO GmbH', 'SunOpta Inc.', 'The Green Labs LLC', 'Prolupin GmbH', 'NutriPea Ltd.', 'Farbest Brands', 'Terravia Holdings, Inc.'

Plant-based protein innovation and advances to supplement the vegan trend

Increasing incidences of animal protein intolerance is driving the demand for plant-based proteins. According to the National Institute of Allergy and Infectious Diseases, eggs, milk, fish, and red meat cause the vast majority of food allergies. Because of animal protein sensitivities, most meat consumers prefer meat alternatives comprised of vegan protein, which boosts the plant protein market. According to the allergy data collecting reference list, allergen levels in chicken flesh range from 0.5 to 5% in Southern Europe. Pea protein, a complete protein, can be used in a variety of egg-based items such as pasta, vermicelli, cakes, and cookies. According to the Centers for Disease Control and Prevention, 12.2 million people in the United States have a food allergy, with egg allergy accounting for two-thirds of the cases. Consumption of animal-based proteins may increase the prevalence of allergies induced by them; thus, food manufacturers in developed countries are adding plant-based food ingredients to cater to the vegan community.

In 2022, North America is expected to register largest market share in the Plant Protein market, followed by Europe, Asia Pacific, and the Rest of the World. Changing lifestyles, a lack of balanced nutritional consumption, and enhanced R&D to develop new types of plant-protein enriched goods are contributing to the region’s growth. The United States continues to hold the greatest market share for plant protein, followed by Canada and Mexico. The desire for processed and low-cholesterol foods has opened the way for the region's plant-based protein sector. Nowadays, people all over the world are converting to alternative products such as green label food products, which, together with increased awareness of healthy and plant-based products, is propelling the market forward.

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