Plant Protein Market Updates

Global Plant Protein Market size was valued at USD 14.1 billion in 2023 and is poised to grow from USD 15.17 billion in 2024 to USD 27.26 billion by 2032, growing at a CAGR of 7.6% during the forecast period (2025-2032).

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. 'Seiko Epson Corporation (Japan) ', 'Canon Inc. (Japan) ', 'LG Electronics (South Korea) ', 'Eastman Kodak Company (US) ', 'Koninklijke Philips N.V. (Netherlands) ', 'ViewSonic Corporation (US) ', 'Acer Inc. (Taiwan) ', 'Sony Corporation (Japan) ', 'HP Development Company, L.P. (US) ', 'Panasonic Holdings Corporation (Japan) ', 'Samsung (South Korea) ', 'Xiaomi (China) ', 'ASUSTeK Computer Inc. (Taiwan) ', 'Ricoh (Japan) ', 'NEC Corporation (Japan) ', 'XGIMI Technology Co. (China) ', 'AAXA Technologies Inc. (US) ', 'Miroir USA (US) ', 'Vivitek (Taiwan) ', 'Optoma Corporation (Taiwan)'

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.

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.