Global Plant Protein Market CAGR of 6.40%

 

Market Overview

The global plant protein market was valued at USD 12.24 billion in 2023 and is projected to reach USD 20.10 billion by 2031, growing at a CAGR of 6.40% from 2024 to 2031. This growth is driven by increasing adoption of plant-based diets, advancements in plant protein technologies, and rising awareness of the health and environmental benefits associated with plant-based nutrition.

Market Segmentation

By Product Type

  • Wheat Protein

  • Soy Protein

  • Pea Protein

  • Others

By Form

  • Protein Isolates

  • Protein Concentrates

  • Textured Proteins

By Application

  • Bakery Products

  • Meat Extenders and Substitutes

  • Nutritional Supplements

  • Beverages

  • Snacks

  • Others

Regional Insights

The plant protein market is analyzed across several regions:

  • North America: United States, Canada, Mexico

  • Europe: Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe

  • Asia-Pacific: China, Japan, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific

  • South America: Brazil, Argentina, Rest of South America

  • Middle East and Africa: South Africa, Saudi Arabia, Oman, Qatar, UAE, Kuwait, Rest of Middle East and Africa

North America is expected to dominate the market, driven by the rise in demand from the growing vegan trend and the presence of major plant-based protein manufacturers. Asia-Pacific is also set for significant growth due to rising veganism, an aging population, and increasing interest in dietary supplements.

Key Market Drivers

  • Health-Conscious Consumers: Growing awareness of health and wellness is fueling demand for plant-based protein products.

  • Environmental Concerns: Sustainability issues tied to animal farming are encouraging a shift towards plant-based diets.

  • Product Innovation: Technological advancements in plant protein are leading to the development of more diverse and improved products.

  • Dietary Preferences: The increasing popularity of veganism and vegetarianism is contributing to market growth.

Challenges

  • Allergies: Allergies to common plant proteins like soy and wheat could hinder market growth.

  • Quality Concerns: Issues around the quality of plant-based proteins, such as concerns about GMOs, may affect consumer acceptance.

Key Market Players

Prominent companies in the global plant protein market include:

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