Plantbased Protein Market Segmented By Soy Protein, Wheat Protein, Pea Protein Type in Isolates, Concentrates, Hydrolysates Form in Organic, Conventional Nature
Industry: Food and Beverages
Published Date: August-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 400
Report ID: PMRREP10283
The global plant-based proteins market is currently valued at US$ 13.12 Bn and is expected to expand at a value CAGR of 6.2% to reach US$ 23.84 Bn by 2032.
As per forecasts, South Asia and East Asia are markets projected to expand at the highest CAGRs. Together, North America and Europe hold a market volume share of more than 60%.
Sales of plant-based proteins currently account for 21%-24% share of the global plant-based ingredients market.
| Report Attribute | Details |
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Plant-based Proteins Market Size (2022E) |
US$ 13.12 Bn |
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Projected Sales of Plant-based Proteins (2032F) |
US$ 23.84 Bn |
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Value CAGR (2022-2032) |
6.2% |
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Value Share of Top 5 Countries (2022E) |
53.03% |
The global plant-based proteins market was valued at US$ 12.3 Bn at the end of 2021 after having progressed at a CAGR of 4.9% during 2017-2021.
Proteins are the most important nutrients for the human body as they provide all the essential amino acids required. Plant-based proteins are derived from plant and vegetable sources such as soy, wheat, and peas, which are high in protein content.
Demand for plant-based proteins is increasing owing to the growing vegan and vegetarian population and rising lactose intolerance among consumers. Plant-based proteins are used as a meat alternative as they can mimic the taste and texture of meat.
Plant-based proteins are the only source of nutrition for vegans and vegetarians. People choose a vegan diet because they believe it is beneficial for their health. For vegans and vegetarians, plant-based proteins are the healthiest source of nourishment. When it comes to improving their health through food, vegan and vegetarian consumer continue to prioritize nutrition.
This trend is projected to drive plant-based proteins market growth across the world.
Veganism has been popular in well-established markets such as North America and Europe. In growing economies such as South Asia and East Asia, this practice is gaining traction. Growing popularity of the vegan trend is predicted to boost demand for plant-based proteins on a global scale.
Currently, the global value of plant-based proteins is estimated at US$ 13.12 Bn, with a predicted CAGR of 6.2% from 2022 to 2032.
“Rising Use of Plant-based Meat across Regions”
With the rise in the number of health-conscious consumers, food produced from plant proteins and developed to match the taste and texture of meat has surged into the mainstream market. As established food companies and start-ups are introducing plant-based meat products, plant proteins are gaining acceptance among the general public.
“Increasing Concerns about Food Sensitivity”
In developed economies around the world, food allergies are on the rise. Food sensitivities are increasingly influencing consumer interests. Plant proteins are consumed mainly by vegetarians, while allergies to gluten, soy, and others are preventing a large number of people from doing so.
Plant proteins are gaining popularity as dairy protein alternatives due to their significant nutritional value. They also have the advantage of being non-GMO and allergen-free. As a result, the global market for plant protein food products is predicted to rise as demand for dairy-free and lactose-free food grows.
“Plant-based Proteins - Environmentally Sustainable”
Plant-based proteins contain essential muscle-building ingredients and proteins in concentrations ranging from 50% to 85%. They stand out when compared to other protein sources since they are environmentally sustainable.
Consumers are becoming more aware of the benefits of plant-based proteins, and, as a result, demand natural, environment-friendly, and allergen-free products. Growing consumer concerns about animal-based goods and the environment are leading to an increase in the number of people following a flexitarian diet, which is expected to have a beneficial impact on the target market.
The cropping system of plant proteins is eco-friendly, and hence, preferred by consumers. Moreover, plant-based proteins are not made from any commonly allergenic foods such as milk and eggs. Consumers are becoming aware of the beneficial properties of plant-based proteins, thereby augmenting market expansion.
“Rising Demand for Plant-based Proteins for Weight Management”
To tackle the problem of obesity and the rising prevalence of diseases, brought about by changing lifestyles, the need for nutritious food will continue to increase across the world. Increasing use of plant-based protein diet plans, health and fitness clubs, as well as increased education and awareness about obesity, are all driving the growth of the health and wellness sector.
Plant-based proteins are considered the most effective for weight loss. Increasing need for weight management among consumers is expected to boost the demand for plant-based proteins over the forecast period.
The landscape of consumer health is shifting rapidly, with consumers constantly making changes in their healthcare routines and demanding alternatives to animal proteins. Rising concerns regarding dairy allergens are also expected to fuel the demand for plant-based protein products.
“Growing Demand for Alternative Proteins to create Market Opportunities”
The plant-based products market has witnessed rapid growth in the past few years, and manufacturers, suppliers, retailers, and food brands have been facing tight competition.
Due to this increasing competition, market players are forced to invest, innovate, and introduce new products. This has resulted in the expansion of their plant-based protein portfolios. As such, growing competition and innovation in the industry are creating lucrative growth opportunities for market players.
What is the Germany Plant-based Proteins Market Outlook?
In Europe, Germany is expected to provide great growth opportunities and progress a CAGR of 7.2%, rising from its current market valuation of US$ 484.2 Mn in 2022.
The vegan population in the country is rapidly increasing. Hence, the consumption of plant-based proteins is expected to rise in the country over the coming years.
Why Does North America Hold the Largest Market Share in the Plant-based Proteins Space?
North America is the largest consumer of plant-based ingredients as the vegan population is the largest in the region. Demand for plant-based products in the region is projected to increase rapidly as a result of this.
The North American plant-based proteins market is currently valued at US$ 4.87 Bn and is predicted to surge to US$ 7.52 Bn by 2032.
What is the Value of Dairy Alternatives as an Application?
The dairy alternatives segment is valued at US$ 590.9 Mn in 2022 and is expected to expand at a CAGR of 4.5% for the forecast period.
Over the projection period, rising cases of milk allergies and lactose intolerance are expected to drive demand even higher for this segment.
Why is the Utilization of Plant-based Proteins in the Nutraceuticals Industry Rising Steadily?
Plant-based proteins are considered nutritionally advantageous for human health. When combined with resistance exercise, they aid muscle growth. These are non-GMO vegetable proteins and an excellent source for athletes’ post-workout nourishment.
As athletes are more concerned about their health, strength, and stamina, manufacturers of plant-based proteins have profitable potential in the sports nutrition segment.
Application of plant-based proteins in sports nutrition is valued at US$ 1.55 Bn in 2022 and is expected to increase at a CAGR of 6.8% over the decade.
Key suppliers of plant-based proteins are focusing on new product launches and product innovation to broaden their product portfolios and strengthen their market position. In the past five years, there have been several product launches by various brands, such as,
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Forecast period |
2022-2032 |
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Historical data available for |
2017-2021 |
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Market analysis |
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Customization & pricing |
Available upon request |
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The global plant-based proteins market is currently valued at over US$ 13.12 Bn.
Rising focus on weight management, impact of meat & dairy production on the environment, and increasing food sensitivity are driving market expansion.
From 2017 to 2021, demand for plant-based proteins increased at 4.9% CAGR.
Sales of plant-based proteins are projected to surge at 6.2% CAGR and reach US$ 23.84 Bn by 2032.
Ingredion, Cargill Incorporated, ADM, DuPont, and Kerry are the top 5 plant-based protein manufacturers.
The U.K. and Germany account for 14% and 12.2% share, respectively, in the European market for plant-based proteins.
The U.S., China, Canada, U.K., and Brazil account for the most demand for plant-based proteins.
The China plant-based proteins market is valued at US$ 983.6 Mn in 2022, while the market in Japan is anticipated to reach US$ 505 Mn by 2032.
