Plant-based Protein Market Size, Share, Growth and Trends Analysis Report by 2030 (2024)

According to the report published by Facts & Factors, the global Plant-based Protein Market size was worth around USD 13.27 billion in 2022 and is predicted to grow around USD 25.53 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.52% between 2023 and 2030. The report analyzes the global Plant-based Protein Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Plant-based Protein Market

Market Synopsis

Protein products that are made solely from plant sources, devoid of any animal derivatives, are known as plant-based protein products. These protein products are becoming very popular among those who lead flexitarian and vegetarian diets. Legumes, flax seeds, cereals, vegetables, and other plant protein-based foods are excellent sources of plant protein-based products. Because these products are high in fibre and minerals, they help people maintain a balanced and healthy diet.

The key players in the global plant-based protein market include:

• Pioneer Industries Private Limited
• Taj Agro International
• Titan Biotech Ltd
• Roquette Frères
• Ingredion Incorporated
• Cargill
• Incorporated
• Glanbia plc
• Kerry Group plc.
• International Flavors & Fragrances Inc.
• Archer Daniels Midland Company

Important observations:

• Our research analyst's analysis indicates that during the course of the forecast period (2023–2030), the size of the global market for plant-based proteins is expected to increase annually at a CAGR of about 8.52%.
• The global market for plant-based proteins was estimated to be worth USD 13.27 billion in 2022 and is expected to grow to USD 25.53 billion by 2030 in terms of revenue.
• The global market for plant-based proteins is expanding due to rising demand for vegan protein products.
• Depending on the use, the food and beverage industry is expected to dominate the global market due to its rapid growth. The organic sector is anticipated to capture the biggest market share due to its nature.
• The dry category is anticipated to have a high CAGR during the projection period based on the form. The isolated section is expected to develop significantly over the projected period, depending on the kind.
• The pea category is anticipated to take up the greatest share of the worldwide market, according to the source.
• According to geography, North America is anticipated to rule the world market for the duration of the forecast.

Growth Drivers

The global market for vegan protein products is expanding due to rising consumer demand.

The rise of the global market for plant-based proteins is being driven by rising public awareness of the health benefits of these products. People's attention is shifting more towards plant-based products as a result of the growing global trend towards a healthier lifestyle.In addition, persons following flexitarian diets are being encouraged to eat less meat and increase their intake of plant-based protein.

Consequently, it is anticipated that this environment would further accelerate the expansion of the plant-based protein market in the upcoming years. For example, in June 2022, Roquette developed two new rice proteins in response to market demand for applications that replace meat.

Key Restraints:

The expansion of the worldwide market is anticipated to be hampered by a lack of product improvements.

Even if the market for plant-based products has seen an increase in innovation, consumers still want to see a wider range of options when it comes to these items. Consequently, it is anticipated to impede the industry's expansion for plant-based proteins in the upcoming years.

Geographical Evaluation

North America will control the world market.

Due to a number of variables, North America holds the greatest market share for plant-based proteins worldwide. Plant-based alternatives are becoming more and more popular in the region, and this is having a significant effect on the growth trajectory of the regional market. The vegetarian and vegan options, such as burgers, sausages, and nuggets, are eagerly anticipated.Additionally, food manufacturers are developing novel and distinctive plant-based protein products for the market. Furthermore, a wide variety of plant-based protein products made from rice, chickpeas, lentils, soy, and other sources are available on the market.

About Facts & Factors:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.

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