Global Statistics Representing Plant-Based Protein Market Scenario
The global plant-based protein market size was valued at USD 12.8 billion in 2021. It is expected to reach USD 20.25 billion by 2030, growing at a CAGR of 5.9% during the forecast period (2022–2030).
Protein is an essential nutrient and a building block of body tissues. Chicken, beef, mutton, soya, tofu, and milk are some of the most common sources of protein. In recent times, plant-based protein has been gaining more attention compared to animal-based as it is considered healthier by consumers.
Soy, wheat, pea, chia seeds, beans, quinoa, nuts, seeds, oats, broccoli, and lentils are some of the common sources of plant-based protein. Food and beverage manufacturers are increasingly incorporating plant-based proteins in their products to meet the increasing demand for more wholesome foods rich in a plethora of nutrients. The key application of plant-based protein is dietary supplements and food products.
Plant-Based Protein Market: Product Lifecycle
Plant-based protein has been used in dietary supplements and nutraceuticals for a long time. But the inclusion of plant-based protein in beverages and foods and convenience foods such as protein bars has come in the picture in recent times, after the popularity of bodybuilding and fitness trends. The product is still between the introductory and growth phase in several regions. While plant-based protein is in the growth phase in North America and Europe, it remains in the introductory phase in Asian countries such as India and China.
Increasing Health Consciousness
Protein is the building block for muscles; it is an essential nutrient responsible for the growth, repair, and maintenance of the body. Rising health consciousness has seen people educating themselves about the nutritional value of different foods. And people are increasingly striving to consume balanced meals rich in all essential nutrients, which is driving the consumption of plant- and animal-based protein. But an increasing number of consumers are opting for plant-based proteins to reduce their carbon footprint.
The rising incidence of food allergies is also positively influencing the growth of the plant-based protein market as plant-based foods are claimed to incite fewer allergic reactions when compared with animal products.
Growing Fitness Trend to Bolster the Market for Protein Supplements
The fitness trend has gained significant traction. It is particularly evident among millennials. Social media platforms such as Instagram and Facebook bolster this trend as influencers and celebrities often post about their fitness regimes, influencing followers to stay in shape.
Adequate protein consumption plays a crucial role in bodybuilding. Thus, consumers incorporate protein-rich food in their diet as well as take protein supplements. Moreover, consumers are conscious about what they’re eating. Millennials particularly seek the best quality products with the least side-effects. Plant-based proteins are a popular option for those who refrain from consuming animal products on ethical grounds and those seeking to reduce their carbon footprint.
The Growing Vegan Population — An Emerging Consumer Base for Plant-Based Proteins
The growing vegan population is demanding plant-based food products, which drive the growth of the plant-based protein market. Plant-based proteins are mainly targeted to the vegan population as they refrain from consuming animal- or dairy-based protein. The growing vegan population, mostly in western countries, is expected as a key consumer of plant-based protein. As per The Vegan Society, in 2017, around 6,000 products were registered with the vegan trademark and in the consecutive year, the range grew by 65% with a total of 9,590 products.
Europe — A Prominent Plant-Based Protein Market Due to its Sizeable Vegan Population
Europe has the largest vegan population in the world, and it is increasing very fast every year. As per a research by the Vegan Society in partnership with Vegan Life Magazine, the number of people who identify as vegans have increased by 350% over the past decade in the U.K. Hence, Europe is a key market for plant-based protein manufacturers. According to Google Trends, in 2019, the most popular country for veganism was the U.K. Hence, players engaged in the plant-based protein market should focus on the U.K. market.
Plant-Based Protein is Not a Complete Protein, Which Hinders Adoption to Some Extent
Protein is comprised of nine essential amino acids, and when all the nine amino acids are present in a protein source, it is said to be a complete protein. Normally, animal-sourced proteins are complete proteins; these include red meat, fish, and poultry. Plant sources of protein, excluding quinoa and soya, are incomplete proteins since they typically lack at least one of the ten essential amino acids. Consumers of plant-based protein, thus, must combine different plant-based proteins to ensure they gain the benefits of complete proteins.
Use of Plant-Based Proteins in Dietary Supplements
Plant-based protein is increasingly finding applications in industries such as food and beverage, nutraceutical, dietary supplement, pharmaceutical, and others. It is also used in convenience foods such as protein bars. But the demand for the product is relatively high from the dietary supplement manufacturers.
Plant-Based Protein Market: Regional Insights
The demand for plant-based protein is growing around the globe, with Europe and North America as the leading markets accounting for over three-fourths of the total value share. The populations in these regions are relatively more health-conscious, which drives the growth of these markets. The vegan population is a key consumer base for plant-based proteins, and Europe is home to a substantial share of the global vegan population, which further augments the region’s market.
Europe is a key market for bakery products, which is expected to foster market growth as plant-based protein is also used in baked foods. The current fitness trend is also bolstering market growth as those interested in bodybuilding consume protein supplements. This trend is particularly notable in Asia-Pacific.
Growth in the meat alternative sector
Addition of plant-based proteins in beverages
Plant-Based Protein Market: Key Players
A large number of players are offering plant-based protein, especially dietary supplement manufacturers and nutraceutical manufacturers. Some of the prominent manufacturers in the plant-based protein market are listed below.
Other players operating in the plant-based protein market are Tate & Lyle PLC (The U.K.), Ingredion Incorporated (The U.S.), Burcon NutraScience Corporation (Canada), Royal DSM N.V, (The Netherlands), Sotexpro S.A. (France), and The Scoular Company (U.S.). Manufacturers of plant-based protein are adopting differential strategies such as collaboration, business expansion, innovation, and acquisition to strengthen their foothold in the competitive market. A large number of manufacturers operate in North America and Europe.
Plant-Based Protein Market Segmentation
The Middle East
Frequently Asked Questions (FAQs)
|Market Size||USD in 20.25 Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Source (Soy, Wheat, Pea), Type (Isolates, Concentrate, Protein Flour), Application (Meat Alternatives, Protein Bars)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Cargill, Incorporated (The U.S.) , Archer Daniels Midland Company (The U.S.) , Glanbia, Plc (Ireland) , Kerry Group plc (Ireland) , DuPont de Nemours, Inc. (The U.S.) , Axiom Foods, Inc. (The U.S.) , Gemef Industries , Greenway Organics (Tianjin) Co. Ltd. , BENEO GmbH , Aminola , Royal Ingredients Group , Farbest Brands , The Green Labs LLC , Vestkorn Milling AS , Now Health Group Inc. , Prolupin GmbH , A&B Ingredients|
|Key Market Opportunities||The Food & Beverages Industry'S Substantial Growth Fuels The Plant-Based Protein Market|