Plant Protein Market Outlook
According to the report by Expert Market Research (EMR), the global plant protein market size is projected to grow at a CAGR of 7.5% between 2024 and 2032. Aided by the growing health consciousness and the rising preference for plant-based diets, the market is expected to grow significantly by 2032.
Plant proteins are derived from sources such as soy, wheat, peas, rice, and hemp. They have become increasingly popular as a key component in a variety of food products, including meat alternatives, dairy-free beverages, protein bars, and supplements. Plant proteins are recognised for their health benefits, including lower risks of heart disease, hypertension, and type 2 diabetes. They are also valued for being more sustainable and environmentally friendly compared to animal proteins.
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The burgeoning plant protein market growth is primarily driven by the increasing consumer awareness of the health benefits associated with plant-based diets. As more people adopt vegetarian and vegan lifestyles for health, environmental, and ethical reasons, the demand for plant-based protein sources has surged. This shift is not limited to vegetarians and vegans; even meat-eaters are increasingly incorporating plant-based proteins into their diets, a trend often referred to as ‘flexitarianism’.
Another factor boosting the plant protein market demand is the technological advancements in protein extraction and processing. These innovations have enabled manufacturers to improve the taste, texture, and nutritional profile of plant-based protein products, making them more appealing to a wider audience. Additionally, advancements in food technology have facilitated the development of plant-based protein sources that closely mimic the taste and texture of animal protein, further boosting their popularity.
The rising demand for clean label and allergen-free products is also influencing the plant protein market outlook. Consumers are increasingly looking for food products with simple, natural ingredients and without common allergens like dairy or gluten. Plant proteins, being naturally free from such allergens and often non-GMO, cater well to this demand.
Furthermore, the growing focus on sustainability and the environmental impact of food production is encouraging consumers to opt for plant-based proteins. The production of plant proteins typically requires less land, water, and energy and generates lower greenhouse gas emissions compared to animal protein production.
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Plant Protein Market Segmentation
The market can be divided based on source, application, and region.
Market Breakup by Source
- Algae
- Soy
- Wheat
- Pea
- Potato
- Oat
- Chickpea
- Rice
- Others
Market Breakup by Application
- Food and Beverage
- Animal Feed
- Supplements
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global plant protein market. Some of the major players explored in the report by Expert Market Research are as follows:
- Archer Daniels Midland Company
- DuPont de Nemours Inc.
- Kerry Group
- Tate & Lyle Plc
- Roquette Freres
- Cargill Inc.
- Others
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