Plant-Based Protein Market Poised to Surge to US$ 42.55 Billion by 2034: Analysis of Growth Drivers, Market Trends

Plant-Based Protein Market

The global plant-based protein market size is estimated to be worth US$ 18.64 billion in 2024. The market valuation is projected to surpass US$ 42.55 billion by 2034, registering a healthy CAGR of 8.6% during the forecast period.

As the productivity of the food and beverage industries rises, the market for plant-based proteins will expand significantly. The global market for plant-based proteins is divided into soy, wheat, pea, potato, rice, canola, corn, and other product categories based on the kind of protein present. Soy protein is expected to dominate the market for plant-based proteins.

The increased prevalence of health issues such as diabetes, high blood pressure, and obesity, according to the survey, is driving people to pursue healthier lifestyles. As a result, there is a growing need for plant-based protein nutritional supplements and meals.

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Demand for Preventative Healthcare, Especially Due to the Recent Outbreak of Deadly Viruses to boost growth

The majority of people are worried about their health and recognise the importance of preventive treatment. Numerous journals, websites, and online forums, including Livestrong.com, bodybuilding.com, Men’s Health, and Shape, publish frequent updates on nutrition and lifestyle subjects. Similarly, companies that produce plant protein-containing goods advertise their products using a variety of media, including as websites, periodicals, and marketing campaigns, in an effort to build customer demand for these products.

These strategies of players primarily focus on new product development and enhanced safety, effectiveness and primarily health benefits such as the ability to lower cholesterol, lower body weight, and lower blood pressure levels. This is expected to aid in market growth in the region.

Also consumers have become increasingly conscious about the food they eat. Rumors linking coronavirus with consumption of meat and meat protein are likely to influence their perception regarding food they eat. As a result of this, the demand for plant-based protein is likely to surge in the coming years.

Who is winning?

Some of the major players in the plant-based protein that are covered in this report are Glanbia Plc, Archer-Daniels Midland Co., Roquette Freres, Cargill Incorporation, Burcon Nutrascience Corporat, E.I. du Pont de Nemours & Co,  Cosucra Groupe Warcoing, Ingredion Inc, and CHS Inc, AGT Food & Ingredients, Inc.

These market players have a strong networked and secure clientele with main focus on increasing its product offering and portfolio with complete solutions to its customers including production, formulation of blend, packaging and transportation as well.

In addition to this, market players are more into mergers and acquisition to improve their product offering. Companies intend to expand their regional footprint through strategic collaborations.

  • In February 2017, Glambia Plc acquired two companies — Body & Fit and Grass Advantage LLC protein ingredient manufacturers in the U.S. and Netherlands respectively. Both the company have a strong tactical fit with Glanbia’s Performance Nutrition (GPN) division and will prolong its reach to wider channels and new consumers.
  •  In August 2017, Archer Daniels Midland Company expanded its line of plant-based functional extracts by including an antioxidant blend, green tea, and acerola for application in a wide variety of food, drinks, and supplement applications
  • In March 2017, Cargill started production of pea protein ingredients through partnership with World Food Processing, which is a multi-generation, family-owned business based in Oskaloosa, U.S., that has developed non-bioengineered/non-GMO pea seed varieties to minimize off-flavors

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PLANT-BASED PROTEIN MARKET SEGMENTATION

The global Plant-based protein Market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.

Product Type:

  • Soy Protein
  • Wheat Protein
  • Pea Protein
  • Others

Form:

  • Isolates
  • Concentrates
  • Hydrolysates

Nature:

  • Organic
  • Conventional

Application:

  • Nutritional Products
    • Sports Nutrition
    • Medical Nutrition
    • Infant Nutrition
  • Bakery
  • Snacks & Cereals
  • Dairy
  • Confectionary and Dessert
  • Convenience Food
  • Beverages
  • Animal Feed
  • Others

Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Frequently Asked Questions

  • How much is the plant-based protein market currently worth?
  • At what CAGR is the market expected to grow?
  • How was the performance in the last five years?
  • What are the key trends boosting Plant-based protein sales?
  • How are market players reacting to the new developments in the market?
  • Which is the largest segment by type?
  • Which are the major countries driving demand for plant-based protein?
  • Who are the major players in the Plant-based Protein Market?
  • At what level does the report reflect pricing analysis?

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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