Plant-based Protein Market by Source (Soy, Wheat & Pea), Type (Isolates, Concentrates, & Textured), Application (Food (Meat Alternatives, Dairy Alternatives, Performance Nutrition & others) and Feed), Form, Nature and Region - Global Forecast to 2027

Plant-based Protein Market by Source (Soy, Wheat & Pea), Type (Isolates, Concentrates, & Textured), Application (Food (Meat Alternatives, Dairy Alternatives, Performance Nutrition & others) and Feed), Form, Nature and Region - Global Forecast to 2027

According to MarketsandMarkets, the global plant-based protein market is estimated to be valued at USD 12.2 billion in 2022. It is projected to reach USD 17.4 billion by 2027, with a CAGR of 7.3%, in terms of value between 2022 and 2027. The market is gaining momentum as more number of consumers look to shift away from conventional animal protein sources to plant-based foods and proteins.

Additionally, the rising number of diseases such as cardiovascular disease and other forms of heart diseases which are attributed to meat consumption are influencing people to include more plant-based proteins in their diets. Key players have been investing significantly in R&D to cater to changing consumer preferences and reduce production costs.

“By source, the soy segment occupies the highest market share during the forecast period.”

Based on source, the soy segment is estimated to account for the largest market share, in terms of value, during the forecasted period. Soy is one of the few sources of plant-based proteins, that provides a complete nutritional profile that contains all the essential nutrients. This characteristic property of soy makes it a highly beneficial source of plant-based protein for the vegan and vegetarian consumers around the world.

“By type, the concentrates segment is forecasted to account for the largest market share.”

Based on type, the concentrates segment accounts for the largest market share and it would dominate the market in terms of value during the forecast period. The plant-based protein concentrates offer desirable properties such as good water retention and emulsification properties. Plant-based protein concentrates also offer a cost-effective protein solution for number of food applications such as snacks, sauces, pasta, cereals, and other dairy and meat products.

“By form, the dry segment is forecasted to dominate the market during the forecasted period.”

Based on form, the dry segment accounts for a larger market share in 2022. Dry form of plant-based protein is considered to be a sustainable form of protein processing as energy requirements for dry processing are much lesser, when compared to liquid processing.

“By nature, organic segment is projected to grow at the highest CAGR during the forecast period.”

Based on nature, the organic segment is estimated to witness a higher growth during the forecast period as the number of label-conscious consumers continue to rise, who are highly concerned about personal and environmental health.

By application, the food segment is expected to retain its position as the dominant segment over the forecast period.”

Based on application, the food segment is expected to account for the largest and fastest-growing segment over the forecast period because of the large applicability of plant-based proteins across a variety of different food segments such as meat alternatives, dairy alternatives, convenience foods, bakery products, performance nutrition and other food applications.

“The Asia Pacific region is the fastest-growing market for the plant-based protein market during the forecast period”

Asia Pacific region is expected to witness the highest growth rate during the forecasted period. The food preferences of this region is highly influenced by religious choices due to which many consumers prefer plant-based proteins over conventional animal sourced proteins. The region has also witnessed an alarming rate of heart diseases and cardiovascular diseases in recent years, which are making the consumers shift away from animal meat and protein. The plant-based protein industry will continue to grow significantly in the region, as the perceived health benefits of plant-based proteins continue to gain momentum.

Break-up of Primaries

By Company Type: Tier 1 – 25%, Tier 2 – 45% and Tier 3 – 30%

By Designation: Manager- 50%, CXOs– 20%, and Executives – 30%

By Region: Asia Pacific – 40%, Europe - 25%, North America- 25%, and RoW- 10%

Leading players profiled in this report include the following:

ADM (US)

Cargill (US)

DuPont (US)

Wilmar International Ltd (Singapore)

Roquette Frères (France)

Glanbia plc (Ireland)

Kerry Group PLC (Ireland)

DSM (Netherlands)

Ingredion (US)

Emsland Group (Germany)

Research Coverage

This report segments the plant-based protein market on the basis of source, type, form, nature, application, and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape, pricing insights, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the plant-based protein market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.

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