Vegetable Proteins Market Forecasts to 2030 – Global Analysis By Type (Texturized, Powdered, Isolates, Concentrates and Other Types), Form (Liquid and Dry), Source (Chickpea, Oat, Potato, Hemp, Rice, Soya and Other Sources), Application, End User and By G

Vegetable Proteins Market Forecasts to 2030 – Global Analysis By Type (Texturized, Powdered, Isolates, Concentrates and Other Types), Form (Liquid and Dry), Source (Chickpea, Oat, Potato, Hemp, Rice, Soya and Other Sources), Application, End User and By Geography

According to Stratistics MRC, the Global Vegetable Proteins Market is accounted for $18.4 billion in 2023 and is expected to reach $31.5 billion by 2030 growing at a CAGR of 8.0% during the forecast period. Food products made by reducing or eliminating some of the principal non-protein elements (water, oil, starch, and other carbs) from vegetable sources in order to obtain a protein level of 40% (dry weight basis) or more are referred to as vegetable protein. These proteins are vital components in vegetarian and vegan diets, as well as for individuals seeking alternatives to animal-based proteins for health, environmental or ethical reasons. Additionally, vegetable proteins are utilized in animal feed formulations, contributing to the sustainability of livestock production and reducing dependency on traditional protein sources like soybean meal.

Market Dynamics:

Driver:

Increasing demand for meat alternatives

As concerns regarding health, sustainability, and animal welfare continue to gain prominence among consumers, there's a discernible shift towards plant-based dietary choices. This trend is fueled by a growing awareness of the environmental impact and ethical considerations associated with traditional meat production. With the rise of flexitarian, vegetarian, and vegan lifestyles, the vegetable proteins market has witnessed significant expansion, with a diverse range of products catering to various dietary preferences.

Restraint:

Cost and price sensitivity

Despite growing awareness of the environmental and health benefits of plant-based proteins, many consumers remain price-sensitive when choosing between vegetable and animal-derived protein options. The perception that vegetable proteins are more expensive than their animal counterparts can deter budget-conscious consumers from making the switch, particularly when faced with economic constraints or competing priorities. Moreover, while economies of scale have contributed to cost reductions in vegetable protein production, certain premium or specialty plant-based products may still command higher prices, further exacerbating price sensitivity.

Opportunity:

Technological advancements

Innovations in plant breeding techniques allow for the development of crops with higher protein content, enhancing the efficiency of protein extraction processes. Advancements in extraction technologies such as enzymatic hydrolysis and membrane filtration enable the extraction of proteins from a wider range of plant sources, leading to a diverse array of plant-based protein ingredients. Moreover, innovations in packaging and preservation techniques extend the shelf life of vegetable protein products, improving their market accessibility and reducing food waste.

Threat:

Texture and taste challenges

Unlike animal proteins, which often possess familiar textures and flavors, vegetable proteins can sometimes fall short in mimicking these sensory attributes. Texture inconsistencies, such as gritty or rubbery textures, can deter consumers accustomed to the palatability of meat products. However, taste variations ranging from blandness to bitterness, pose a barrier to wider acceptance. These challenges hinder the seamless integration of vegetable proteins into mainstream diets, especially among consumers with discerning palates.

Covid-19 Impact:

Disruptions in supply chains and transportation led to difficulties in sourcing raw materials and distributing finished products, causing shortages and price fluctuations. Shifts in consumer behavior towards healthier eating and concerns about meat supply chain disruptions prompted increased demand for vegetable proteins as alternatives to animal-based proteins. This surge in demand, coupled with production challenges, led to both shortages and increased prices for vegetable protein products. Moreover, the closure of restaurants and foodservice establishments during lockdowns shifted consumption patterns towards home cooking, further boosting sales of vegetable protein products for domestic use.

The isolates segment is expected to be the largest during the forecast period

Isolates segment is expected to hold the largest share over the projection period. Isolates are highly refined forms of vegetable proteins, containing a higher concentration of protein compared to concentrates or other forms. This purity makes them ideal for various food and beverage applications, including plant-based meat alternatives, dairy alternatives, sports nutrition products, and functional foods. Moreover, isolates offer numerous health benefits, such as being cholesterol-free, low in fat, and rich in essential amino acids, making them attractive to health-conscious consumers.

The beverages segment is expected to have the highest CAGR during the forecast period

Beverages segment is estimated to witness the highest CAGR during the forecast period. The rising consumer preference for plant-based diets and sustainability is fueling demand for alternatives to traditional animal-based proteins. This shift is particularly prominent in the beverage industry, where manufacturers are increasingly incorporating vegetable proteins into products such as plant-based milk, protein shakes, and smoothies. As a result, the Beverages segment is witnessing robust growth within the Vegetable Proteins Market, attracting both health-conscious consumers and those seeking environmentally friendly alternatives.

Region with largest share:

Asia Pacific region commanded the largest share of the market throughout the extrapolated period. With an increasing focus on health and sustainability, consumers are seeking plant-based alternatives to meat products. This demand has spurred companies in the region to invest heavily in research and development to create innovative vegetable protein products that mimic the taste, texture, and nutritional profile of traditional meat. Additionally, the growing awareness of the environmental impact of meat production has prompted consumers to adopt more sustainable dietary choices, further fueling the demand for vegetable proteins.

Region with highest CAGR:

Asia Pacific region is poised to witness the lucrative growth during the overcast period. As consumers become more conscious of their dietary restrictions and health concerns, there has been a notable shift towards plant-based protein sources. Vegetable proteins offer an attractive alternative for individuals with allergies or intolerances to common allergens like dairy, eggs, and gluten. Additionally, the rising prevalence of lifestyle-related diseases such as obesity and diabetes has led to a growing demand for healthier food options, further driving the adoption of vegetable proteins.

Key players in the market

Some of the key players in Vegetable Proteins market include Archer Daniels Midland Company, BENEO GmbH, Cargill, CropEnergies, DuPont, Manildra Group, Midwest Grain, Scents Holdings, Wonderful Industrial Group and Yuwang Group.

Key Developments:

In September 2023, CropEnergies Opts For Climate-Neutral Energy Solution For New Production Plant. GETEC Group will build a plant for climate-neutral energy supply and the supply of e.g. steam and compressed air on the site of the Zeitz Chemical and Industrial Park in Elsteraue for CE Biobased Chemicals GmbH (CEBC), a 100 percent subsidiary of CropEnergies AG.

In August 2023, CropEnergies invests in high-protein animal feed production. The investments will enhance the overall profitability of the site as well as its competitiveness, reduce CO2 emissions and strengthen its position on the European ethanol and protein markets.

Types Covered:
• Texturized
• Powdered
• Isolates
• Concentrates
• Other Types

Forms Covered:
• Liquid
• Dry

Sources Covered:
• Chickpea
• Oat
• Potato
• Hemp
• Rice
• Soya
• Other Sources

Applications Covered:
• Feed
• Beverages
• Meat Substitutes
• Other Applications

End Users Covered:
• Hotel, Restaurant and Catering (Horeca)
• Health Supplements
• Bakery
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances