The global plant-based protein market size is projected to grow from USD 10.3 billion in 2020 to USD 14.5 billion by 2025, recording a CAGR of 7.1% during the forecast period.
The global plant-based protein market size is projected to grow from USD 10.3 billion in 2020 to USD 14.5 billion by 2025, recording a compound annual growth rate (CAGR) of 7.1%, in terms of value during the forecast period. Plant protein refers to the derivation of protein from plant-based sources such as pulses and grains. Different sources of plant-based protein include soy, wheat, pea, canola, rice, potato, and oats. Proteins are polymers of amino acids, which are used in various applications for their nutritional and functional properties. Their potential to increase the nutritional level and the resultant healthy diet makes them one of the key ingredients in both food and feed industries.
Key plant-based protein market players include DSM (Netherlands), ADM (US), DuPont (US), Kerry Group (Ireland), Cargill (US), Glanbia (Ireland), Wilmar International (Singapore), Emsland Group (Germany), Puris (US), Cosucra Group (Belgium), Batory Foods (US), Roquette Freres (France), Ingredion (US), Burcon Nutracience (Canada), Sotexpro (France), AGT Food & Ingredients (Canada), Beneo (Germany), Prolupin Gmbh (Germany), Aminola (Netherlands), Herblink Biotech Corporation (China), ET Chem (China), Shandong Jianyuan Group (China), The Greenlans LLC (US), and Parabel (US). Product launches, expansions & investments, mergers & acquisitions, and agreements, joint ventures, and partnerships were the dominant strategies adopted by major players. These strategies have helped them to increase their presence in different regions.
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The food segment is projected to account for the largest market share in the plant-based protein market during the forecast period.
The plant-based protein market is segmented, based on application, into food, and feed. The food segment is projected to be a leading segment in the plant-based protein market, since, plant-based foods represent the growing consumer segment of the market with an increasing number of manufacturers utilizing the characteristics of plant-based proteins to develop new product types and alternatives to conventional products. Plant-based foods are now occupying mainstream presence driven by large-scale manufacturers such as Beyond Meat (US), Impossible Foods (US), Danone (France), and Tyson Foods (US).
The pea-based protein market is projected to grow at a higher CAGR during the forecast period.
The plant-based protein market is segmented, based on source, into soy, pea, wheat, and others, that include potato, canola, and rice. The pea-based protein segment is projected to grow at a higher CAGR during the forecast period, owing to its nutritional benefits and easy integration into final products. Furthermore, the demand for pea protein continues to grow from application industries. Moreover, rising consumer preference for pea-based protein due to increasing health consciousness and awareness regarding the benefits of pea-based protein, particularly in the European and the North American regions, is expected to drive their market growth.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is projected to grow at the highest CAGR in the plant-based protein market during the forecast period due to the growing application of plant-based protein in the food segment. The Asia Pacific region continues to be a strong prospect for manufacturers based in North America. The young demographic and growing interest in plant-based products have resulted in organizations expanding their scope for improved geographic coverage in the region. Countries such as China and India with a strong agricultural background have emerged as key entry points into the region with a well-established infrastructure suited for the processing of plant-based proteins.
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