Plant-based Protein Market is Projected to Reach $17.4 billion by 2027

The 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 reasons that are driving the growth of the plant-based protein market are increasing demand for alternative sources to animal proteins due to a rise in health and environment concerns such as heart diseases, global warming and unethical meat-sourcing practices. The perceived benefits of plant-based proteins in these regards, are playing a significant role in driving their market growth and influencing the global trend of adopting vegan and flexitarian diets.

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Soy account for the largest market share in the plant-based protein market

Based on sources, the soy segment is estimated to account for the largest market share in the plant-based protein market. Soy finds large applicability across various food and feed products because of their characteristic property of being able to offer a complete nutritional profile which makes it a highly popular choice of plant-based protein source among the consumers.

The concentrates segment is projected to account for the largest market share in the plant-based protein market during the forecast period

Based on type, the concentrates segment is projected to account for the largest market share in the plant-based protein market. Some of the reasons boosting the growth of this category are the increasing demand for sustainable, cost-effective plant-based protein solutions that cater to a large number of food applications such as bakery products, convenience food, meat and dairy alternatives among others.

The dry segment is projected to dominate the plant-based protein market during the forecast period

By form, the dry segment is expected to account for the largest market share during the forecast period. The primary reasons supporting the growth of this segment are that the dry form of processing is much more energy efficient and sustainable, compared to liquid processing and the protein ingredients, manufactured from dry processing, also cater to a large number of food applications such as cereals, baked foods and plant-based meat products.

The conventional segment is projected to account for the largest market share in the plant-based protein market during the forecast period

Based on nature, the conventional segment is projected to account for the largest share in the plant-based protein market. The increase in demand for plant-based proteins have significantly contributed to the growth of this segment.

The food segment is projected to retain its position as the dominant segment in the plant-based protein market during the forecast period

Based on application, the food segment is expected to retain its position as the dominant and the fastest-growing segment during the forecast period. The plant-based proteins witness growing demand from the food industry as they find a large number of applications across various food products such as cereals, snacks, bakery products, plant-based foods etc. which enhance their nutritional content.

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North America is projected to be the largest market for the plant-based protein industry during the forecast period

Based on region, North America is projected to be the largest market for plant-based protein industry during the forecast period. This growth of the plant-based protein industry in the region is supported by increase in awareness regarding personal and environmental health concerns from consumers. Another contributing factor for the growth of plant-based protein market in North America is the presence of a significant number of key players of the industry such as ADM (US), Cargill (US) among others, who are constantly looking to consolidate their market position by engaging in various strategic initiatives such as new product launches and product innovation.

Leading companies are as 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).

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