Plant-Based Proteins Market, Valued at $26.45 Billion by 2031

Redding California, February 9, 2024 - Meticulous Research®, a pioneering name in market research, has released its latest report, 'Plant-based Proteins Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins, Potato Proteins), Form (Solid, Liquid), Source Process (Conventional, Organic), and Application (Food and Beverage, Animal Feed, Nutritional Supplements)-Global Forecast to 2031.' This comprehensive study, published in [MONTH] 2024, forecasts a remarkable expansion of the plant-based proteins market, projected to reach $26.45 billion by 2031, registering an impressive Compound Annual Growth Rate (CAGR) of 8.4% from 2024 to 2031.

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The 2024 report addresses the global challenge posed by the anticipated doubling of food demand by 2050, particularly for protein, as outlined by FAO-UN projections. Recognizing protein as a limiting macronutrient for global food security, the study emphasizes the growing need for sustainable protein sources. With the consumption trends leaning towards high-protein diets, the plant-based proteins market emerges as a promising solution to meet the rising demand healthily and sustainably.

Health Trends and Plant-Based Diets Fuel Market Growth
As the focus on health and wellness intensifies, consumers increasingly view proteins as vital components of a healthy lifestyle. Scientific studies highlight the potential of plant-based diets in cancer prevention, weight loss, and Type 2 diabetes management. Plant-based diets, rich in fiber, contribute to good gut bacteria, smoother digestion, and improved heart health. Associations between plant-based diets and reduced risks of cardiovascular disease further contribute to the growing awareness of the benefits of protein-rich plant-based diets, propelling the plant-based proteins market's expansion.

Driving Factors and Growth Opportunities
The surge in demand for protein-rich diets, coupled with health and wellness trends, consumer interest in meat alternatives, and advancements in ingredient technologies, such as microencapsulation, drive the growth of the plant-based proteins market. However, challenges such as consumer preference for animal-based products and fluctuating raw material prices pose potential obstacles to market growth.

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Furthermore, the market is poised for growth with increasing consumer inclination towards plant-based diets, expanding economies, and a rising prevalence of intolerance to animal proteins. Opportunities abound for players operating in the plant-based proteins market to capitalize on these evolving trends.

Rising Demand from the Food & Beverage Industry
The application of plant-based proteins in the food and beverage industry has witnessed a significant upswing due to their functional and nutritional properties. Proteins play a crucial role in enhancing the nutritional content and functionality of food products. The report highlights the multifaceted functional properties of proteins, including water solubility, binding capacity, gel-forming behavior, and emulsifying ability. Plant-based proteins are integral to the creation of consumer-winning claims such as 'protein-rich' and 'natural ingredients,' ensuring appealing sensory attributes, extended shelf life, and stability across various food applications.

Key Players Shaping the Market Landscape
Leading the charge in the global plant-based proteins market are prominent players such as Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances, Inc. (IFF) (U.S.), Now Health Group, Inc. (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), AMCO Protein (U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (A Part of Südzucker AG) (Germany), Glico Nutrition Co., Ltd (Japan), Glanbia Plc (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest-Tallman Foods Corporation (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Wilmar International (Singapore), and CHS Inc. (U.S.).

The global plant-based proteins market is segmented by type into soy proteins, wheat proteins, pea proteins, canola proteins, potato proteins, rice proteins, corn proteins, and other types. In 2024, the soy proteins segment is expected to dominate, accounting for the largest market share. Meanwhile, the pea protein segment is anticipated to record the highest CAGR during the forecast period.

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Based on form, the market is categorized into solid (dry) and liquid. The solid segment is projected to hold a larger market share in 2024, with the highest CAGR during the forecast period.

In terms of source process, the market is broadly segmented into conventional plant-based protein ingredients and organic plant-based protein ingredients. The conventional segment is expected to account for a larger market share in 2024, while the organic segment is projected to register the highest CAGR.

Application-wise, the market is segmented into food & beverage, animal feed, nutrition & health supplements, pharmaceuticals, and other applications. The food & beverage segment is poised to hold the largest market share in 2024, driven by increasing consumer preference for plant-based foods.

Geographically, North America is expected to dominate the market in 2024, attributed to a well-established food & beverage industry, rising concerns over animal products and protein, a growing vegan population, and increasing demand for healthy & nutritional products and health & wellness trends. However, the Asia-Pacific plant-based proteins market is anticipated to record the highest CAGR during the forecast period.

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Scope of the Report
The report encompasses a detailed assessment of the Plant-based Proteins Market, covering a wide array of types, forms, source processes, applications, and geographical regions. For a more comprehensive understanding, the report provides in-depth insights into the plant-based proteins market's market size, trends, and projections for the forecast period.

Mr. Khushal Bombe
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This release was published on openPR.