Plant-based Protein Market 2024- Future Outlook, Sales Forecast, Opportunities, Competitor Strategies, Growth Analysis and Top Leading Players-Archer Daniels Midland Company , DSM, E.I. Dupont De Nemours and Company , Kerry Group , Cargill Inc., Glanbia p

The global Plant-based Protein market is estimated to be worth US$ 13.33 billion in 2022, and it is projected to reach US$ 25.94 billion by 2030, with a compound annual growth rate (CAGR) of 8.2% over the forecast period of 2023-2031, according to the most recent research conducted by InsightAce Analytic.

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Protein is the sole essential nutrient required by the human organism. They contribute to the production of hormones, enzymes, and other bodily substances. It is an essential component of various tissues, including epidermis, blood, muscles, bones, and cartilage. Plant-based proteins are generated from a variety of plant-based sources, including soybeans, peas, and wheat. Subsequently, these proteins undergo additional processing to produce the final product. It is also considered as an alternative to proteins that are derived from animals. They have been extensively employed in the animal feed, beverage, and food industries. These plant-based proteins are available in a variety of configurations and are used as a substitute for meat in a number of culinary products. To enhance the nutritional value of beverages, plant-based proteins, such as those found in legumes and pea protein, are incorporated. Because of their nutritional value, these proteins are employed in a variety of dietary products. Consequently, a significant number of health-conscious individuals are increasingly turning to plant-based proteins.

Factors such as an increase in the number of health-conscious consumers, an increase in the number of consumers who are lactose intolerant, increased consumer awareness of the benefits of plant-based proteins, investments and collaborations in the industry, and an expanding number of applications for plant-based proteins are all contributing to the market's expansion. The nutraceuticals sector's rapid expansion is expected to contribute to the market's revenue growth. The market for plant-based proteins is anticipated to experience a substantial increase in development due to the increasing demand for functional foods, dietary supplements, and nutraceuticals among consumers. Nevertheless, digestive issues and other maladies significantly impede the market's revenue expansion. Similarly, phytates are present in certain plant-based proteins, including soy protein and its granules, which impair the body's mineral absorption. This could lead to health problems associated with a mineral deficiency. Furthermore, the isoflavones in soy act as goitrogens, which can affect hormone synthesis and impair thyroid function.

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It is envisaged that North America will be the primary contributor to the plant-based protein market in the years ahead, as a result of the industry's rapid expansion and the increase in the number of food manufacturers. Food producers can purchase peas at a consistent price and utilize them to produce pea protein, as Canada is the world's largest producer and exporter of peas. The demand for soybeans as a substitute protein source has been considerably augmented by the fact that the United States is the world's second-largest producer of soybeans. Furthermore, it is anticipated that the European plant-based protein market will experience substantial growth during the forecast period. It is anticipated that the market will expand due to the rapid expansion of food producers who have established a sustainable and reliable supply chain. It is also anticipated that the market in the region will experience revenue growth as a result of the increasing consumer awareness of healthy eating practices, which includes diets high in protein and a general preference shift toward organic and vegan food products.

Major market players operating in the Plant-based Protein market:
• E.I. Dupont De Nemours and Company
• Cargill Inc.
• Philips Respironics
• AMCO Proteins Company
• Emsland Group
• Puris
• DSM
• Glanbia plc.
• Kerry Group
• Monaghan Medical Cor Archer Daniels Midland Company
• Smiths Medical Inc. (ICU Medical)
• Beneo
• Wilmar International
• Cosucra Group
• Prolupin Gmbh
• Batory Foods
• Roquette Freres
• Ingredion Inc.
• Burcon Nutracience
• Sotexpro
• AGT Food & Ingredients

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Recent collaborations and agreements in the market:
• In April 2022, Cargill (US) announced the expansion of its Radipure pea protein product portfolio to Turkey and the Middle East in order to meet the increasing demand for pea protein as a substitute source of protein in these countries, as well as the Indian and African markets.

• In July 2021, One of the foremost producers of plant-based proteins in Southern Europe, ADM (US), acquired Sojaprotein (Serbia) in order to increase its production capacity and satisfy the rapidly increasing global demand for plant-based proteins.

• In September 2020, ADM (US) introduced Prolite MeatXT and Prolite MeatTEX, two varieties of wheat proteins that contribute to the density and texture of meat replacements. These proteins are textured and non-textured. ADM's line of textured soy, wheat, and pea proteins was concluded with the release of this product.

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Market Segments
Global Plant-based Protein Market, by Source
• Pea
• Wheat
• Soy
• Others

Global Plant-based Protein Market, by Type
• Textured
• Concentrates
• Isolates

Global Plant-based Protein Market, by Form
• Liquid
• Dry

Global Plant-based Protein Market, by Deployment Mode
• Pharmaceuticals
• Animal Feed
• Nutrition and Health Supplements
• Foods and Beverage

Global Plant-based Protein Market, by Region
• Asia Pacific
• North America
• Middle East & Africa
• Latin America
• Europe

North America Plant-based Protein Market, by Country
• Canada
• U.S.

Europe Plant-based Protein Market, by Country
• Rest of Europe
• France
• Italy
• Germany
• Spain
• Russia

Asia Pacific Plant-based Protein Market, by Country
• Australia & New Zealand
• India
• Japan
• South Korea
• China

Latin America Plant-based Protein Market, by Country
• Rest of Latin America
• Brazil
• Mexico

Middle East & Africa Plant-based Protein Market, by Country
• South Africa
• GCC Countries
• Rest of Middle East & Africa

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