Plant-based Proteins Market on Pace to Reach US$ US$ 23.84 Bn by 2032 - Persistence Market Research

The global plant-based proteins market is witnessing significant expansion, with its valuation reaching US$ 13.12 billion in 2022. The market is projected to experience steady growth at a CAGR of 6.2%, reaching an estimated US$ 23.84 billion by 2032. This growth is attributed to increasing consumer demand for plant-based nutrition, the rising prevalence of lactose intolerance, and the growing adoption of vegan and vegetarian diets.

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Market Overview

According to industry forecasts, South Asia and East Asia are set to experience the highest growth rates, while North America and Europe continue to dominate the market, collectively accounting for over 60% of the global market share. The plant-based proteins sector currently represents 21%-24% of the global plant-based ingredients market.
The market experienced a steady expansion from 2017 to 2021, growing at a CAGR of 4.9% and reaching a value of US$ 12.3 billion by the end of 2021. The rising awareness of the health benefits of plant-based proteins is fueling this upward trajectory, as these proteins provide essential amino acids necessary for human health.

Key Growth Drivers

1. Growing Adoption of Plant-based Meat
With an increasing number of health-conscious consumers, plant-based meat products are gaining widespread acceptance. Companies such as Beyond Meat have expanded their reach into international markets, offering plant-based burgers that mimic the taste and texture of traditional meat. This growing trend is driving demand for plant-based protein ingredients used in alternative meat products.
2. Rising Awareness of Food Sensitivities
The prevalence of food allergies, including lactose intolerance and gluten sensitivities, is growing worldwide. As a result, consumers are increasingly shifting toward plant-based proteins, which are non-GMO, allergen-free, and nutritionally rich. These attributes make plant-based proteins a preferred choice among individuals seeking dairy-free and lactose-free food options.
3. Environmental Sustainability
Plant-based proteins offer a sustainable alternative to traditional animal-based proteins. The eco-friendly cultivation process of plant proteins appeals to environmentally conscious consumers. Additionally, the increasing adoption of flexitarian diets-where individuals primarily consume plant-based foods while occasionally incorporating animal products-is further driving market expansion.
4. Weight Management and Health Benefits
The global rise in obesity and lifestyle-related diseases is fueling the demand for healthier dietary options. Plant-based proteins are recognized for their role in weight management and overall wellness, leading to increased adoption in dietary plans and fitness regimens. The rising popularity of plant-based nutrition in sports and fitness communities further strengthens the market outlook.
5. Expanding Innovation and Investment
The competitive landscape of the plant-based protein market is witnessing rapid innovation. Industry players are investing in new product development to enhance protein quality and expand product portfolios. Leading companies, such as Cargill, Ingredion, and DuPont, are launching novel plant-based protein solutions, including corn-based proteins, pea proteins, and multi-source blends, to cater to evolving consumer demands.

Regional Insights

Germany: A Growing Hub for Plant-based Proteins in Europe
Germany is emerging as a key market for plant-based proteins in Europe, with an anticipated CAGR of 7.2%. The increasing vegan population and rising demand for meat and dairy alternatives are expected to drive market growth, pushing Germany's market valuation beyond US$ 484.2 million in 2022.
North America: Leading the Market in Consumption
North America continues to be the largest consumer of plant-based proteins, with the market valued at US$ 4.87 billion in 2022. By 2032, this figure is expected to surge to US$ 7.52 billion, driven by a strong vegan movement and the growing popularity of plant-based dietary choices in the United States and Canada.

Category-wise Insights

Dairy Alternatives Segment
The demand for plant-based dairy alternatives is rising due to increasing cases of milk allergies and lactose intolerance. The segment is currently valued at US$ 590.9 million in 2022 and is forecasted to expand at a CAGR of 4.5%.
Nutraceuticals and Sports Nutrition
The utilization of plant-based proteins in the nutraceuticals sector is gaining traction. These proteins are widely used in sports nutrition due to their muscle-building and recovery benefits. Valued at US$ 1.55 billion in 2022, the sports nutrition segment is expected to witness a CAGR of 6.8% over the decade.

Competitive Landscape

Leading companies in the plant-based protein market are focusing on expanding their product lines and enhancing research and development initiatives. Notable product launches in recent years include:
• Axiom Foods: Launched 'VegOtein TX' pea protein in 2019.
• Ingredion: Introduced 'VITESSENCE' plant protein.
• Cargill Incorporated: Developed 'PURIS' pea protein.
• Roquette Freres: Released 'NUTRALYS' protein sourced from wheat, beans, and peas.
• Kerry Group: Introduced 'ProDiem' plant-based protein blends.
• DuPont: Launched 'TRUPRO' protein solutions.
Key players dominating the industry include A&B Ingredients, Archer Daniels Midland Company, AGT Food & Ingredients, Burcon, Cargill Incorporated, CHS Inc., Cosucra, DuPont, Fuji Oil Holdings Inc., Glanbia Plc, Gushen Biotechnology Group Co. Ltd., Ingredion, Kansas Protein Foods LLC, Kerry Group Plc, Roquette Freres, Tate & Lyle, Titan Biotech Ltd., The Scoular Company, and Wilmar International Ltd.

Market Segmentation

By Type:
• Soy Protein
• Wheat Protein
• Pea Protein
• Pulse Protein, Rice Protein, Potato Protein, Flax Protein, Canola Protein
By Form:
• Isolates
• Concentrates
• Hydrolysates
By Nature:
• Organic
• Conventional
By Application:
• Nutritional Products
• Sports Nutrition
• Medical Nutrition
• Infant Nutrition
• Bakery, Snacks & Cereals
• Dairy Alternatives
• Confectionery & Desserts
• Convenience Food
• Beverages
• Animal Feed
By Region:
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

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This release was published on openPR.