Plant-Based Protein Market: A Detailed Analysis of Trends, Demand, and Future Forecast

Plant-based Protein Market by Source (Soy, Wheat, Pea, Canola Oats, Rice & Potato, Beans & Seeds, Fermented Protein), Type (Concentrates, Isolates, Textured), and Application (Food & Feed) - Global Forecast to 2029
The global plant-based protein market [https://www.prnewswire.com/news-releases/plant-based-protein-market-worth-20-5-billion-by-2029--exclusive-report-by-marketsandmarkets-302159037.html] is valued at USD 14.3 billion in 2024 and is projected to reach USD 20.5 billion by 2029, growing at a CAGR of 7.5%. This growth is driven by increasing health awareness, ethical and environmental considerations, and evolving dietary preferences. Many consumers are shifting toward plant-based options due to allergies, specific dietary needs, or a desire for healthier, low-calorie, and low-fat alternatives, especially in the form of plain and unsweetened products.

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Pea Protein: The Fastest-Growing Segment

Pea protein is emerging as the fastest-growing source within the market during the forecast period. Its rising popularity reflects a shift away from traditional sources like soy. Derived from yellow split peas, pea protein comes in three key forms:

* Isolate (high protein content via wet fractionation)
* Concentrate (moderate protein content via dry fractionation)
* Textured protein (commonly used in plant-based meat products)

Leading companies such as Roquette Freres and Ingredion are scaling up production and launching innovative pea protein solutions. For example, in February 2023, Roquette expanded its Nutralys portfolio with four new pea protein products-ranging from isolates to hydrolysates and textured forms. These are designed to address formulation challenges in plant-based food and nutrition, supporting innovation in protein bars, beverages, and dairy/meat alternatives.

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Feed Application: A Rapidly Growing Segment

The feed segment is projected to experience the highest CAGR within the plant-based protein market. As consumption of animal-based products rises, especially in developed markets, there's a growing demand for sustainable, high-quality plant-based protein feeds.

Pea protein [https://finance.yahoo.com/news/exploring-surging-demand-plant-based-133000618.html] isolates are increasingly used in aquafeed, while potato proteins are popular in compound premixes to enhance yield. These trends reflect a move toward advanced, environmentally responsible agricultural practices aimed at reducing the impact of food production.

North America: Leading the Market

North America is expected to dominate the plant-based protein market, fueled by health-conscious consumers, greater environmental awareness, and rising interest in plant-centric diets. The region's shift away from animal proteins is influenced by concerns over saturated fat, cholesterol, and the environmental toll of livestock farming, including deforestation, emissions, and water use.

Innovation & Strategic Partnerships

In March 2023, ADM (US) partnered with Air Protein Inc. (US) under a strategic development agreement to explore new, sustainable protein sources. Air Protein's technology enables the production of protein from air-based elements, bypassing the need for traditional agriculture. This partnership leverages ADM's expertise in nutrition and formulation alongside Air Protein's pioneering landless agriculture platform, with plans to launch the world's first commercial-scale Air Protein plant. ADM's investment supports the expansion of Air Protein's capabilities, including its Bay Area Air Farm, underscoring both companies' commitment to sustainable food systems.

Leading Plant-based Protein Companies [https://www.marketsandmarkets.com/ResearchInsight/plant-based-protein-market.asp]

Key market players in this include Tate & Lyle PLC (London), Kerry Group PLC (Ireland), DSM-Firmenich (Switzerland), ADM (US), Cargill Incorporated (US), International Flavors & Fragrances Inc. (US), Ingredion (US), Roquette Freres (France), Wilmar International Ltd. (Singapore), Glanbia plc (Ireland), Kerry Group PLC (Ireland), DSM-Firmenich (Switzerland), AGT Food and Ingredients (Canada), Burcon NutraScience Corporation (Canada), Emsland Group (Germany), PURIS (US), COSUCRA (Belgium), and Tate & Lyle (UK).

ADM (US)

ADM, also recognized as Archer Daniels Midland Company, is a key player in multiple sectors, including food ingredients, animal feed, biofuels, and industrial chemicals. With a rich history spanning over a century, ADM boasts a diverse portfolio covering the entire agricultural value chain. Its core competency lies in efficiently sourcing, processing, and distributing agricultural commodities on a global scale, particularly grains and oilseeds. ADM's key strength lies in its extensive network of facilities and logistics, which facilitate connections between farmers and customers worldwide.

In the realm of nutrition, ADM stands out as a global leader, particularly in the realm of plant protein innovation. With 75 years of experience, it stands as one of the largest soybean processors globally. Operating through four distinct segments, including Ag Services and Oilseeds, Carbohydrate Solutions, Nutrition, and Other Business, ADM offers a broad spectrum of plant protein products suitable for various food applications, ranging from bakery goods to meat alternatives.

ADM's global footprint extends across North America, South America, Europe, Asia Pacific, and Africa, supported by a robust supply chain network encompassing crop procurement locations, manufacturing facilities, innovation centers, and transportation networks.

Cargill, Incorporated (US)

Established in 1865, Cargill, Incorporated has risen to become one of the largest privately held companies in the United States, boasting a strong global presence. Offering a diverse array of products spanning food ingredients, bio-industrial goods, animal nutrition solutions, protein, salt, and financial services, Cargill operates through 75 corporate units organized into four main segments: agricultural, food, financial services, and industrial products.

Cargill's offerings in plant-based protein are utilized in a variety of food products, including bread, snacks, confectionery, and culinary ingredients. With strategically located research and development facilities in Europe and North America, the company extends its reach across Africa, Europe, Asia, Latin America, North America, and the Middle East, conducting operations in 70 countries through subsidiaries and affiliates. Noteworthy subsidiaries include Cargill Meat Solutions (US), Cargill Enterprises Inc. (Russia), and Cargill Asia Pacific Holdings Pte Limited (Singapore), among others.

International Flavors & Fragrances Inc. (US)

International Flavors & Fragrances Inc., formed in February 2021 through the merger of International Flavors & Fragrances Inc. (US) and Dupont's Nutrition and Biosciences division, maintains the original company's name. This American corporation enjoys a global reputation for its production of flavors, fragrances, and cosmetic actives.

Structured into four key segments - Nourish, Health & Biosciences, Scent, and Pharma Solutions - the company provides a diverse range of natural-based ingredients. In the Nourish segment, these ingredients enhance the nutritional value, texture, and functionality of various food and beverage products, spanning beverages, dairy, baked goods, confectionery, and culinary applications. The Health & Biosciences segment focuses on advanced biotechnology-derived solutions such as enzymes, food cultures, probiotics, and specialty ingredients for various industries. Scent specializes in fragrance compounds and cosmetic ingredients essential for perfumes and household/personal care products. Pharma Solutions offers pharmaceutical excipients sourced from cellulosic and seaweed materials.

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