Plant Protein Market to Reach USD 34 Billion by 2031 | CAGR 9.3% | North America Leads with 35% Share | Key Players: Archer Daniels Midland, Cargill, Roquette Foods

The Global Plant Protein Market reached US$ 17 billion in 2022 and is projected to grow significantly, reaching US$ 34 billion by 2031, expanding at a CAGR of 9.3% during the forecast period 2024-2031. Plant-based proteins are increasingly recognized for their nutritional value, health benefits, and sustainability advantages. They provide essential nutrients such as amino acids, fiber, vitamins, and minerals, making them a preferred choice among health-conscious and flexitarian consumers. Common plant protein sources include soy, pea, wheat, rice, potato, hemp, chickpea, faba bean, lentil, and tofu, each offering varying levels of protein, fiber, and micronutrients.

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For example, lentils deliver 18 grams of protein and 15 grams of fiber per cooked cup, supporting both protein and digestive health. Black beans provide 15 grams of protein, 15 grams of fiber, and 20% of daily iron requirements per cooked cup, making them a highly nutritious option for consumers seeking plant-based protein sources. The combination of nutritional benefits, dietary versatility, and environmental sustainability is driving the robust growth of the global plant protein market.

Recent Developments:

✅ January 2026: Beyond Meat launched Beyond ImmerseTM, a plant‐based protein drink line made from pea protein and other plant sources, marking its first non‐meat product and expanding into functional nutrition beverages.

✅ June 2025: Roquette expanded its Nutralys portfolio with new textured proteins, including textured wheat protein and textured pea protein, designed for meat alternatives and high‐protein products.

✅ August 2025: ADM established its first carbon‐neutral soy protein facility in Illinois, aligning production with sustainability goals and reinforcing demand for environmentally responsible plant protein ingredients.

✅ August 2025: Ajinomoto Co., Inc. entered a joint R&D agreement with a local biotech firm to develop hybrid plant‐protein solutions for senior nutrition applications.

✅ January 9, 2023: Nestlé, under its Mahler brand, launched a soy-based plant egg powder, allowing consumers to prepare nutritious and cost-effective egg dishes like omelets.

✅ February 12, 2022: Benson Hill, Inc., a US-based food tech company, launched the TruVail soy protein ingredient portfolio, featuring high-protein soy flour, minimally processed soy protein concentrate, and texturized proteins suitable for both conventional and alternative plant-based protein products.

✅ September 19, 2022: Archer Daniels Midland (ADM) inaugurated a Soy Protein Extrusion Plant, expanding production capabilities for soy protein ingredients for a variety of food applications.

Mergers & Acquisitions:

✅ 2023: Ingredion Incorporated acquired a majority stake in Plant Protein Solutions, strengthening its portfolio in plant-based protein ingredients and expanding its presence in the alternative protein market.

✅ 2022: Roquette Frères acquired The Plant Protein Company, enhancing its capabilities in pea and other pulse proteins to serve global plant-based food markets.

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Key Players:

• Archer Daniels Midland Company (ADM) - Holds a 14% share, driven by its strong global supply chain and diverse plant protein ingredient portfolio.

• Cargill Incorporated - Holds a 12% share, supported by innovations in pea and soy protein solutions for food and beverage applications.

• Roquette Foods - Holds a 10% share, fueled by its expansion into pea, wheat, and pulse-based protein ingredients.

• Kerry Group - Holds a 9% share, backed by its functional protein solutions for plant-based and clean-label food products.

• Glanbia Nutritionals - Holds a 8% share, driven by high-protein powders and nutritional ingredients for health-focused consumers.

• Omega Protein Corporation - Holds a 7% share, focused on specialized plant-based protein and supplementation products.

• Manitoba Harvest Hemp Foods - Holds a 6% share, emphasizing hemp protein and other alternative plant-based protein sources.

• Axiom Foods - Holds a 6% share, supported by high-quality soy, pea, and rice protein products for the global market.

• Amco Proteins - Holds a 5% share, providing specialized plant protein solutions for the food and beverage industry.

• Growing Naturals, LLC - Holds a 4% share, focused on pea and pulse-based proteins for health and nutrition applications.

• E. I. Du Pont de Nemours Company - Holds a 3% share, backed by technological innovations in protein isolates and functional ingredients.

• Scoular Company's Food Ingredient - Holds a 3% share, driven by plant-based protein solutions for industrial and consumer foods.

• Sodrugestvo Group - Holds a 2% share, supplying a range of plant-based proteins with global distribution.

• Sunwarrior - Holds a 1% share, specializing in premium organic plant protein powders.

Market Segmentation:

By Type
Protein isolates dominate the market with 45%, driven by their high protein content and versatility in food and beverage applications. Protein concentrates hold around 35%, widely used in bakery, beverages, and meat analogues due to cost-effectiveness. Textured proteins account for 20%, primarily used in meat alternatives and plant-based meat products to provide structure and texture.

By Source
Pea protein leads the market with a 30% share, favored for its allergen-free profile and functional properties. Soy protein follows at 28%, widely used due to established supply chains and protein functionality. Wheat protein contributes 18%, primarily for bakery and meat analog applications. Other vegetable proteins such as rice, faba bean, hemp, and lentil proteins make up 24%, driven by niche and specialty applications in plant-based diets.

By Application
Food ingredients dominate the market with a 50% share, covering bakery and confectionery, beverages, energy and sports drinks, meat analogues, and ready-to-eat products. Animal feed applications account for 25%, where plant proteins are used to enhance nutritional profiles. Pharmaceuticals represent 15%, including protein supplements and functional formulations for health and medical nutrition. Other emerging applications contribute the remaining 10%, including functional foods and nutraceuticals.

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Regional Insights:

North America dominates the plant protein market with a 35% share, driven by high consumer awareness of plant-based diets, strong vegan and vegetarian trends, and increasing adoption of protein-enriched foods and beverages in the U.S. and Canada.

Europe holds around 28%, led by countries such as Germany, the UK, France, and the Netherlands, where growing demand for meat alternatives, plant-based nutrition, and regulatory support for sustainable foods drive market growth.

Asia-Pacific accounts for 22%, with China, India, and Japan contributing significantly due to rising population, increased health consciousness, and growing urbanization supporting plant-based protein consumption.

Market Dynamics:

The Focus on Aquatic Plants as Emerging Sources of Protein
The shift toward personalized nutrition and increased health awareness has driven interest in alternative, nutrient-dense protein sources. Aquatic plants such as lemna (duckweed) are emerging as highly sustainable and protein-rich alternatives to traditional sources like soy, wheat, and pea. Lemna, for example, is reported to be 40-100 times more protein-efficient than soy, offering a compelling opportunity for producers to develop functional foods and beverages that meet specific nutritional needs. Companies like Plantible Foods have already attracted significant investment, reflecting growing industry interest in aquatic plant proteins.

Allergies to Traditional Plant-Based Proteins Limit Market Expansion
Despite the health benefits of plant-based proteins, allergies remain a major challenge. Common sources such as soy and wheat can trigger allergic reactions due to anti-nutritional components. Soy, for instance, is listed among the "Big Eight" allergens, which also include milk, eggs, peanuts, tree nuts, wheat, fish, and shellfish accounting for 90% of all food allergens. This limits the adoption of plant-based protein products among sensitive populations and poses a restraint on overall market growth.

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