Plant Based Protein Market Size to Surpass USD 29.9 Billion by 2033, Driven by the Rising Popularity of Sustainable Food Sources

Market Overview
The global Plant Based Protein Market was valued at USD 16.9 Billion in 2024. The market is projected to reach USD 29.9 Billion by 2033, growing at a CAGR of 6.55% during the forecast period from 2025 to 2033. The rise in sustainable food sources and the increasing inclusion of plant-based proteins in hotel and restaurant menus are driving market growth globally.

Study Assumption Years
• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Market Key Takeaways
• Current Market Size: USD 16.9 Billion in 2024
• CAGR: 6.55% (2025-2033)
• Forecast Period: 2025-2033
• The market is driven by health-consciousness, environmental and animal welfare concerns amongst consumers.
• North America consistently dominates the market due to the flexitarian diet trend and production establishments.
• Soy is the largest contributor to that, due to favorable policies and farm innovations.
• Most of the market share in each category is taken up by isolates for protein supplements.
• Most of the agriculture is conventional and employs pesticides and fertilizers extensively.

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Market Growth Factors

Various consumer trends, including the preference for healthy and nutritious plant proteins as well as sustainable protein ingredients over animal, based protein, are energizing the plant, based protein market globally. Some of the consumer trends that lead to the increased demand for plant protein are the rise of veganism and the flexitarian diet, the availability of a variety of protein, rich plant sources such as pulses, tofu, and soy, and the use of functional ingredients by sports and athletics participants.

With the aim of increasing the production plant protein, which is in line with the supply demand trend, regulators and governments around the world have been advocating and facilitating plant protein seed production. A case in point is where the Saudi government is liberalizing foreign investment in crop production to the extent of allowing overseas investments and encouraging local partners to invest in food security, focused businesses. Germany's CAP is similarly increasing peas production, while the state policies of Madhya Pradesh and Uttar Pradesh are contributing to the enhancement of peas production in India. Such policy decisions bring about an increase in supply capability as well as production to satisfy demand.

The market will experience growth because product development progress which major plant-based protein companies use to create their new product lines and introduce soy and rice protein products will drive their expansion efforts. The development of novel food products with altered cultural profiles which include plant proteins for Indian consumers has been achieved by Mighty Foods and Burcon NutraScience through their hempseed protein isolate marketing efforts to satisfy consumer taste and nutritional requirements.

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Market Segmentation

Breakup by Source:
• Soy: Holds the largest market segment due to rising inclination towards soya ingredients and government support increasing production.
• Wheat: Not explicitly detailed; included as a plant protein source.
• Pea: Significant due to non-allergen, non-GMO status, and versatility; supported by production incentives.
• Others: Include additional plant protein sources not specifically detailed.
Breakup by Type:
• Concentrates: Protein forms containing a mix of protein and other components.
• Isolates: Represent the largest segment; nearly pure protein widely used in supplements.
• Textured: Textured protein products used for meat alternatives.

Breakup by Nature:
• Conventional: The largest segment; involves use of chemical pesticides, fertilizers, and GMOs enabling higher crop yields.
• Organic: Environmentally friendly farming methods; smaller market share relative to conventional.
Breakup by Application:
• Food: Dominates the market, including meat alternatives, dairy alternatives, bakery items, performance nutrition, convenience foods, and others.
• Feed: Usage of plant proteins in animal feed applications.

Regional Insights

North America holds the title of biggest market for plant-based proteins according to regional distribution. North America experiences growth because customers increasingly demand plant-based products while veganism vegetarianism and flexitarianism grow more popular and a large food and beverage industry exists within the region. The North American region serves as one of the main production centers for plant-based protein manufacturing. The plant-based protein market in the region will expand through the growth of production facilities which includes Ingredion Inc.'s Canadian plant.

Recent Developments & News
• On 12 March 2024, Protein Industries Canada initiated efforts to increase supplies of hemp and sunflower protein ingredients through collaborations with Burcon NutraScience, HPS Food & Ingredients, and Puratos Canada.
• On 26 March 2024, US-based plant snacks and drinks brand Aloha secured minority investment from SemCap Food and Nutrition to broaden product offerings.
• On 18 February 2024, New Zealand startup Miruku raised USD 5 Million in a pre-series A funding round to advance its B2B model for molecular farming-derived fats and dairy proteins.

Key Players
• AGT Food and Ingredients
• Archer-Daniels-Midland Company
• Axiom Foods Inc.
• Cargill Incorporated
• Dupont De Nemours Inc.
• Glanbia plc
• Ingredion Incorporated
• Kerry Group plc
• Koninklijke DSM N.V.
• Roquette Frères
• Tate & Lyle PLC
• The Scoular Company
• Wilmar International Limited

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