DUBLIN--(BUSINESS WIRE)--The "Global Plant-based Protein Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins, Potato Proteins), Form (Solid, Liquid), Source Process (Conventional, Organic), and Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The plant-based proteins market is projected to reach $26.45 billion by 2031, at a CAGR of 8.4% during the forecast period 2024-2031
The growth of this market is driven by the rising need for protein-rich diets, growing health and wellness trends, increasing consumer focus on meat alternatives, rising demand from the food & beverage industry, and advancements in ingredient technologies, such as microencapsulation. However, consumers' preference for animal-based products and fluctuating raw material prices are expected to hinder the growth of this market.
Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by the increasing awareness about the importance of consuming protein-rich diets, the increasing health consciousness among consumers, the growth in the food & beverages industry, rapid economic growth and urbanization, and the large vegan population in the region.
Furthermore, consumers' increasing inclination toward plant-based diets, emerging economies, and rising prevalence of intolerance to animal proteins are expected to generate growth opportunities for the players operating in the plant-based proteins market.
Based on type, the global plant-based proteins market is segmented into soy proteins, wheat proteins, pea proteins, canola proteins, potato proteins, rice proteins, corn proteins, and other types. In 2024, the soy proteins segment is expected to account for the largest share of the global plant-based proteins market. The large market share of this segment is mainly attributed to its easy availability, lower price of soy protein than other protein sources, increased demand for meat protein alternatives, a wide range of applications in various products, greater consumer awareness, and multiple health benefits.
Based on form, the global plant-based proteins market is categorized into solid (dry) and liquid. In 2024, the solid segment is expected to account for the larger share of the global plant-based proteins market. The large market share of this segment is attributed to the increasing demand for powdered plant-based protein due to its benefits, such as ease of handling and transport, comparatively lower costs, low chances of formulation errors, and ingredient stability. This segment is also expected to register the highest CAGR during the forecast period.
Based on source process, the global plant-based proteins market is broadly segmented into conventional plant-based protein ingredients and organic plant-based protein ingredients. In 2024, the conventional plant-based protein ingredients segment is expected to account for the larger share of the global plant-based proteins market. The large market share of this segment is attributed to the widespread availability of crops cultivated through traditional harvesting methods (utilizing chemical fertilizers), the easy accessibility to cost-effective conventional plant-based protein ingredients, the extended shelf life of these proteins, and the availability of a diverse range of crop varieties. However, the organic plant-based protein ingredients segment is expected to register the highest CAGR during the forecast period.
Based on application, the global plant-based proteins market is segmented into food & beverage, animal feed, nutrition & health supplements, pharmaceuticals, and other applications. In 2024, the food & beverage segment is expected to account for the largest share of the global plant-based proteins market. However, the nutrition & health supplements segment is expected to record a CAGR during the forecast period of 2024-2031. The growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, and the increasing prevalence of diseases.
Key Questions Answered in the Report-
- What is the current revenue generated by plant-based proteins globally?
- At what rate is the global plant-based proteins demand projected to grow for the next 5-7 years?
- What are the historical market sizes and growth rates of the global plant-based proteins market?
- What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?
- Which segments in terms of type, form, source process, and application are expected to create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the global plant-based proteins market?
- Who are the major players in the global plant-based proteins market? What are their specific product offerings in this market?
- What are the recent strategic developments in the global plant-based proteins market? What are the impacts of these strategic developments on the market?
Market Insights
Factors Affecting Market Growth
- Rising Need for Protein-Rich Diets Driving the Consumption of Plant-Based Proteins
- Growing Health And Wellness Trends Driving the Demand for Plant-Based Proteins
- Increasing Consumer Focus on Meat Alternatives Supporting Market Growth
- Rising Demand From the Food & Beverage Industry Increasing the Production of Plant-Based Proteins
- Advancements in Ingredient Technologies, Such as Microencapsulation Accelerating Market Expansion
- Consumer Preference for Animal-Based Products Limiting the Demand for Plant-Based Proteins
- Fluctuating Raw Material Prices Restraining Market Growth
- Consumers' Increasing Inclination Toward Plant-Based Diets Expected to Drive the Consumption of Plant Proteins
- Emerging Economies Expected to Offer Growth Opportunities for Market Players
- Rising Prevalence of Intolerance to Animal Proteins Expected to Positively Influence the Plant-Based Proteins Market
- Rising Awareness About the Benefits of Soy-Free And Gluten-Free Foods Impacting Market Growth
Key Trends
- Increasing Investments Boosting the Production of Plant-Based Proteins
- Investment And Funding Scenario
Company Profiles
- Archer-Daniels-Midland Company (U.S.)
- Cargill Incorporated (U.S.)
- Roquette Freres (France)
- Ingredion Incorporated (U.S.)
- Kerry Group plc (Ireland)
- International Flavors & Fragrances Inc. (IFF) (U.S.)
- Now Health Group Inc. (U.S.)
- Tate & Lyle Plc (U.K.)
- Axiom Foods Inc. (U.S.)
- AMCO Protein (U.S.)
- Burcon NutraScience Corporation (Canada)
- BENEO GmbH (A Part of Sudzucker AG) (Germany)
- Glico Nutrition Co. Ltd (Japan)
- Glanbia Plc (Ireland)
- Cosucra Groupe Warcoing SA (Belgium)
- Sotexpro (France)
- Farbest-Tallman Foods Corporation (U.S.)
- Crespel & Deiters GmbH & Co. KG (Germany)
- Wilmar International (Singapore)
- CHS Inc. (U.S.)
Scope of the Report:
Plant-based Proteins Market Assessment - by Type
- Soy Proteins
- Wheat Proteins
- Pea Proteins
- Canola Proteins
- Potato Proteins
- Rice Proteins
- Corn Proteins
- Other plant-based proteins
Plant-based Proteins Market Assessment - by Form
- Solid (Dry)
- Liquid
Plant-based Proteins Market Assessment - by Source Process
- Conventional Plant-Based Protein Ingredients
- Organic Plant-Based Protein Ingredients
Plant-based Proteins Market Assessment - by Application
- Food & Beverage
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Other Plant Protein-based Applications
For more information about this report visit https://www.researchandmarkets.com/r/q7huxs
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