PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1252679
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1252679
Plant Based Protein Market size was valued at USD 13,080.6 Million in 2022, expanding at a CAGR of 8.0% from 2023 to 2030.
Plant-based protein is a type of protein that is derived from various plant sources, such as legumes, grains, nuts, seeds, and vegetables. These sources include peas, beans, lentils, wheat, quinoa, rice, almonds, cashews, peanuts, chia, hemp, flax, spinach, broccoli, kale, and many more. This type of protein is an excellent source of essential amino acids, which are the building blocks of protein that our bodies cannot produce on their own. Unlike animal-based protein sources, plant-based protein is generally lower in saturated fat, free from cholesterol and rich in other vital nutrients, such as fiber, vitamins, and minerals.
The growth of the plant-based protein market can be attributed to increasing consumer awareness of the nutritional benefits of plant-based products. Plant-based protein sources are typically high in amino acids and low in sodium, making them an attractive option for health-conscious consumers. Additionally, concerns about food safety, ethical considerations, food allergies, and the adoption of veganism to end animal cruelty have contributed to a shift in consumer preferences toward plant-based protein supplements.
Furthermore, the rising demand for environmentally sustainable protein sources has led to the expansion of the plant-based protein market. Consumers are becoming increasingly aware of the impact of animal agriculture on the environment, and are seeking out more sustainable and eco-friendly protein alternatives.
The COVID-19 pandemic had a moderate impact on the plant-based protein supplements market. While the pandemic initially caused disruptions in the food supply chain, the demand for plant-based foods remained high. A survey by the Plant-Based Foods Association showed that the sale of retail plant-based foods was 35% higher during the panic-buying period in March and April 2020. The pandemic has also highlighted the importance of a healthy and balanced diet, which has further boosted the demand for plant-based protein supplements.
The Global Plant Based Protein Market is segmented on the basis of Raw Material, Product Type, Distribution Channel, and Region.
Based on raw materials, the market can be divided into soy protein, pea protein, wheat protein, and others. In 2021, the soy protein segment emerged as the dominant player in the plant-based protein market, accounting for the largest revenue share of over 27.5%. Soy protein's popularity as a vegetarian protein source, combined with its muscle recovery and rapid absorption benefits from ingredients like glutamine and BCAAs, has contributed significantly to its growth.
Based on product type, the market is divided into Protein Powder, Protein Bars, Ready-to-Drink, and Others. The protein powder segment emerged as the dominant player in the plant-based protein market in 2021, accounting for the largest revenue share of 44.9%. This can be attributed to the wide range of applications of protein powder, including its incorporation in end-use sectors such as food and beverages.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In 2021, North America emerged as the dominant regional player in the plant-based protein market, accounting for a share of 40.10%. The region is expected to witness a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. The growth can be attributed to the significant market for sports nutrition products in countries like the U.S. and Canada. In addition, the region has a solid foothold of key market players, which is expected to fuel the market's growth. The accessibility of raw materials is another factor that is expected to contribute to the region's growth in the plant-based protein market.
In 2021, Europe held a market share of more than 21.0% and is projected to witness a compound annual growth rate of 8.8% from 2023-2030. The increasing trend towards preventive health care and emphasis on healthy living, combined with a growing vegan population in countries like Germany and the UK, are expected to drive the demand for plant-based protein in the region during the forecast period.
Asia Pacific is predicted to grow at a higher CAGR of 8.6% over the same period. The consumption of plant-based protein has increased significantly in developing countries like Indonesia, India, and China, driven by health-conscious consumers. As consumers' buying power grows and more brands become widely available, plant-based supplements are expected to become even more popular in these countries, fueling the market's growth.
Consumer preferences have undergone a significant shift towards plant-based products, leading to a decline in demand for their animal-based counterparts. In response, some companies are investing in other businesses that produce plant-based alternatives to hedge against or prepare for this shift. In recent years, several well-known companies and financial investors have invested in or funded producers of plant protein ingredients in the value chain to meet the changing needs of consumers.
For instance, In May 2020, Danone introduced its Vega one series of plant-based protein supplements in China, which included Vega One Sport designed for athletes. The product contains a blend of proteins derived from different sources like peas, alfalfa, pumpkin seeds, and sunflower.
This proposed research study on Plant Based Protein Market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Plant Based Protein Market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Plant Based Protein Market
Impact of COVID-19 on Plant Based Protein Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Plant Based Protein Market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Plant Based Protein Market, we have also included competitive landscape and key innovator analysis for the Plant Based Protein Market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the Plant Based Protein Market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Plant Based Protein Market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
Beyond Meat
Impossible Foods
Archer Daniels Midland
Cargill
DuPont
Kerry Group
Ingredion
Roquette Freres
Fonterra Co-operative Group
SunOpta
Axiom Foods
Glanbia Nutritionals
PURIS
The Scoular Company
Tyson Foods
GLOBALPLANT BASED PROTEIN MARKET, BY RAW MATERIAL
Soy
Spirulina
Pumpkin Seed
Wheat
Hemp
Rice
Pea
Others
GLOBAL PLANT BASED PROTEIN MARKET, BY PRODUCT TYPE
Protein Powder
Protein Bars
Ready-to-Drink
Others
GLOBAL PLANT BASED PROTEIN MARKET, BY DISTRIBUTION CHANNEL
Supermarkets/Hypermarkets
Online Stores
DTC
Others
GLOBAL PLANT BASED PROTEIN MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA