Global Plant Protein Market - 2023-2030

Market Overview

The Global Plant Protein Market reached US$ 17 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 34 billion by 2030. The market is growing at a CAGR of 9.3% during the forecast period 2023-2030.

Plant proteins offer many health benefits, including improved heart health, weight management, and reduced risk of chronic diseases such as diabetes, cancer, and hypertension. They are also often more affordable than animal proteins, making them an accessible option for many consumers, and creating massive sales in the plant protein market.

Soy protein, pea protein, wheat protein, rice protein, potato protein, hemp protein, chickpea protein and faba bean protein are some of the major plant proteins. Chickpeas, also known as garbanzo beans, are a type of legume rich in protein, fiber, and various essential vitamins and minerals. One cup of cooked chickpeas (164 grams) provides 15 grams of protein, 12 grams of fiber, and multiple vitamins and minerals, including iron, phosphorus, and manganese, which drives the plant protein market size.

Market Dynamics

The Focus on Aquatic Plants as New & Emerging Sources of Protein.

Aquatic plants are an excellent source of plant-based protein and other essential nutrients. For instance, Spirulina is a type of blue-green algae often sold in powder or tablet form. It is a complete protein containing all nine essential amino acids. One tablespoon (7 grams) of dried spirulina provides 4 grams of protein, 1 gram of fiber, and various essential vitamins and minerals, including vitamin B12, iron, and calcium which drives the plant protein market size.

On the other hand, Chlorella is another type of green algae often sold in powder or tablet form. It is a good source of protein and other essential nutrients, including vitamins A, B12 and C, iron, and chlorophyll. One tablespoon (7 grams) of dried chlorella provides 3 grams of protein, 1 gram of fiber, and various vitamins and minerals, driving the plant proteins market in the forecast period.

Allergies to Plant-Based Sources of Protein Hampers the Market.

Soy is a common allergen; many people are allergic to soybeans, soy products, and soy-based protein supplements. Soy allergy symptoms may include hives, itching, lips, tongue, or throat swelling, abdominal pain, and difficulty breathing.

Peanuts are also a common allergen and can cause severe allergic reactions in some individuals. Peanut allergy symptoms may include hives, lips, tongue, or throat swelling, abdominal pain, and difficulty breathing, impeding the market expansion.

Artificial Intelligence Analysis

AI has been used to accurately predict plant-based proteins' quality. One study published in the Journal of Agricultural and Food Chemistry used AI to analyze the amino acid profiles of different plant-based proteins and predict their protein quality scores. The study found that the AI model could predict protein quality scores with an 87-93% accuracy.

AI has also been used to optimize the extraction process of plant-based proteins. Another study published in the Journal of Food Engineering used AI to optimize the extraction process of pea protein. The study found that the AI model could identify the optimal extraction conditions, resulting in a 15% increase in protein yield compared to traditional extraction methods.

Segment Analysis

The Global Plant Protein Market is segmented based on type, source, application and region.

Soy Protein Segment Accounts Sizable Share in the Global Plant Protein Market

Soy protein is a complete protein containing all nine essential amino acids that bodies cannot produce independently. It is also one of the richest sources of plant-based protein, with a protein content of about 36 grams per 100 grams of soy protein isolate. Soy protein is low in fat, with just 2 grams of fat per 100 grams of soy protein isolate.

It is also cholesterol-free. For instance, on February 17, 2021, Life Health Foods launched soy protein in India. The well-known Almond Fresh line of almond milk has been incorporated under the hero So Good brand in addition to the new Protein+ Soy Beverage.

This product is a great addition to any diet because it tastes great and offers nutritional advantages. For those who prefer no-sugar options, So Good Almond Beverage has two flavors: almond coconut and natural unsweetened. You can find it in stores in packs of 1L and 200ml.

Geographical Analysis

Asia Pacific Holds the Largest Share in the Global Plant Protein Market

The global plant protein market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle-east and America.

Regarding market growth for plant-based proteins, the Asia Pacific region accounts for approximately 42.8% during the forecast period. Religious considerations of people's diet and preferences for plant-based foods and proteins are primarily responsible for the growth of the plant-based protein industry in this region.

People have started including more plant-based protein in their diets due to the rise in cardiovascular and other types of heart diseases in the area. China and India, which account for a sizable portion of imports and production in the region due to their ready access to raw materials and affordable labor, have become important manufacturing hubs for companies that produce plant-based proteins.

For instance, on March 17, 2023, Nutricircle, an R&D and science-based company, launched nutrition-based plant protein isolates in India.

Competitive Landscape

The major global players include: Archer Daniels Midland Company, Axiom's Foods, Amco Proteins, Cargill Incorporated, E. I Du Pont de company, Glanbia Nutritionals, Growing Naturals, LLC, Kerry Group, Manitoba Harvest hemp foods, Omega Protein Corporation, Roquette Foods, Scoular Companys Food Ingredient, Sodrugestvo Groups, and Sunwarrior.

Why Purchase the Report?

• To visualize the Global Plant Protein Market segmentation based on type, source, application, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous plant protein market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Plant Protein Market Report Would Provide Approximately 53 Tables, 46 Figures And 195 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies