Plant-based Protein Market was estimated at USD 9506 Million in 2019 and predicted to grow at 7.7% CAGR during the forecast period.

Introduction of the Plant-based Protein Report

Plant-based protein is extracted from plant sources and used as a substitute for meat such as tofu, sunflower seeds, broccoli, black beans, and others. Plant-based protein is a great source of protein which helps to reduce animal protein in the diet. It contains nutrients such as fiber, vitamins, minerals, antioxidants, little saturated fat, among others.

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Growing emphasis on health and wellness, changing lifestyle and increasing inclination towards natural products are anticipated to expand the global plant-based protein market over the upcoming years. Changing consumer preferences towards a nutritional diet with less dependency on animal products has driven the demand for plant-based protein supplements. Increasing vegan and flexitarian population across the world has encouraged producers to innovate more products in the plant-protein segment. Thus, a wider range of product availability, product innovation and a variety of options will further strengthen the Plant Based Protein Market Size. In addition, plant-based products reduce the chances of Heart and Cardiovascular diseases, owing to the lower saturated fat, sodium, and cholesterol as compared to animal protein, driving the market growth. Moreover, several campaigns initiated by the government agencies, non-government organizations, and companies to increase awareness about the nutritional benefits of protein supplements, which, in turn, will fuel the Plant Based Protein market growth.

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Based on the Type, the Isolates segment is expected to grow at a higher CAGR during the forecast period owing to the numerous benefits offered such as high concentration of protein, easily digestible, and used as a raw ingredient in various applications such as infant food, beverages, and other food products. In addition to this, Isolates is the most refined form of protein products and offers function properties, along with the unique flavor. All these factors are further driving the growth of the segment.

Based on the Application, the food segment is projected to capture the largest market share in the global Plant-based Protein market due to the increasing vegan population and the growing awareness regarding the health benefit of plant-based protein among consumers. Moreover, the rising health concerns about animal products, along with the increasing health and wellness trend, will support the growth of the food segment.

Based on the Source, the Soy segment holds the highest market share in the global Plant-based Protein market owing to the increasing consumer acceptability and the growing demand for plant-based products among people. Furthermore, the easy availability of raw materials and high cost-effectiveness as compared to other type of sources, will further enhance the soy segment.

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On the basis of region, the North-America region is predicted to dominate the global plant-based protein and is expected to grow at a considerable growth rate due to the increase in the vegan population and change in the taste and texture for meat alternatives in the market. The growing demand in the U.S is expected to have a positive impact on the market growth as the consumers are now becoming more aware about the nutritional benefits offered by the food products and are focusing on maintaining a healthy lifestyle. On the other hand, the Asia-Pacific region is projected to grow at a higher CAGR due to the rising spending for the development of natural ingredients and the changing consumption pattern among the vegan population.

Various notable players operating in the market include, Cargill, Incorporated, Kerry Group, Wilmar International Limited, DowDuPont Inc., Archer Daniels Midland, Glanbia PLC, DSM, Roquette Freres, Emsland Group, and PURIS, among others. 

Key Developments: 

• • In 2021, DSM, a leading science-based company, acquired Norwegian company Vestkorn Milling, one of Europe’s leading producers of pea- and bean-derived ingredients for plant-based protein products. Vestkorn Milling is well-established in the buoyant alternative protein market, offering proteins, starches and dietary fibers for plant-based foods, pet food and animal feed. The acquisition is a further step in DSM’s strategy to develop an alternative protein business and will offer synergy with DSM’s innovative CanolaPRO™ rapeseed protein isolate, which will be introduced next year.
  • In 2020, Cargill launched a new plant-based protein brand i.e., PlantEver in China. PlantEver offering two plant-based products (chicken-alternative nugget and beef-alternative patty) to meet the growing demand for nutritious and alternative protein options for Chinese consumers.
  • In 2020, Kerry Group expanded its plant protein range for food and beverage companies. Through this expansion, the company planned to provide nutritional quality and allergy free plant-based options for consumers.
  • In 2020, Archer Daniels Midland partnership with Imagine Meats to launch plant-based protein products in India. Through this partnership, Imagine Meats planned to develop its footprint in India then expand its plant-based business in other markets such as Canada, US, UK, and UAE.
  • In 2020, DSM and Avril completed a joint venture for developing plant-based protein across the globe. To cater to the increasing demand for protein, both the companies established a partnership and formed ‘Olatein’ for producing canola proteins for the food market at the global level.

The global Plant-based Protein market has been segmented on the basis of Type, Application, Source, Form, and regions. Based on Type, the market is segmented into Isolates, Concentrates, and Textured. Based on Application, the market is segmented into Food and Feed. Based on Source, the market is segmented into Soy, Pea, Wheat, and Others. Based on Form the market is segmented into Dry and Liquid.

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Key questions answered in this research report:

• • At what pace is global Plant-based Protein market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Plant-based Protein market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Plant-based Protein market?
  • Which Type generated maximum revenues in 2019 and identify the most promising Type during the forecast period?
  • What are the various Application areas of global Plant-based Protein market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 9506 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Application, By Source, By Form, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Cargill, Incorporated, Kerry Group, Wilmar International Limited, DowDuPont Inc., Archer Daniels Midland, Glanbia PLC, DSM, Roquette Freres, Emsland Group, PURIS, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Plant-based Protein Market by Type

• • Isolates
  • Concentrates
  • Textured Protein

Global Plant-based Protein Market by Application

• • Feed
  • Food
    • Meat Alternatives
    • Dairy Alternatives
    • Bakery
    • Performance Nutrition
    • Convenience Foods
    • Others

Global Plant-based Protein Market by Source

• • Soy
  • Pea
  • Wheat
  • Others

Global Plant-based Protein Market by Form

• • Dry
  • Liquid

Global Plant-based Protein Market by Region

• • North America Plant-based Protein Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Source
    • By Form
    • US Market All-Up
    • Canada Market All-Up
  • Europe Plant-based Protein Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Source
    • By Form
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Plant-based Protein Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Source
    • By Form
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Plant-based Protein Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Source
    • By Form
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Plant-based Protein (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cargill, Incorporated
  • Kerry Group
  • Wilmar International Limited
  • DowDuPont Inc.
  • Archer Daniels Midland
  • Glanbia PLC
  • DSM
  • Roquette Freres
  • Emsland Group
  • PURIS