REDDING,
Calif., May 9, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Plant-based Proteins
Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins,
Potato Proteins), Form (Solid, Liquid), Source Process
(Conventional, Organic), and Application (Food and Beverage, Animal
Feed, Nutritional Supplements)—Global Forecast to 2031, 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.
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Consumer interest in boosting their protein intake is
increasing, with more attention being paid to specific types of
protein being consumed. With increasing world population and
welfare, the demand for protein as a food-nutritional component is
rising sharply. The high protein trend is gaining traction and will
continue to evoke interest in the coming years. Consumers have
become more aware of the benefits of protein in supporting an
active lifestyle. The desire for clean labels, ease of digestion,
the need or desire to avoid allergens, compatibility with
vegetarian and vegan lifestyles, and concerns about sustainability
among the general population are putting the spotlight on plant
proteins. Consumer notions of what constitutes a good protein
source are expanding to include a wider variety of plant protein
ingredients. Subsequently, interest in plant protein ingredients
among food manufacturers and food service operators is
intensifying, fueling the growth of the global plant-based protein
market.
In recent years, the global plant-based proteins market has
witnessed several product launches, expansions, mergers &
acquisitions, partnerships, agreements, and collaborations. The key
players operating in the global plant-based proteins market are
Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated
(U.S.), Roquette Frères (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 Südzucker 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), and CHS Inc.
(U.S.).
The global plant-based proteins market is segmented by type,
form, source process, application, and geography.
Among all the plant-based protein types studied, in 2024, the
soy proteins segment is expected to account for the largest share
of 55% of the plant-based proteins market. However, the
pea proteins segment is expected to record the fastest CAGR during
the forecast period. The rapid growth of this segment is mainly
attributed to its nutritional qualities and its allergen-free,
gluten-free, and lactose-free properties.
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Among all the forms studied in the report, 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.
Among all the source processes studied in the report, in 2024,
the conventional plant-based protein ingredients segment is
expected to account for the larger share of 97% of the
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.
Among all the applications studied in the report, in 2024, the
food & beverage segment is expected to account for the largest
share of 61% of the plant-based proteins market. The
large market share of this segment is mainly attributed to
increasing consumer preference for plant-based foods and
ingredients, growing awareness and demand for protein-rich food
products, plant-based proteins' versatile functionality and
compatibility with vegetarian and vegan lifestyles, and the rising
clean-label trend. The plant-based protein market for food &
beverage is further segmented into meat, poultry, and seafood;
bakery; meat analogs; dairy alternatives; cereal & snacks;
beverages; and other applications (confectionery, infant food,
fermented food, and frozen food). In 2024, the meat, poultry, and
seafood segment is expected to account for the largest share of the
plant-based proteins market for food & beverage.
However, the nutrition & health supplements segment is
expected to record a CAGR during the forecast period of 2024-2031.
The rapid growth of this segment is mainly attributed to changing
lifestyles, growing health & wellness trends, and the
increasing prevalence of diseases.
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Geographically, the global plant-based proteins market is
segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
North America is expected to
account for the largest share of 41% of the plant-based
proteins market. The North America
plant-based proteins market is estimated to be worth
USD 6.16 billion in 2024. The
leading position of this region is primarily attributed to the
well-established food and beverage industry, rising concerns over
animal products and protein, increasing vegan population, growing
preference for meat alternatives, and increasing demand for healthy
& nutritional products & health & wellness trends.
However, the Asia-Pacific
plant-based proteins market is expected to record the highest CAGR
during the forecast period. The rapid growth of this region is
mainly attributed to the increasing protein-rich diet awareness,
increasing health consciousness, booming food & beverage
industry, growing economy, rapid urbanization, and a large vegan
population.
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Scope of the Report:
Plant-based Proteins Market Assessment—by Type
- Soy Proteins
- Soy Protein Concentrate
- Soy Protein Isolate
- Textured Soy Protein
- Other Soy Proteins
- Wheat Proteins
- Vital Wheat Gluten
- Wheat Protein Isolate
- Hydrolyzed Wheat Protein
- Textured Wheat Protein
- Pea Proteins
- Yellow Pea Proteins
- Yellow Pea Protein Isolate
- Yellow Pea Protein Concentrate
- Textured Yellow Pea Protein
- Yellow Pea Protein Hydrolysate
- Yellow Pea Flour
- Other Yellow Pea Protein Types
- Green Pea Proteins
- Green Pea Protein Isolate
- Green Pea Protein Concentrate
- Textured Green Pea Protein
- Green Pea Protein Hydrolysate
- Green Pea Flour
- Other Green Pea Protein Types
- Canola Proteins
- Canola Protein Isolate
- Canola Protein Concentrate
- Other Canola Proteins
- Potato Proteins
- Potato Protein Concentrate
- Potato Protein Isolate
- Rice Proteins
- Rice Protein Isolate
- Rice Protein Concentrate
- Rice Protein Hydrolysate
- Corn Proteins
- Corn Protein Isolate
- Corn Protein Concentrate
- Corn Protein Hydrolysate
- Other plant-based proteins
Plant-based Proteins Market Assessment—by Form
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
Plant-based Proteins Market Assessment—by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
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