According to MarketsandMarkets, the global plant-based protein market size is estimated to be valued at USD 12.2 billion in 2022 and is projected to reach USD 17.4 billion by 2027, recording a CAGR of 7.3% in terms of value. Plant-based proteins are sourced from plants such as pulses, grains and seeds. The various sources from which plant-based proteins are derived include soy, wheat, pea, canola, rice and potato. Plant-based proteins find a range of applications across various food and feed industries because they offer a rich nutritional content to both food and feed products. Plant-based proteins are available in three types namely, textured, isolates and concentrates which find different applications across various feed and food products such as meat alternatives, performance nutrition, convenience food among others. The rising number of cardiovascular and other forms of diseases which are associated with meat consumption, coupled with rising environmental and climate concerns have influenced a large number of consumers to shift from conventional and animal-based protein sources to plant-based protein. Plant-based protein also offer many desirable properties such as good water retention, gelation, foaming and emulsifying properties along with which they offer rich nutritional content.
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The North America region accounted for the largest market share in the global plant-based protein market. The region is also projected to witness significant growth due to presence of several local and key players in the region. The rising demand for health-focused organic food & beverages and an increase in number of people having lactose intolerance are influencing consumers to shift to plant-based food and dairy products. Along with this, the rising global concern towards environment and climate, coupled with unethical meat-sourcing practices have influenced an increasing number of consumers to shift towards plant-based food and protein sources in the region.
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Report Attributes |
Details |
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Market size estimation |
2018–2027 |
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Base year considered |
2021 |
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Forecast period considered |
2022–2027 |
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Units considered |
Value (USD Billion) and Volume (KT) |
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Segments covered |
Source, type, form, nature, application, and region |
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Regions covered |
North America, Europe, Asia Pacific, South America, and RoW |
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Companies studied in Plant based Protein Market |
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Based on source, soy accounted for the largest market share in the overall plant-based protein market. Soy accounts among one of the few sources that provides a complete nutrition profile for all the vegan and vegetarian food consumers by offering all the essential nutrients. Soy also has other proven health benefits in lowering the risk of heart and cardiovascular disease which makes it a popular protein source among the plant-based protein consumers. Recently, soy has also been exported in large volumes by countries such as the US owing to rise in consumption and demand of soybean and soy-protein.
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Amongst type, plant-based protein concentrates dominates the plant-based protein market with the largest market share in 2021. They find a range of applications across a variety of food products such as cereals, snacks, pasta, sauces, baked goods, and plant-based dairy and meat products. Concentrates offer a protein concentration ranging from 40-90% and provide a cost-effective nutritional supplement options which offers attributes such as good water-holding and emulsification properties.
Based on form, dry form accounted for the largest market share in the plant-based protein industry. The dry form of protein processing is much more sustainable and efficient compared to the wet form of processing because of the lack of requirement of hydration process which is energy-intensive.
Based on nature, the conventional plant-based protein sources dominated the industry. The conventional plant-based protein sources accounted for the largest market share because of the increasing applications of plant-based proteins in food and feed industries and lack of awareness in many regions about organic plant-based protein sources.
Based on application, food segment accounted for the largest and fastest growing segment in the plant-based protein industry because of the wide applicability of plant-based proteins in various food products such as meat alternatives, dairy alternatives, bakery products, performance nutrition, convenience foods.
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