Overview Global plant-based proteins market was valued at USD 12.1 Billion and is expected to reach USD 24.1 billion in 2032. This market is estimated to register the highest CAGR of 7.3 % between 2023 and 2032. The plant-based proteins market refers to the sector of the food industry that focuses on protein products derived from plants rather than animals. These proteins are sourced from various plants such as soy, pea, lentils, chickpeas, and hemp. The market includes a wide range of products like meat substitutes, protein powders, and dairy alternatives. This market has gained significant attention and growth in recent years due to increasing consumer awareness about health, environmental sustainability, and ethical concerns regarding animal welfare. Many consumers are seeking healthier lifestyles and are turning to plant-based proteins as they are typically lower in saturated fat and free from cholesterol. From a market research perspective, the plant-based proteins market is expanding rapidly, driven by several key trends. There is a rising demand for vegan and vegetarian diets, propelled by health-conscious consumers and the growing influence of social media on dietary choices. Additionally, advancements in food technology have improved the taste and texture of plant-based protein products, making them more appealing to a broader audience. Major food companies and startups alike are investing heavily in this space, leading to increased product innovation and a wider variety of options for consumers. This growth is also supported by favorable government policies and initiatives promoting sustainable food production. Overall, the plant-based proteins market is poised for substantial growth in the coming years. Market Key Segments By Source ● Soybean ● Pea ● Wheat ● Other Sources By Type ● Isolates ● Concentrates ● Protein Flour By Nature ● Organic ● Conventional By Application ● Food ● Bakery & Confectionery ● Animal Feed ● Nutrition & Health Supplements ● Pharmaceuticals ● Other application Download a sample report in MINUTES@https://market.us/report/plant-based-proteins-market/request-sample/ The plant-based proteins market is categorized by protein sources such as soybean, pea, wheat, and others, with soybean dominating the segment. By type, it includes isolates, concentrates, and protein flour, with isolates holding the largest market share and expected significant growth. The market is also divided by nature into organic and conventional proteins, with conventional proteins leading due to their widespread availability. Application-wise, it is segmented into food, bakery and confectionery, animal feed, pharmaceuticals, nutrition, health supplements, and other applications. Key Players ● Cargill Incorporated ● Archer Daniels Midland Company ● Glanbia ● Axiom Foods Inc ● Kerry Group plc ● A&B Ingredients ● Aminola ● Royal Ingredients Group ● Vestkorn Milling AS ● Now Health Group Inc ● Quest Nutrition ● Other Key Players Drivers: Rising health awareness and promotion from NGOs are significantly boosting the plant-based proteins market. Health concerns like heart disease, cardiovascular disease, and chronic illnesses are pushing individuals towards healthier, plant-based diets. Studies show that those consuming animal-based foods are more prone to heart-related diseases, further driving the shift to plant-based proteins. Additionally, NGOs advocating for animal welfare are promoting plant-based diets, contributing to market growth. Restraints: Allergies to plant-based proteins, such as soy, are a major restraint. Despite their nutritional benefits, some individuals experience allergic reactions to these proteins. This leads many to avoid plant-based options, hindering market growth. Opportunities: Growing consumer awareness of nutrition and the benefits of plant-based diets presents significant opportunities. As more people seek nutritious and healthy food options to maintain a healthy lifestyle, the demand for plant-based proteins is expected to rise. Innovations and new product developments in this sector can tap into this increasing demand. Challenges: Overcoming consumer reluctance due to allergies and improving the taste and texture of plant-based protein products remain key challenges. Additionally, ensuring widespread availability and affordability of high-quality plant-based proteins will be crucial for market expansion.
