Plant-Based Protein Market Size, Share, Growth Report 2030

The plant-based protein market valued US$ 16.1 Billion in 2018 and is anticipated to be valued at US$ 45.29 Billion in 2026 at a CAGR of 13.8%. The report covers forecast and analysis for the plant-based protein market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data from 2016 to 2018 along with a forecast from 2019 to 2026 based on revenue (USD Billion).

Plant-based protein is extracted from plant sources such as wheat, soy, pea, and others. Plant-based proteins find various applications in nutritional supplements, dairy alternatives, protein bars, meat alternatives, poultry & seafood, bakery foods, and others. The major factors that are expected to drive the global plant-based protein market are consumer preference towards a vegan diet and nutritional benefits offered by plant-based food. Moreover, the “clean-eating” trends among the geriatric population are the factors that are expected to bolster the market growth over the forecast years.

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Based on the source, the global plant-based protein market has been classified into soy, wheat, pea, and others. The soy segment in the global plant-based protein market has been accounted for the largest market share in terms of revenue. The increasing popularity of soy foods and the rising demand for high protein foods among individuals have paved the way for the market. Moreover, soy food in the diet helps in reducing cholesterol levels, bone mineral density, improve metabolism, and may help in decreasing the risk of cancer.  

On the basis of application, the global plant-based protein market is categorized into protein beverages, dairy alternatives, meat alternatives, nutrition supplements, and others. In the global plant-based protein market nutritional supplements segment accredited for the maximum market share in 2018. Growing health concerns, along with the rising fitness industry across the world promoting the protein supplements are expected to fuel the demand for plant-based protein products in the forecast timeline.

Based on the type, the global plant-based protein market has been classified into isolates, concentrates, and protein flour. The isolate segment has been accounted for substantial growth in a couple of years. As the protein in isolate form has more bioavailability with greater digestibility and is in huge demand in nutrition-oriented applications such as sports protein and nutritional supplements, the segment is anticipated to witness high demand over the forecast period.

Based on the region, currently, North America dominates the market share. The remarkable growth in the fitness industry in this region, coupled with increasing health concerns among the geriatric population regarding plant-based protein foods is expected to propel the market growth in the forecast timeline. The increasing demand for nutritional supplements in the Asia-Pacific region owing to the growing fitness industry along with rising trends of healthy eating expected to fuel the market demand over the forecast years.

The major players operating in the plant-based protein market are Sotexpro S.A, Axiom Foods, The Scoular Company, Burcon Nutrascience Corporation, Royal DSM, Tate & Lyle, Ingredion, Kerry, DowDuPont, ADM, Cargill, and Glanbia. The major schemes implemented by these leading companies in the market are new product launches, mergers & acquisitions, and partnerships. These companies are more focusing on making an investment in innovations, collaborations, and expansions, in order to increase their market share.