From $11,104.3 million in 2020, the global plant-based protein market value is predicted to rise to $26,721.3 million by 2030, at a 9.2% CAGR between 2020 and 2030. The key factor behind the rising demand for such products is the increasing shift away from animal proteins, both on ethical and biological grounds. For instance, lactose intolerance is a common health issue affecting millions of people around the world, which is why they do not consume milk or anything made from it. Then, there is the question of ‘animal rights’, which has made many people shun meat and go for plant-based alternatives.
Moreover, the COVID-19 pandemic has only accelerated this shift, as people are now more concerned for their health. For instance, the Plant-Based Foods Association (PBFA) and the Good Food Institute (GFI) recorded a 27% increase in the retail sales of plant-based food products in the U.S. in 2020. This has been aided by the increasing production of such goods by established food and beverage companies, as well as startups, backed by significant investments.
Most plant-based protein products are made from soybean due to its excellent percentage of proteins, fats, and fiber.
Food will continue being the larger application area in the plant-based protein market in the coming years because of the rising demand for vegan food and changing lifestyles.
Due to the surging awareness on the fewer health risks to vegetarians, healthier food products, including those made from plants, are trending around the world.
The increase in people’s spending power is also fueling the sale of plant-based protein products, as being ultra-processed, they are generally expensive.
North America has been the largest plant-based protein market in the past.
The market has a fragmented nature, which is why it is witnessing a large number of strategic activities.
The consumption of such products is expected to increase the fastest in the Asia-Pacific (APAC) region in the coming years. Such eatables now carry the texture and taste of products made from animal sources, which is why even the vegetarians and vegans in the region are trying them out. Apart from soy, protein products made from peas, as well as ‘lab-grown’ meats, are gaining popularity among the huge consumer base here.
Major players in the plant-based protein market are Archer Daniels Midland Company, Wilmar International Ltd., Cargill Incorporated, Roquette Frères, Kerry Group PLC, Glanbia PLC, Koninklijke DSM N.V., Emsland Group, BENEO GmbH, Ingredion Inc., and AGT Food and Ingredients. They are regularly engaging in mergers, acquisitions, partnerships, collaborations, product launches, and facility expansions to consolidate their position.
Moreover, the COVID-19 pandemic has only accelerated this shift, as people are now more concerned for their health. For instance, the Plant-Based Foods Association (PBFA) and the Good Food Institute (GFI) recorded a 27% increase in the retail sales of plant-based food products in the U.S. in 2020. This has been aided by the increasing production of such goods by established food and beverage companies, as well as startups, backed by significant investments.
Most plant-based protein products are made from soybean due to its excellent percentage of proteins, fats, and fiber.
Food will continue being the larger application area in the plant-based protein market in the coming years because of the rising demand for vegan food and changing lifestyles.
Due to the surging awareness on the fewer health risks to vegetarians, healthier food products, including those made from plants, are trending around the world.
The increase in people’s spending power is also fueling the sale of plant-based protein products, as being ultra-processed, they are generally expensive.
North America has been the largest plant-based protein market in the past.
The market has a fragmented nature, which is why it is witnessing a large number of strategic activities.
The consumption of such products is expected to increase the fastest in the Asia-Pacific (APAC) region in the coming years. Such eatables now carry the texture and taste of products made from animal sources, which is why even the vegetarians and vegans in the region are trying them out. Apart from soy, protein products made from peas, as well as ‘lab-grown’ meats, are gaining popularity among the huge consumer base here.
Major players in the plant-based protein market are Archer Daniels Midland Company, Wilmar International Ltd., Cargill Incorporated, Roquette Frères, Kerry Group PLC, Glanbia PLC, Koninklijke DSM N.V., Emsland Group, BENEO GmbH, Ingredion Inc., and AGT Food and Ingredients. They are regularly engaging in mergers, acquisitions, partnerships, collaborations, product launches, and facility expansions to consolidate their position.
Frequently Asked Questions about the Plant-Based Protein Market
What is the estimated value of the Plant-Based Protein Market?
What is the growth rate of the Plant-Based Protein Market?
What is the forecasted size of the Plant-Based Protein Market?
Who are the key companies in the Plant-Based Protein Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 273 |
| Published | November 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 11104.3 Million |
| Forecasted Market Value ( USD | $ 26721.3 Million |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
Table of Contents
Chapter 1. Research Background1.1 Research Objectives
1.2 Market Definition
1.3 Analysis Period
1.4 Market Data Reporting Unit
1.4.1 Value
1.5 Market Size Breakdown by Segment
1.5.1 Market Segmentation by Source
1.5.2 Market Segmentation by Application
1.5.3 Market Segmentation by Form
1.5.4 Market Segmentation by Type
1.5.5 Market Segmentation by Region
1.5.6 Market Segment Analysis of Countries
1.6 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.1.1 Paid
2.1.2 Unpaid
2.1.3 Publisher Intelligence Database
2.2 Primary Research
2.2.1 Breakdown of Primary Research, by Region
2.2.2 Breakdown of Primary Research, by Industry Participant
2.2.3 Breakdown of Primary Research, by Designation
2.2.4 Breakdown of Primary Research, by Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/Kols
Chapter 5. Market Indicators
5.1 Increasing Urbanization Rate
Chapter 6. Definition of Market Segments
6.1 By Source
6.1.1 Soybean
6.1.2 Wheat
6.1.3 Pea
6.1.4 Others
6.2 By Application
6.2.1 Food
6.2.2 Feed
6.3 By Form
6.3.1 Dry
6.3.2 Liquid
6.4 By Type
6.4.1 Textured
6.4.2 Isolated
6.4.3 Concentrated
Chapter 7. Industry Outlook
7.1 Market Dynamics
7.1.1 Trends
7.1.1.1 Consumers’ Shift Toward Healthier Food Products
7.1.1.2 Launch of New Plant-Based Protein Products
7.1.2 Drivers
7.1.2.1 Increase In Customer Expenditure
7.1.2.2 Intolerance To Animal Protein
7.1.3 Impact Analysis of Drivers On Market Forecast
7.1.4 Restraints
7.1.4.1 Plant Protein Allergy
7.1.5 Impact Analysis of Restraints On Market Forecast
7.2 Porter’s Five Forces Analysis
7.2.1 Bargaining Power of Buyers
7.2.2 Bargaining Power of Suppliers
7.2.3 Intensity of Rivalry
7.2.4 Threat of New Entrants
7.2.5 Threat of Substitutes
7.3 Impact of COVID-19
7.4 Value Chain Analysis
7.4.1 Raw Materials
7.4.2 Manufacturers
7.4.3 Distribution Channels
7.4.4 End Users
Chapter 8. Global Market Size and Forecast
8.1 Overview
8.2 By Source
8.3 By Application
8.4 By Form
8.5 By Type
8.6 By Region
Chapter 9. North America Market Size and Forecast
9.1 Overview
9.2 By Source
9.3 By Application
9.4 By Form
9.5 By Type
9.6 By Country
Chapter 10. Europe Market Size and Forecast
10.1 Overview
10.2 By Source
10.3 By Application
10.4 By Form
10.5 By Type
10.6 By Country
Chapter 11. Apac Market Size and Forecast
11.1 Overview
11.2 By Source
11.3 By Application
11.4 By Form
11.5 By Type
11.6 By Country
Chapter 12. Latam Market Size and Forecast
12.1 Overview
12.2 By Source
12.3 By Application
12.4 By Form
12.5 By Type
12.6 By Country
Chapter 13. Mea Market Size and Forecast
13.1 Overview
13.2 By Source
13.3 By Application
13.4 By Form
13.5 By Type
13.6 By Country
Chapter 14. U.S. Market Size and Forecast
14.1 By Source
14.2 By Application
14.3 By Form
14.4 By Type
Chapter 15. Canada Market Size and Forecast
15.1 By Source
15.2 By Application
15.3 By Form
15.4 By Type
Chapter 16. U.K Market Size and Forecast
16.1 By Source
16.2 By Application
16.3 By Form
16.4 By Type
Chapter 17. Germany Market Size and Forecast
17.1 By Source
17.2 By Application
17.3 By Form
17.4 By Type
Chapter 18. France Market Size and Forecast
18.1 By Source
18.2 By Application
18.3 By Form
18.4 By Type
Chapter 19. Italy Market Size and Forecast
19.1 By Source
19.2 By Application
19.3 By Form
19.4 By Type
Chapter 20. Spain Market Size and Forecast
20.1 By Source
20.2 By Application
20.3 By Form
20.4 By Type
Chapter 21. China Market Size and Forecast
21.1 By Source
21.2 By Application
21.3 By Form
21.4 By Type
Chapter 22. Japan Market Size and Forecast
22.1 By Source
22.2 By Application
22.3 By Form
22.4 By Type
Chapter 23. India Market Size and Forecast
23.1 By Source
23.2 By Application
23.3 By Form
23.4 By Type
Chapter 24. South Korea Market Size and Forecast
24.1 By Source
24.2 By Application
24.3 By Form
24.4 By Type
Chapter 25. Australia Market Size and Forecast
25.1 By Source
25.2 By Application
25.3 By Form
25.4 By Type
Chapter 26. Brazil Market Size and Forecast
26.1 By Source
26.2 By Application
26.3 By Form
26.4 By Type
Chapter 27. Mexico Market Size and Forecast
27.1 By Source
27.2 By Application
27.3 By Form
27.4 By Type
Chapter 28. Saudi Arabia Market Size and Forecast
28.1 By Source
28.2 By Application
28.3 By Form
28.4 By Type
Chapter 29. South Africa Market Size and Forecast
29.1 By Source
29.2 By Application
29.3 By Form
29.4 By Type
Chapter 30. Competitive Landscape
30.1 List of Market Players and Their Offerings
30.2 Market Share Analysis of Key Players
30.3 Recent Strategic Developments of Key Players
30.3.1 Mergers and Acquisitions
30.3.2 Partnerships and Collaborations
30.3.3 Product Launches
30.3.4 Facility Expansions
30.3.5 Other Developments
Chapter 31. Company Profiles
31.1 Archer Daniels Midland Company
31.1.1 Business Overview
31.1.2 Product and Service Offerings
31.1.3 Key Financial Summary
31.2 Cargill Incorporated
31.2.1 Business Overview
31.2.2 Product and Service Offerings
31.3 Wilmar International Ltd.
31.3.1 Business Overview
31.3.2 Product and Service Offerings
31.3.3 Key Financial Summary
31.4 Roquette Frères
31.4.1 Business Overview
31.4.2 Product and Service Offerings
31.5 Glanbia Plc
31.5.1 Business Overview
31.5.2 Product and Service Offerings
31.5.3 Key Financial Summary
31.6 Kerry Group Plc
31.6.1 Business Overview
31.6.2 Product and Service Offerings
31.6.3 Key Financial Summary
31.7 Koninklijke Dsm N.V.
31.7.1 Business Overview
31.7.2 Product and Service Offerings
31.7.3 Key Financial Summary
31.8 Beneo Gmbh
31.8.1 Business Overview
31.8.2 Product and Service Offerings
31.9 Emsland Group
31.9.1 Business Overview
31.9.2 Product and Service Offerings
31.10 Ingredion Inc.
31.10.1 Business Overview
31.10.2 Product and Service Offerings
31.10.3 Key Financial Summary
31.11 Agt Food and Ingredients
31.11.1 Business Overview
31.11.2 Product and Service Offerings
Chapter 32. Appendix
32.1 Abbreviations
32.2 Sources and References
32.3 Related ReportsList of Figures
Figure 1 Market Size Breakdown by Segment
Figure 2 Research Methodology
Figure 3 Breakdown of Primary Research, by Region
Figure 4 Breakdown of Primary Research, by Industry Participant
Figure 5 Breakdown of Primary Research, by Designation
Figure 6 Breakdown of Primary Research, by Company Type
Figure 7 Data Triangulation Approach
Figure 8 Currency Conversion Rates For Usd (2020)
Figure 9 Global Plant-Based Protein Market Summary
Figure 10 Voice of Industry Experts/Kols
Figure 11 Global Percentage of Urban Population (2015-2020)
Figure 12 Bargaining Power of Buyers
Figure 13 Bargaining Power of Suppliers
Figure 14 Intensity of Rivalry
Figure 15 Threat of New Entrants
Figure 16 Threat of Substitutes
Figure 17 Global Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 18 Global Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 19 Global Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 20 Global Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 21 Major Worldwide Markets For Plant-Based Protein
Figure 22 North America Plant-Based Protein Market Snapshot
Figure 23 North America Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 24 North America Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 25 North America Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 26 North America Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 27 North America Plant-Based Protein Market, by Country, $M (2015-2030)
Figure 28 Europe Plant-Based Protein Market Snapshot
Figure 29 Europe Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 30 Europe Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 31 Europe Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 32 Europe Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 33 Europe Plant-Based Protein Market, by Country, $M (2015-2030)
Figure 34 Apac Plant-Based Protein Market Snapshot
Figure 35 Apac Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 36 Apac Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 37 Apac Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 38 Apac Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 39 Apac Plant-Based Protein Market, by Country, $M (2015-2030)
Figure 40 Latam Plant-Based Protein Market Snapshot
Figure 41 Latam Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 42 Latam Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 43 Latam Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 44 Latam Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 45 Latam Plant-Based Protein Market, by Country, $M (2015-2030)
Figure 46 Mea Plant-Based Protein Market Snapshot
Figure 47 Mea Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 48 Mea Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 49 Mea Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 50 Mea Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 51 Mea Plant-Based Protein Market, by Country, $M (2015-2030)
Figure 52 U.S. Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 53 U.S. Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 54 U.S. Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 55 U.S. Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 56 Canada Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 57 Canada Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 58 Canada Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 59 Canada Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 60 U.K. Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 61 U.K. Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 62 U.K. Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 63 U.K. Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 64 Germany Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 65 Germany Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 66 Germany Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 67 Germany Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 68 France Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 69 France Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 70 France Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 71 France Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 72 Italy Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 73 Italy Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 74 Italy Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 75 Italy Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 76 Spain Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 77 Spain Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 78 Spain Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 79 Spain Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 80 China Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 81 China Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 82 China Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 83 China Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 84 Japan Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 85 Japan Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 86 Japan Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 87 Japan Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 88 India Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 89 India Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 90 India Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 91 India Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 92 South Korea Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 93 South Korea Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 94 South Korea Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 95 South Korea Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 96 Australia Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 97 Ausralia Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 98 Australia Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 99 Australia Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 100 Brazil Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 101 Brazil Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 102 Brazil Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 103 Brazil Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 104 Mexico Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 105 Mexico Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 106 Mexico Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 107 Mexico Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 108 Saudi Arabia Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 109 Saudi Arabia Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 110 Saudi Arabia Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 111 Saudi Arabia Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 112 South Africa Plant-Based Protein Market, by Source, $M (2015-2030)
Figure 113 South Africa Plant-Based Protein Market, by Application, $M (2015-2030)
Figure 114 South Africa Plant-Based Protein Market, by Form, $M (2015-2030)
Figure 115 South Africa Plant-Based Protein Market, by Type, $M (2015-2030)
Figure 116 Global Plant-Based Protein Market Share of Key Players (2020)
Figure 117 Archer Daniels Midland Company- Revenue Split by Segment (2020)
Figure 118 Glanbia Plc - Revenue Split by Segment and Geography (2020)
Figure 119 Kerry Group Plc - Revenue Split by Segment and Geography (2020)
Figure 120 Koninklijke Dsm N.V. - Revenue Split by Segment and Geography (2020)
Figure 121 Ingredion Inc. - Revenue Split by Segment and Geography (2020)
Companies Mentioned
- Archer Daniels Midland Company
- Cargill Incorporated
- Wilmar International Ltd.
- Roquette Frères
- Glanbia PLC
- Kerry Group plc
- Koninklijke DSM N.V.
- BENEO GmbH
- Emsland Group
- Ingredion Inc.
- AGT Food and Ingredients
Methodology
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