Plant-Based Protein Global Market Report 2024

Plant-based protein refers to a protein supplement sourced from plant-based origins, gaining popularity as a substitute for meat due to its rich nutritional profile, encompassing fiber, vitamins, and minerals alongside proteins.

Plant-based proteins come in several forms, primarily isolates, concentrates, and textured varieties. Isolates are consumed in a concentrated form, extracted chemically into a powder from the whole food source. Derived from sources like soy, wheat, pea, and others, plant-based proteins are accessible in dry and liquid forms, finding applications in feed, food, and various other uses.

The plant-based protein market research report is one of a series of new reports that provides plant-based protein market statistics, including plant-based protein industry global market size, regional shares, competitors with a plant-based protein market share, detailed plant-based protein market segments, market trends and opportunities, and any further data you may need to thrive in the plant-based protein industry. This plant-based protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plant-based protein market size has grown exponentially in recent years. It will grow from $42.13 billion in 2023 to $52.08 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth observed in the historical period can be ascribed to heightened awareness of health and wellness, a rise in concerns regarding environmental sustainability, an increasing preference for vegetarian and vegan diets, the expansion of the plant-based food and beverage industry, and a demand for allergen-free and non-GMO protein sources.

The plant-based protein market size is expected to see rapid growth in the next few years. It will grow to $107.28 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The anticipated growth in the forecast period can be attributed to regulatory support and the establishment of labeling standards for plant-based foods, a surge in consumer demand for clean label and natural ingredients, market penetration in emerging economies and middle-income countries, expanding applications in functional foods and nutraceuticals, and a growing interest in sports nutrition and performance-enhancing supplements. Noteworthy trends expected in the forecast period encompass technological advancements in protein extraction and processing, the development of hybrid and blended products, the emergence of fermented and cultivated proteins, the customization of protein solutions, and innovations in dairy alternatives.

The growth of the plant-based protein market is anticipated to be driven by the increasing awareness of health and wellness in the forecast period. Plant-based proteins, known for their benefits in weight loss and as essential building blocks for healthy muscles and tissues, are favored for being high in fiber and containing fewer calories and fats than animal proteins. A 2021 poll by E times revealed that the COVID-19 pandemic has shifted the attitudes of Indians towards health, with 70% expressing their intention to prioritize food and lifestyle adjustments in 2021 to manage both physical and emotional health. Thus, the growing awareness of health and wellness is a key factor fueling the expansion of the plant-based protein market.

The transformation in the preferences of health-conscious consumers and lifestyles is set to propel the plant-based protein market's growth. This shift indicates an increasing awareness and emphasis on making healthier choices in diet and daily routines. Plant-based protein, recognized for its health benefits, is gaining popularity among health-conscious consumers seeking healthier and more sustainable food options. According to Koninklijke DSM N.V., a Netherlands-based health and bioscience company, in response to the pandemic, 60% of consumers worldwide are now more concerned about their health, emphasizing leading healthy lives to avoid health problems. Moreover, reports from Food Insight, a US-based non-profit organization, indicate that in 2022, 52% of Food and Health Survey participants followed a specific diet or eating pattern, up from 39% in 2021. Notably, clean eating (16%), mindful eating (14%), and calorie counting (13%) were the top choices. Consequently, the changes in health-conscious consumers and lifestyles are expected to act as a driving force for the plant-based protein market.

Plant-based meat substitutes are gaining considerable popularity within the plant-based proteins market. Major companies in the sector are prioritizing plant-based meat alternatives due to their ecological friendliness, weight loss benefits, prevention of chronic illnesses, and regulation of cholesterol and blood sugar levels. For example, in July 2021, Nature’s Fynd, a US-based company specializing in microbe-based proteins for meat and dairy substitutes, secured over $158 million in funds for the launch of meatless breakfast products, including patties, burgers, chicken-less nuggets, and others. The Plant-Based Foods Association reports that the alternative foods sector experienced significant growth in 2020, with U.S. retail sales increasing by 27%, contributing to an overall market value of $7 billion.

Major companies in the plant-based protein market are embracing strategic partnerships to introduce innovative products, exemplified by GreenProtein AI. This initiative aims to revolutionize the alternative protein space by leveraging advanced AI technology to optimize the extrusion of plant-based meats. In August 2023, Food System Innovations collaborated with AI and machine learning expert Noa Weiss, based in the US, to launch GreenProtein AI. Through partnerships with extrusion facilities and plant-based meat manufacturers, GreenProtein AI will offer targeted insights and solutions, enhancing the predictability and efficiency of the production process.

In August 2021, WM Partners, a US-based private equity firm, acquired Vega for an undisclosed amount. This acquisition is expected to enhance WM Partners' HPH II’s portfolio of brands and leverage Vega's distribution strengths. Vega, a Canada-based company specializing in plant-based proteins, became part of WM Partners through this strategic move.

Major companies operating in the plant-based protein market include Archer-Daniels-Midland Company, DuPont Nutrition & Biosciences, Axiom Foods Inc., Cargill Inc., Kerry Group, Ingredion Inc., Roquette Freres SA, Wilmar International Ltd., Glanbia PLC, Cosucra Groupe Warcoing SA, Sotexpro SAS, Emsland Group, Puris Proteins LLC., Beyond Meat Inc., ETChem Ltd., BENEO GmbH, Tate & Lyle PLC, Shandong Jianyuan group, American Casein Company, Proeon Foods, Australian Plant Proteins Pty Ltd., Impossible Foods Inc., Nestle SA, Kellogg Company, Conagra Brands Inc., Tyson Foods Inc., Turtle Island Foods, Lightlife Foods Inc., Field Roast Grain Meat Co. Inc., Quorn Foods Ltd.

North America was the largest region in the plant-based protein market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant-based protein market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the Plant-Based Protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The plant-based protein market consists of sales of wheat protein, soy protein, pea protein, and other plant-based proteins. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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