Global Plant-based Protein Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The increasing instances of cardiovascular diseases and type 2 diabetes among consumers associated with the consumption of meat products

The Global Plant-based Protein Market is estimated to be USD 12.05 Bn in 2023 and is expected to reach USD 16.74 Bn by 2028, growing at a CAGR of 6.80%.

Consumers are interested in plant-based and sustainable protein sources, such as vegetables, seeds, and pulses. This shift in consumer preference allows the protein industry to explore new sources and develop new products to meet this demand. Plant-based protein sources such as legumes, nuts, and seeds are rich in essential vitamins, minerals, and antioxidants. They are also lower in saturated fat and contain no cholesterol, which makes them a healthier alternative to animal-based protein. This has led to a growing interest in plant-based protein among health-conscious consumers. Furthermore, consumers are becoming more health-conscious and seeking high-quality protein products that offer additional health benefits such as vitamin and mineral content or gut health and immune support. This trend allows manufacturers to develop premium and functional protein products like protein powders and bars.

Moreover, more and more consumers are busy and time-strapped, creating a demand for convenient and ready-to-eat protein products such as shakes, bars, and snacks that can be consumed on the go. Manufacturers can explore this opportunity by developing products that are easy to prepare, portable, and offer a good balance of taste, nutrition, and functionality. Also, many consumers seek products tailored to their specific needs and preferences, such as protein products free from specific allergens, lactose-free, vegetarian, or gluten-free. Manufacturers can tap into this opportunity by developing and offering personalized and customized protein products to meet specific consumer needs. This creates an opportunity for the plant-based protein market.

However, allergies to plant-based protein sources are not as common as allergies to animal-based protein sources, but they can still occur. Plant-based protein allergy can vary depending on the severity of the allergy and the amount of the ingested allergen. Mild symptoms may include hives, itching, and swelling. More severe symptoms may include difficulty breathing, anaphylaxis, and even death. This can be negatively impacted on the growth of the plant-based protein market. 

Market Segmentations

• The Global Plant-based Protein Market is segmented based on Protein Type, End-User, and Geography.
• By Protein Type, the plant-based protein market is classified into Hemp Protein, Pea Protein, Potato Protein, Rice Protein, Soy Protein, and Wheat Protein. The Pea protein segment is predicted to grow with the highest CAGR in upcoming years. Pea Protein is a complete protein that contains all nine essential amino acids that the body cannot produce on its own. It is also a good source of fiber, iron, and magnesium. There is a growing trend towards plant-based diets, which are seen as a healthier and more sustainable way to eat. Pea protein is a popular choice for people who follow plant-based diets, as it is a good source of protein without the saturated fat and cholesterol found in animal-based proteins.
• By End-Users, the global plant-based market is classified into Food & Beverages and Personal Care & Cosmetics Supplements. It is predicted that the Food and beverage segment is expected to grow with the highest CAGR in the global plant-based market forecasting period. The increasing demand for protein functionalities and awareness about protein-rich diets primarily drive the demand.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. The Americas region is predicted to hold the largest market share in upcoming years. The number of vegans is increasing in the Americas region, boosting the demand for plant-based food products. Eventually, it increased the demand for plant-based protein. The increasing vegan population has become a significant factor in the growth of the plant-based market.

Recent Development

• Roquette announced the launch of its new NUTRALYS® range of organic textured proteins derived from peas and fava for European markets.- June 2022

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Abbott Laboratories, Archer Daniels Midland Company, Kerry Group PLC, Nestle S.A, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Plant-based Protein Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Plant-based Protein Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Plant-based Protein Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market