Exploring the Surging Demand for Plant-Based Protein Market Size, Trends, and Insights

Monday, February 12, 2024 at 1:30pm UTC

Chicago, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Plant-based protein refers to protein derived from plants rather than animals. These proteins are sourced from a variety of plant-based foods such as legumes (like beans, lentils, and peas), grains (such as quinoa, wheat, and rice), nuts, seeds, and certain vegetables. Plant-based protein is becoming increasingly popular due to its health benefits, environmental sustainability, and ethical considerations. The plant-based protein market size is estimated at USD 13.3 billion in 2023 and is projected to reach USD 19.2 billion by 2028, at a CAGR of 7.7% from 2023 to 2028.

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Plant-based protein can be categorized into several main groups based on their sources. Here are some of the key categories:

  • Legumes: Legumes are a rich source of plant-based protein and include beans (such as black beans, kidney beans, and chickpeas), lentils, peas, and soybeans. They are versatile and can be incorporated into various dishes like soups, salads, stews, and stir-fries.
  • Grains: Certain grains are also good sources of protein. Examples include quinoa, brown rice, oats, barley, and wheat. These grains can be used as a base for meals or added to salads, soups, or baked goods to increase protein content.
  • Nuts and Seeds: Nuts and seeds are not only high in protein but also provide healthy fats, fiber, vitamins, and minerals. Examples of protein-rich nuts include almonds, peanuts, walnuts, and cashews, while seeds like chia seeds, flaxseeds, hemp seeds, and pumpkin seeds are also great sources of plant-based protein.
  • Soy Products: Soybeans and products derived from soybeans, such as tofu, tempeh, edamame, and soy milk, are popular plant-based protein options. Soy products are versatile and can be used in a variety of dishes, including stir-fries, curries, sandwiches, and smoothies.
  • Seitan: Seitan, also known as wheat gluten or wheat meat, is a protein-rich food made from gluten, the main protein found in wheat. It has a meat-like texture and can be seasoned and cooked in various ways, making it a popular meat substitute in vegetarian and vegan diets.

Plant-Based Protein Market Trends

Following are Plant-Based Protein Market Trends:

  • Increasing Consumer Demand: Growing awareness of the health benefits associated with plant-based diets, including lower risk of chronic diseases and improved overall well-being, has led to a surge in consumer demand for plant-based protein products. This trend is driven by health-conscious consumers seeking alternatives to traditional animal-based protein sources.
  • Environmental Sustainability: Concerns about the environmental impact of animal agriculture, including greenhouse gas emissions, water usage, and deforestation, have prompted many consumers to shift towards plant-based protein options. Plant-based proteins generally have a lower environmental footprint compared to animal-derived proteins, making them more sustainable choices for environmentally conscious consumers.
  • Expansion of Plant-Based Product Offerings: Food manufacturers and retailers are responding to the growing demand for plant-based protein by expanding their product offerings. This includes a wide range of plant-based meat alternatives, dairy alternatives, snacks, beverages, and supplements made from ingredients like soy, pea, wheat, and other plant sources. Additionally, innovative new products and formulations are continually being introduced to meet consumer preferences for taste, texture, and nutritional profile.
  • Investments and Partnerships: The plant-based protein market report has attracted significant investments from food companies, venture capitalists, and private equity firms. These investments are fueling innovation, research and development efforts, and the expansion of production capacity to meet growing demand. Additionally, partnerships between food companies, ingredient suppliers, and foodservice providers are helping to accelerate the development and distribution of plant-based protein products.

Soy source is estimated to dominate the by source segment in the plant-based protein market

Soy protein is a highly popular plant-based protein source, with soybeans being processed into three main types: soy isolates, soy concentrates, and textured soy protein, all of which are rich in essential amino acids crucial for human nutrition. Additionally, soy protein offers various proven health benefits, such as reducing the risk of heart and cardiovascular diseases. The Food and Drug Administration (FDA) has indicated that consuming 25 grams of soy protein per day, as part of a low-saturated fat and low-cholesterol diet, can help lower the risk of heart disease.

As the demand for soy-based protein continues to rise, there has been a significant increase in soybean exports. In 2020, the value of US soybean exports to the global market reached a historic high of $25.7 billion, representing a 40% increase in value and a 23% increase in volume compared to the previous year. This surge is attributed to the growing popularity of soybeans and soy-based protein.

Given the global demand for soy proteins, companies in the plant-based protein industry are actively working to strengthen their market presence through product development and the launch of new soy protein-based products. An example of this is Benson Hill Inc (US), which introduced TruVail, a range of soy protein ingredients suitable for use in bakery products, meat alternatives, and snacks, aiming to tap into the expanding market for alternative plant-based proteins.

The Asia Pacific is estimated to grow at the fastest CAGR in the plant-based protein market

The demand for fortified nutritional food and beverage products is on the rise in the Asia Pacific region due to busy lifestyles and increased disposable incomes. The use of dairy alternatives is expected to grow rapidly in response to consumer preferences. With greater economic power among consumers in the region, there is an increased consumption of affordable and abundant products like soymilk. Food manufacturers are introducing various forms of soymilk to meet the growing demand for healthy beverages, including pasteurized soymilk, as dairy alternatives, and unique flavored soy drinks.

This report focuses on major countries in the region, including Japan, Australia, China, and India. Key market players in this area include Sanitarium Health & Wellbeing Company and Freedom Foods Group Ltd. in Australia, Vitasoy International Holdings Limited in Hong Kong, and Purcharest in Australia. The dairy alternatives industry in the Asia Pacific region is experiencing significant growth, driven by changes in consumer lifestyles. The market is evolving rapidly due to urbanization, dietary diversification, and increased foreign direct investment in the food sector. Additionally, rising incomes, greater purchasing power, a growing middle-class population, heightened consumer awareness of health and fitness, and increased demand for nutritional and healthy products are creating promising opportunities for growth and diversification in the region's food sector.

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Key Players

Therefore, major players in the region, such as ADM (US), Cargill, Incorporated (US), International Flavors & Fragrances Inc. (US), Ingredion (US), Roquette Frères (France), are trying their best to tap the region’s potential by expanding and diversifying plant-based protein portfolios to meet the consumer’s demand.

Browse Related Reports:

Dairy Alternatives Market

Meat Substitutes Market

Cultured Meat Market

Wheat Protein Market

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