Plant Protein-based Food Market

Plant Protein-based Food Market Synopsis

Plant Protein-based Food Market Size Was Valued at USD 13.40 Billion in 2023, and is Projected to Reach USD 25.69 Billion by 2032, Growing at a CAGR of 7.50 % From 2024-2032.

Plant Protein-based Food Market can be described as the subdivision of the food industry, which is based on the utilization of protein from plant origin to produce food. These protein sources include soy, pea, rice, wheat and hemp protein that are bioactive ingredients that are used to replace animal proteins in meat, dairy, snacks, beverages and other food products. Plant protein-based foods are suggested for human consumption based on health, environmental conservation, and consumer preferences toward vegetarian, vegan or low meat diets.

 The market of Plant Protein-based Foods has rapidly grown over the recent past years, due to the growing trend among consumers who wish to switch from regular animal products. This growth is as a result of; enhanced awareness on health, rising concerns over sustainability, and global transformation to clean, plant-base diets. The market is expected to add more growth as new plant protein extraction techniques emerge and the products are introduced in additional food segments such as plant-based meat and dairy alternatives.

North American is the largest market and the European and Asia Pacific comes the second and the third respectively. An increase in vegan and vegetarian populations in these regions and high investments in plant-based food start-ups are more likely to propel the market. But, problems that are still relevant today concern the taste and texture of products rich in plant proteins, as well as their price, which can affect the accelerated growth of the market in the coming years.

Plant Protein-based Food Market Outlook, 2023 and 2032: Future Outlook

Plant Protein-based Food Market Trend Analysis

Emerging Trends in Plant-Based Protein Consumption

Another important top that and described in the analysis of the global Plant Protein-based Food Market is the diversification of the molecular structure of plant protein compounds in order to achieve a similar texture and taste of animal-derived products. They are tapping on newer opportunities in the area of plant-based meat substitute to mimic the textures of real meat, which has been boosting the plant-based meat product. In addition to this, there has been recent trend of plant proteins being included in snacks and drinks, thus expanding the market to cover those consumers who want protein-rich convenient foods.

There is also another note that one of the most important trends is related to sustainability and ethical consumption. The consumer now is wiser when it comes to the quality and the effects that their food has on the environment the plant-based proteins thus impacting the market than the animal proteins. This tendency is proved by the investigations according to the results of which plant-based food production has less water and land demand and reflects less greenhouse effect.

Factors Driving the Surge in Plant Protein-Based Foods

Rising consumer consciousness concerning the health advantages of consuming plant-products is a primary factor in the market. Research associating plant-rich diets with reduced levels of such diseases as cardiovascular disease, diabetes, and obesity is pushing consumers into healthier food choices. This has promoted the use of plant protein foods products because these foods products are believed to be healthier than their animal protein counterparts.

Another of them is the ecological factor associated with the consumption of foods of plant origin as close as possible to their natural state. As the world turns its attention to managing climate change impact and reducing environmental pollution through livestock farming, plant proteins become a better alternative. Prior studies have shown that the production of plant protein typically consumes less capital and energy and emits fewer greenhouse gases than meat protein production hence, it is preferred by customers with a conscience.

Barriers Hindering the Growth of Plant Protein-Based Foods

while there are well defined opportunities for plant proteins these days, there are still hurdles with regard to taste and texture of the product. Some plant-based meat products kosher meat to mimic animal meat, primarily because of tatse appeal and mouthfeel which might be a downside for some clients. The requirement of additional innovation in enhancing the organoleptic properties of plant proteins could restrain market development in the short term.

Also, plant protein products are still more costly that their animal protein equivalents whether in the local or supermarket markets. This price difference is justified by the fact that the production process involved in the extraction of plant protein and the use of the specialty ingredient is a bit higher than that of meat protein extraction. High plant price may pose a problem that deters the affordability of the foods by price conscious consumers; thus, may reduce its market access in certain areas.

Untapped Market Potential for Plant Protein-Based Products

The continuous rise in availability of plant protein – rich products in supermarket makes this market to have a wider prospect of growth. If plant-based products are increasingly becoming available not only in health food shops but in supermarket chains as well, then they shall reach more consumers. This could further spur acceptance as has been the case for these plant-based foods which are not so popular in most parts of the world as they are in developed countries.

Furthermore, plant-based protein foods have the inclining chance in new markets also. Overall, growth of the global middle class populace together with the up-surging consciousness of consumers in developing nations on healthy products is likely to drive the market for plant-based products. This is the reason failure in these markets is often associated with a lack of proper marketing and local adaptation of company products.

Plant Protein-based Food Market Segment Analysis

Plant Protein-based Food Market Segmented on the basis of By Source, By Product Type and By Application.

By Source

o   Soy Protein

o   Pea Protein

o   Rice Protein

o   Wheat Protein

o   Hemp Protein

o   Others

By Product Type

o   Plant-based Meat

o   Plant-based Dairy

o   Plant-based Snacks

o   Plant-based Beverages

o   Others

By Application

o   Food & Beverages

o   Animal Feed

o   Pharmaceuticals

o   Cosmetics & Personal Care

o   Others

By Region

o   North America (U.S., Canada, Mexico)

o   Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

o   Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

o   Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)

o   Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

o   South America (Brazil, Argentina, Rest of SA)

By Source, Soy Protein segment is expected to dominate the market during the forecast period

On the basis of source, the plant protein-based food market is classified as soy protein, pea protein, rice protein, wheat protein, hemp protein, and others. Among all the protein sources, soy has been used most frequently since it is rich in protein and can be incorporated in almost all food products. Pea protein additionally derived appeal, particularly in the plant-based meat and beverage sectors because of its bland flavor and well-tolerant amino acid balance. Some plant-based foods also incorporate rice and wheat proteins thus providing more options to formulators. Hemp protein – extracted from hemp seeds – is slowly and steadily making its way into the nutritional products space for its omega fatty acids and fiber.

By Product Type, Plant-based Meat segment expected to held the largest share 

The market of plant protein-based foods is segmented on the basis of the type of product – plant-based meat, plant-based dairy, plant-based snacks, plant-based beverages and others. This is one of the emerging segments in food and beverages industry the development of plant-based meats due to health and environment issues. Other plant-based milk products including plant-based cheese and yogurt are also being consumed by the increasing number of those on plant-based diets. The snacks and other products segment is also increasing even further, plant-based products including a wide variety of protein containing snacks. Another category of the products showing market potential growth is focused on the plant-based beverages which are described as protein shakes and drinks.

Plant Protein-based Food Market Regional Insights

North America is Expected to Dominate the Market Over the Forecast period

Regionally, North America is currently leading the Plant Protein-based Food Market around the globe. Fundamentally, plant-based food consumption is on the rise within the region due to the dense consumer pull factors of nutrition and consciousness about environment. Currently, the major producers for plant proteins are cosm located in North America, continuously developing their products including in retail and food service markets. Good conditions for growing and delivering foods also contribute the region’s dominance to the overall food consumption.

This domination is also explained by the sustainable presence of key players in this region and their activities involving the development of new products, as well as investment in R&D to satisfy consumers’ needs. The level of awareness regarding ASP and its environmental implications is already relatively high in consumers of North American countries, so this market segment should remain dominant.

Plant Protein-based Food Market Share, by Geography, 2023 (%)

Active Key Players in the Plant Protein-based Food Market

o   Abbott Laboratories (USA)

o   Beyond Meat (USA)

o   Danone (France)

o   Eat Just (USA)

o   Impossible Foods (USA)

o   Maple Leaf Foods (Canada)

o   Oatly (Sweden)

o   Quorn Foods (UK)

o   The Kraft Heinz Company (USA)

o   Tyson Foods (USA)

o   Other key Players

Global Plant Protein-based Food Market Scope