The study involved two major approaches in estimating the current size of the plant-based protein market. Exhaustive secondary research collected information on the market, source, type, application, nature, and form segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Data triangulation was used to estimate the market size of segments and subsegments.
Secondary Research
This research study involved extensive secondary sources—directories and databases such as Bloomberg Businessweek and Factiva—to identify and collect valuable information for a technical, market-oriented, and commercial market study. In the secondary research process, sources such as annual reports, press releases & investor presentations of companies, white papers, food journals, certified publications, articles from recognized authors, directories, and databases were referred to identify and collect information. Secondary research was mainly used to obtain key information about the industry’s supply chain, the pool of key players, and market classification and segmentation as per the industry trends to the bottom-most level, regional markets, and key developments from market- and technology-oriented perspectives.
Primary Research
Extensive primary research was conducted after obtaining information regarding the plant-based protein market scenario through secondary research. Several primary interviews were conducted with market experts from the demand and supply sides across major countries of North America, Europe, Asia Pacific, South America, and the Rest of the World. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as chief officers (CXOs), vice presidents (VPs), directors from business development, marketing, research, and development teams, and related key executives from distributors and key opinion leaders.
Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped understand the source, type, application, nature, form, and region trend. Stakeholders from the demand side, such as plant-based food manufacturers and feed & pet-food manufacturers, were interviewed to understand the buyers’ perspective on the suppliers, products, and their business outlook, which will affect the overall market.
Note: The three tiers of the companies are defined based on their total revenues in 2023 or 2024,
as per the availability of financial data: Tier 1: Revenue > USD 1 billion; Tier 2: USD 100
million = revenue = USD 1 billion; Tier 3: Revenue < USD 100 million
To know about the assumptions considered for the study, download the pdf brochure
COMPANY NAME
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DESIGNATION
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ADM (US)
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Product Development Manager
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Wilmar International Ltd (Singapore)
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Senior R&D Scientist
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Roquette Frères (France)
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Marketing Director
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Kerry Group PLC (Ireland)
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Sales Head
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International Flavors & Fragrances Inc. (US)
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Senior Research Executive
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Tate & Lyle (UK)
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Business Development Manager
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Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the total size of the plant-based protein market. These approaches were also used extensively to determine the size of various subsegments in the market. The research methodology used to estimate the market size includes the following details:
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The key players in the industry and the overall markets were identified through extensive secondary research.
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All shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
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All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain final quantitative and qualitative data.
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The research included the study of reports, reviews, and newsletters of top market players, along with extensive interviews for opinions from leaders, such as CEOs, directors, and marketing executives.
Plant-based Protein Market : Top-Down and Bottom-Up Approach
Data Triangulation
After determining the overall market size from the estimation process explained above, the total market was split into several segments and subsegments. The data triangulation procedure was employed, wherever applicable, to estimate the overall plant-based protein market and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. The market size was also validated using both the top-down and bottom-up approaches.
Market Definition
Plant-based protein is derived from plant-based sources, such as pulses, grains, and seeds. Plant-based protein sources include soy, wheat, peas, faba beans, canola, rice, and potatoes. Proteins are polymers of amino acids used in various applications for their nutritional and functional properties. Their potential to increase the nutritional level in a healthy diet makes them one of the key ingredients in the food and feed industries.
Milled protein flours are plant protein products with enhanced protein content (20–80%) and reduced starch levels (10–40%), produced through conventional milling combined with protein concentration techniques to achieve specific functional and nutritional profiles.
Starch-rich protein flours are plant-based flour products characterized by moderate protein content (15–35%) with substantial starch retention (35–55%), produced through mild processing techniques that preserve the natural macronutrient balance of the source material.
Stakeholders
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Raw material suppliers of plant-based protein
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Intermediate stakeholders, including distributors, retailers, associations, regulatory bodies, and others
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Manufacturers and traders of plant-based protein ingredients, such as soy, wheat, peas, canola, oats, rice, and potatoes
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Manufacturers and traders of food products, including dairy alternatives, meat alternatives, bakery products, nutritional products, convenience foods, and other food applications
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Manufacturers and traders of non-food applications, such as feed and pet food
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Government organizations, institutes, and research organizations
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Associations and Industry Bodies:
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Food and Agriculture Organization (FAO)
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United States Department of Agriculture (USDA)
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U.S. Food and Drug Administration (FDA)
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European Food Safety Authority (EFSA)
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European Association of Specialty Feed Ingredients and their Mixtures (FEFANA)
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Organization for Economic Co-operation and Development (OECD)
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Plant-based Food Associations (PBFA)
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United Soybean Board (USB)
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European Plant-based Foods Association (ENSA)
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European Vegetable Protein Association (EUVEPRO)
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Food Standards Australia New Zealand (FSANZ)
Report Objectives
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To determine and project the size of the plant-based protein market based on source, type, application, nature, form, function (qualitative), and region over five years, ranging from 2025 to 2030
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To identify the attractive opportunities in the market by determining the largest and fastest-growing segments across regions
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To provide detailed information about the key factors influencing market growth (drivers, restraints, opportunities, and challenges)
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To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
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To analyze the micromarkets concerning individual growth trends, prospects, and their contribution to the total market
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To identify and profile the key players in the plant-based protein market
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To understand the competitive landscape and identify the major growth strategies adopted by players across the key regions
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
The following customization options are available for the report:
Product Analysis
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Product matrix, which gives a detailed comparison of the product portfolio of each company.
Geographic Analysis as per Feasibility
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
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Further breakdown of the Rest of European plant-based protein market into key countries
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Further breakdown of the Rest of Asia Pacific plant-based protein market into key countries
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Further breakdown of the Rest of South American plant-based protein market into key countries
Company Information
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Detailed analyses and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Plant-based Protein Market