Plant-based Protein Market

Leading Companies in Plant-based Protein Industry - ADM (US), Cargill Incorporated (US) and International Flavors & Fragrances Inc. (US)

The plant-based protein market is estimated at USD 14.2 billion in 2024 and is projected to reach USD 20.5 billion by 2029, at a CAGR of 8.1% from 2024 to 2029. The recent surge in the popularity of plant-based protein is attributed to several factors, such as health consciousness, ethical considerations, environmental awareness, and dietary preferences. This trend is driven by an increasing number of consumers choosing plant-based options due to allergies, dietary requirements, or a preference for healthier alternatives. Moreover, there is a rising demand for plain and unsweetened plant-based protein products, particularly among individuals seeking low-calorie and low-fat options.

In today's market, the plant-based protein market has been experiencing a significant surge in demand, driven by a growing consumer shift towards healthier and more sustainable dietary choices. This shift is largely fueled by increasing awareness of the health benefits associated with plant-based diets, such as reduced risks of chronic diseases, and the environmental impact of animal agriculture. Products like plant-based burgers, protein powders, and dairy alternatives are gaining widespread popularity, leading to a diversification of options available in supermarkets and restaurants. Companies are innovating with ingredients like soy, pea, hemp, and quinoa to create products that not only cater to vegan and vegetarian consumers but also appeal to flexitarians and meat-eaters seeking to reduce their meat consumption.

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Moreover, the rising demand for plant-based proteins is supported by significant investments and endorsements from major food industry players and celebrities, further propelling market growth. The market is also benefiting from advancements in food technology, which have improved the taste, texture, and nutritional profile of plant-based products, making them more appealing to a broader audience. As concerns about climate change and animal welfare continue to influence consumer behavior, the plant-based protein market is expected to expand rapidly, with projections indicating a multi-billion-dollar industry in the coming years. This trend is not only reshaping dietary patterns but also driving innovation in the food industry towards more sustainable and ethical practices.

Additionally, advancements in food technology and innovation have contributed to the development of a wide range of plant-based protein products, offering consumers diverse options to meet their dietary needs and preferences. These include plant-based burgers, sausages, milk alternatives, protein powders, and snacks, catering to various taste preferences and nutritional requirements. As consumer awareness continues to increase and preferences evolve, the plant-based protein market is expected to witness continued growth and innovation in the coming years.

ADM (US)

ADM, also recognized as Archer Daniels Midland Company, is a key player in multiple sectors including food ingredients, animal feed, biofuels, and industrial chemicals. With a rich history spanning over a century, ADM boasts a diverse portfolio covering the entire agricultural value chain. Its core competency lies in efficiently sourcing, processing, and distributing agricultural commodities on a global scale, particularly grains and oilseeds. ADM's key strength lies in its extensive network of facilities and logistics, which facilitate connections between farmers and customers worldwide.

In the realm of nutrition, ADM stands out as a global leader, particularly in the realm of plant protein innovation. With 75 years of experience, it stands as one of the largest soybean processors globally. Operating through four distinct segments, including Ag Services and Oilseeds, Carbohydrate Solutions, Nutrition, and Other Business, ADM offers a broad spectrum of plant protein products suitable for various food applications, ranging from bakery goods to meat alternatives.

ADM's global footprint extends across North America, South America, Europe, Asia Pacific, and Africa, supported by a robust supply chain network encompassing crop procurement locations, manufacturing facilities, innovation centers, and transportation networks.

Cargill, Incorporated (US)

Established in 1865, Cargill, Incorporated has risen to become one of the largest privately held companies in the United States, boasting a strong global presence. Offering a diverse array of products spanning food ingredients, bio-industrial goods, animal nutrition solutions, protein, salt, and financial services, Cargill operates through 75 corporate units organized into four main segments: agricultural, food, financial services, and industrial products.

Cargill's offerings in plant-based protein are utilized in a variety of food products including bread, snacks, confectionery, and culinary ingredients. With strategically located research and development facilities in Europe and North America, the company extends its reach across Africa, Europe, Asia, Latin America, North America, and the Middle East, conducting operations in 70 countries through subsidiaries and affiliates. Noteworthy subsidiaries include Cargill Meat Solutions (US), Cargill Enterprises Inc. (Russia), and Cargill Asia Pacific Holdings Pte Limited (Singapore), among others.

International Flavors & Fragrances Inc.  (US)

International Flavors & Fragrances Inc., formed in February 2021 through the merger of International Flavors & Fragrances Inc. (US) and Dupont's Nutrition and Biosciences division, maintains the original company's name. This American corporation enjoys a global reputation for its production of flavors, fragrances, and cosmetic actives.

Structured into four key segments - Nourish, Health & Biosciences, Scent, and Pharma Solutions - the company provides a diverse range of natural-based ingredients. In the Nourish segment, these ingredients enhance the nutritional value, texture, and functionality of various food and beverage products, spanning beverages, dairy, baked goods, confectionery, and culinary applications. The Health & Biosciences segment focuses on advanced biotechnology-derived solutions such as enzymes, food cultures, probiotics, and specialty ingredients for various industries. Scent specializes in fragrance compounds and cosmetic ingredients essential for perfumes and household/personal care products. Pharma Solutions offers pharmaceutical excipients sourced from cellulosic and seaweed materials.

Related Reports:

Plant-based Protein Market by Source (Soy, Wheat, Pea, Canola Oats, Rice & Potato, Beans & Seeds, Fermented Protein), Type (Concentrates, Isolates, Textured), Form (Dry, Liquid), Nature (Conventional, organic), Application - Global Forecast to 2029

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Plant-based Protein Market Size,  Share & Growth Report
Report Code
FB 7358
RI Published ON
5/28/2024
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