Plant-Based Protein Market

Market Leaders - Plant-Based Protein Market

The plant-based protein market is estimated at USD  13.3 million in 2023 and is projected to reach USD  19.2 billion by 2028, at a CAGR of 7.7% from 2023 to 2028.

The plant-based protein market has seen a substantial increase in popularity as consumers seek alternatives to traditional animal-based protein sources. This growing interest can be attributed to a variety of factors, including concerns about health, ethics, the environment, and dietary preferences. Many people are choosing plant-based protein products due to allergies, dietary restrictions, or a desire for a healthier lifestyle. Moreover, the demand for low-calorie and low-fat options has led to the prominence of plain and unsweetened formulations within the plant-based protein sector.

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In the current market landscape, plant-based protein presents a burgeoning opportunity as an alternative protein source. Meat has historically been the primary protein source in developed markets, while there has been a rising demand for traditional protein sources in developing markets in recent years. However, shifting consumer preferences and a growing interest in plant-based protein sources, driven by their nutritional profile, a preference for cleaner eating, increased health concerns like lactose intolerance, environmental consciousness, and concerns for animal welfare, have contributed to the growth of the plant-based protein market.

Consumers inclination towards plant-based protein has expanded beyond its original applications in meat and dairy alternatives and is now widely used in other segments, including performance nutrition and infant nutrition. The recognition of plant-based protein as a food source with functional benefits has strengthened its acceptance among consumers. Furthermore, the incorporation of plant-based protein into the supplements sector has been found to provide various health advantages, such as supporting brain health, eye health, heart health, muscle endurance, enhanced immunity, and weight management.

ADM (US)

Archer Daniels Midland Company, commonly referred to as ADM, specializes in the production and distribution of a wide range of products, including food ingredients, animal feed and feed ingredients, biofuels, and environmentally friendly alternatives to industrial chemicals. With a history spanning over a century, ADM maintains a diverse portfolio of businesses that spans the entire agricultural value chain. One of ADM's significant competitive advantages is its capability to efficiently source, process, and distribute agricultural commodities such as grains, oilseeds, and other raw materials. This is facilitated by its extensive network of origination facilities, processing plants, and logistics capabilities, enabling the company to effectively connect farmers and producers with customers worldwide.

ADM is recognized as a global leader in the nutrition sector and has a rich history of innovation in plant-based proteins, with a track record spanning more than 75 years. It is also one of the largest soybean processors globally. The company operates through four major segments: Ag services and oilseeds, carbohydrate solutions, nutrition, and others. Under the nutrition segment, ADM offers plant protein products primarily utilized in various food applications, including bakery, snacks, confectionery, and cooking. ADM produces plant-based proteins from sources like peas, soy, and wheat, which have diverse applications in dairy and meat alternative products, as well as feed products.

ADM's global presence extends across North America, South America, Europe, Asia Pacific, and Africa. The company has established a robust global supply chain network to maintain consistent product quality. This network includes 450 crop procurement locations, over 330 food and feed ingredient manufacturing facilities, 62 innovation centers, and an extensive crop transportation system.

Cargill, Incorporated (US)

Cargill, Incorporated, founded in 1865, has grown to become one of the largest privately owned firms in the United States, with a strong global presence. The firm manufactures and distributes food ingredients, bio-industrial goods, animal nutrition and health solutions, protein, salt, agricultural supply chain services, financial services, and metals. Cargill is comprised of 75 corporate units divided into four major segments: agricultural, food, financial services, and industrial products. Its plant-based protein offerings are classified as food and drinks and may be found in a variety of food goods such as bread items, snacks, confectionery, and culinary components.

Cargill's R&D facilities are strategically placed across Europe and North America. The organization provides services across Africa, Europe, Asia, Latin America, North America, and the Middle East, among other places. Cargill operates in 70 countries through its subsidiaries and affiliates, providing a strong worldwide network that spans North America, South America, Europe, Asia Pacific, and Africa. Cargill Meat Solutions (US), Cargill Enterprises Inc. (Russia), Cargill Asia Pacific Holdings Pte Limited (Singapore), Cargill RSA (Pty) Limited (South Africa), Cargill Espaa SA. (Spain), and Cargill Nordic A/S (Sweden) are some of the company's noteworthy subsidiaries.

International Flavors & Fragrances Inc.  (US)

In February 2021, International Flavors & Fragrances Inc. and Dupont's Nutrition and Biosciences merged, resulting in the continuance of the combined firm under the name International Flavors & Fragrances Inc. This firm manufactures flavors, perfumes, and cosmetic actives on a global scale.

International Flavors & Fragrances Inc. is divided into four business segments. The company's "nourish" business offers a diverse and unique range of natural-based ingredients designed to improve the nutritional content, texture, and functioning of a variety of food and beverage items, including drinks, dairy products, baked goods, confectionery, and culinary applications. The health & biosciences division focuses on the research and development of innovative biotechnology-derived solutions such as enzymes, food cultures, probiotics, and specialized ingredients with applications in both food and pharmaceuticals.

The scent segment specializes in creating fragrance compounds, fragrance ingredients, and cosmetic components used in high-quality perfumes as well as popular household and personal care products. Finally, the pharma solutions segment offers a broad range of pharmaceutical excipients derived from cellulosic and seaweed sources. These four segments together comprise the company's diverse business portfolio, serving various industries and providing innovative solutions for a range of applications. Additionally, the company offers plant-based protein products within its nourish category.

Ingredion (US)

Ingredion, a multinational corporation based in the United States, specializes in the production of starch, modified starches, nutritional ingredients, and sweeteners. The company's operations are organized into five primary business segments: food, beverage, animal nutrition, brewing, and other categories. Within its food and beverage segments, Ingredion offers plant-based protein products that are used in various applications, including animal feed, performance nutrition, dairy, and meat-alternative products.

Ingredion maintains a global presence, serving customers in more than 120 countries across various regions, including North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Some of its notable subsidiaries include TIC Gums Inc (US), Kerr Concentrate Inc (US), National Starch Food Innovation (US), and Perford Corporation (US).

The company faces formidable competition from prominent industry players such as DuPont (US), Glanbia plc (Ireland), and ADM (US).

Roquette Frères (France)

The French business Roquette Frères is a major leader in the plant-based protein market. Biopharma, pharma & nutraceuticals, cosmetics, food & nutrition, animal nutrition, industrial markets, and NUTRALYS plant protein are the company's seven primary business sectors. Under the NUTRALYS plant protein category, Roquette offers plant-based protein products derived from diverse sources such as peas, wheat, and faba beans. These proteins have several applications in dairy and meat substitutes, as well as in sports nutrition.

Geographically, Roquette has a presence in North America, Europe, and Asia. It serves a customer base that spans more than 45 countries, including the United States, China, Korea, Japan, India, Russia, Canada, Spain, Germany, and the United Kingdom. Some of its notable subsidiaries include Roquette Korea Ltd (Korea), Roquette America Inc (US), Sethness Products Company (US), Bacel Eatmoquimica Ltda (Brazil), Roquette Co Ltd (China), and Roquette UK Ltd (UK).

The company has a presence in Australia, China, North America, and Southeast Asia. The company operates throughout Australia and New Zealand.

Related Reports:

Plant-Based Protein Market by Source (Soy, Wheat, Pea, Canola Rice & Potato, Beans & Seeds, Fermented Protein), Type (Concentrates, Isolates, Textured), Form (Dry, Liquid), Nature (Conventional, Organic), Application and Region - Global Forecast to 2028

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Plant-Based Protein Market Size,  Share & Growth Report
Report Code
FB 7358
RI Published ON
10/30/2023
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