Plant-Based Protein Market

Plant-Based Protein Market Size & Share - Future Growth Expectations

The plant-based protein market 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. Plant-based proteins have surged in popularity thanks to their diverse range of nutritional benefits, attracting individuals in search of a healthier and more sustainable protein source.

The plant-based protein market is poised for substantial growth in the coming years, driven by several key factors:

  • Health Consciousness
  • Environmental Sustainability
  • Animal Welfare
  • Product Innovation
  • Celebrity Endorsements and Influencer Marketing
  • Retail Expansion

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Health Consciousness: 

  • Increased awareness about the health benefits of plant-based diets, including lower risks of heart disease, obesity, and certain cancers, is driving more consumers to choose plant-based protein alternatives.

Environmental Sustainability: 

  • Concerns over the environmental impact of animal agriculture, including greenhouse gas emissions, deforestation, and water usage, are prompting consumers to seek more sustainable protein sources like plant-based options.

Animal Welfare: 

  • Growing awareness and concern for animal welfare issues in industrial farming practices are leading consumers to opt for plant-based protein alternatives as a more ethical choice.

Product Innovation: 

  • Continuous innovation in plant-based protein products, including burgers, sausages, dairy alternatives, and protein powders, is expanding the variety and improving the taste and texture of plant-based options, making them more appealing to consumers.

Celebrity Endorsements and Influencer Marketing: 

  • Endorsements from celebrities, athletes, and influencers, as well as increasing visibility on social media platforms, are helping to popularize plant-based diets and products among mainstream consumers.

Retail Expansion: 

  • The increasing availability of plant-based protein products in mainstream supermarkets, restaurants, and fast-food chains is making them more accessible to consumers, driving growth in the market.
These factors, combined with ongoing research and development efforts to improve the taste, nutritional profile, and affordability of plant-based protein products, are expected to continue driving significant growth in the plant-based protein market in the coming years.
Plant-Based Protein Market Share - Global Industry Landscape
The plant-based protein market is characterized by the presence of several key players competing for market share. Some of the leading companies in the plant-based protein industry include:
  • ADM (US)
  • Cargill (US)
  • International Flavors & Fragrances Inc. (US)
  • Ingredion (US)
  • Roquette Frères (France)
  • Wilmar International Ltd. (Singapore)

These companies, along with several others, collectively shape the global plant-based protein industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. 

ADM (Archer Daniels Midland Company) (US)

  • Market Share: ADM is one of the largest agricultural processors and food ingredient providers globally. It holds a significant market share in various segments, including oilseeds processing, corn processing, and agricultural services.
  • Key Offerings: ADM offers a wide range of products and services including oils, proteins, starches, sweeteners, fibers, and other food ingredients. It also provides animal feed, ethanol, and other agricultural commodities.

Cargill (US)

  • Market Share: Cargill is one of the world's largest privately-owned corporations and a major player in the agribusiness sector. It holds a substantial market share in various segments of the food, agriculture, financial, and industrial products industries.
  • Key Offerings: Cargill offers a diverse range of products and services including agricultural commodities trading, animal nutrition, food ingredients, meat processing, and risk management solutions. It also has a significant presence in the production of food and feed ingredients, as well as meat and poultry processing.

International Flavors & Fragrances Inc. (IFF) (US)

  • Market Share: IFF is a global leader in the flavors and fragrances industry, with a notable market share in both sectors.
  • Key Offerings: IFF offers a wide range of flavor and fragrance ingredients, compounds, and solutions for various industries including food and beverage, personal care, home care, and fine fragrance. Its offerings include natural and synthetic flavors, fragrances, aroma chemicals, essential oils, and innovative sensory solutions.

Ingredion (US)

  • Market Share: Ingredion is a leading global ingredient solutions provider, particularly in the starch and sweetener segments.
  • Key Offerings: Ingredion offers a broad portfolio of starches, sweeteners, texturizers, nutrition ingredients, and biomaterials derived from corn, tapioca, potatoes, and other plant sources. Its products cater to diverse industries including food and beverage, brewing, pharmaceuticals, and paper.

Roquette Frères (France)

  • Market Share: Roquette Frères is a major player in the global food ingredient industry, particularly in the starch and plant-based protein segments.
  • Key Offerings: Roquette offers a wide range of plant-based ingredients including starches, sweeteners, proteins, fibers, and polyols derived from wheat, corn, potatoes, peas, and other plant sources. Its products find applications in food and beverage, nutrition, pharmaceuticals, and other industrial sectors.

Wilmar International Ltd. (Singapore)

  • Market Share: Wilmar International is one of the largest agribusiness and food processing companies in Asia, with a significant market share in various sectors.
  • Key Offerings: Wilmar offers a diverse portfolio of edible oils, oilseeds, grains, oleochemicals, specialty fats, and other agricultural commodities. It also has a presence in consumer products such as cooking oil, margarine, flour, and rice, as well as in the manufacturing of biodiesel and other industrial products.

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

Plant-Based Protein Market Size,  Share & Growth Report
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