Plant Based Protein Market Report by Source, Type, Nature, Application, and Region 2025-2033

Market Overview

The global Plant Based Protein Market was valued at USD 16.9 Billion in 2024. The market is projected to reach USD 29.9 Billion by 2033, growing at a CAGR of 6.55% during the forecast period from 2025 to 2033. The rise in sustainable food sources and the increasing inclusion of plant-based proteins in hotel and restaurant menus are driving market growth globally.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Plant Based Protein Market Key Takeaways

• Current Market Size: USD 16.9 Billion in 2024
• CAGR: 6.55% (2025-2033)
• Forecast Period: 2025-2033
• The market is driven by health-consciousness, environmental and animal welfare concerns amongst consumers.
• North America consistently dominates the market due to the flexitarian diet trend and production establishments.
• Soy is the largest contributor to that, due to favorable policies and farm innovations.
• Most of the market share in each category is taken up by isolates for protein supplements.
• Most of the agriculture is conventional and employs pesticides and fertilizers extensively.

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Market Growth Factors

Consumer trends are driving the growth of the global plant-based protein market, including a preference towards healthy and nutritious plant proteins and sustainable protein ingredients over animal-based protein. General market trends driving the plant-based protein market include an increase in veganism and adopting a flexitarian diet, the availability of multiple plant protein ingredients, such as pulses, tofu, and soy, and the usage of functional ingredients by sports and athletics participants.

Regulators and governments around the world are advocating and easing plant protein seed production. For example, in Saudi Arabia, the government is easing investment in overseas crop production and encouraging local partners to invest in food security-focused businesses. Likewise, the CAP of Germany is increasing pea production, while state policies of Madhya Pradesh and Uttar Pradesh are increasing pea production in India. These policies result in increasing supply capabilities along with increasing production to meet demand.

Market growth will be driven by advances in product development as seen by major plant-based protein producers building novel product lines and launching soy and rice protein. Novel food products with modified cultural profiles containing plant proteins have been developed, including formulations for the Indian market by Mighty Foods, and the marketing of a hempseed protein isolate by Burcon NutraScience, in an effort to meet needs and preferences in terms of nutrition and taste.

Market Segmentation

Breakup by Source:

• Soy: Holds the largest market segment due to rising inclination towards soya ingredients and government support increasing production.
• Wheat: Not explicitly detailed; included as a plant protein source.
• Pea: Significant due to non-allergen, non-GMO status, and versatility; supported by production incentives.
• Others: Include additional plant protein sources not specifically detailed.

Breakup by Type:

• Concentrates: Protein forms containing a mix of protein and other components.
• Isolates: Represent the largest segment; nearly pure protein widely used in supplements.
• Textured: Textured protein products used for meat alternatives.

Breakup by Nature:

• Conventional: The largest segment; involves use of chemical pesticides, fertilizers, and GMOs enabling higher crop yields.
• Organic: Environmentally friendly farming methods; smaller market share relative to conventional.

Breakup by Application:

• Food: Dominates the market, including meat alternatives, dairy alternatives, bakery items, performance nutrition, convenience foods, and others.
• Feed: Usage of plant proteins in animal feed applications.

Regional Insights

Regionally, the largest market for plant-based proteins is North America. Factors fuelling the growth in North America are the rising demand among customers for plant-based products due to the growing adoption of veganism, vegetarianism, and flexitarianism and the presence of a large food and beverage industry. The North American region is one of the larger plant-based protein manufacturing hubs. Expansion of production facilities such as Ingredion Inc.'s plant in Canada is expected to increase plant-based protein market growth in the region.

Recent Developments & News

• On 12 March 2024, Protein Industries Canada initiated efforts to increase supplies of hemp and sunflower protein ingredients through collaborations with Burcon NutraScience, HPS Food & Ingredients, and Puratos Canada.
• On 26 March 2024, US-based plant snacks and drinks brand Aloha secured minority investment from SemCap Food and Nutrition to broaden product offerings.
• On 18 February 2024, New Zealand startup Miruku raised USD 5 Million in a pre-series A funding round to advance its B2B model for molecular farming-derived fats and dairy proteins.

Key Players

• AGT Food and Ingredients
• Archer-Daniels-Midland Company
• Axiom Foods Inc.
• Cargill Incorporated
• Dupont De Nemours Inc.
• Glanbia plc
• Ingredion Incorporated
• Kerry Group plc
• Koninklijke DSM N.V.
• Roquette Frères
• Tate & Lyle PLC
• The Scoular Company
• Wilmar International Limited

Customization Note

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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