Market Size of plant protein Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 16.05 Billion |
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Market Size (2029) | USD 20.43 Billion |
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Largest Share by End User | Food and Beverages |
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CAGR (2024 - 2029) | 4.94 % |
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Largest Share by Region | North America |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Plant Protein Market Analysis
The Plant Protein Market size is estimated at 16.05 billion USD in 2024, and is expected to reach 20.43 billion USD by 2029, growing at a CAGR of 4.94% during the forecast period (2024-2029).
16.05 Billion
Market Size in 2024 (USD)
20.43 Billion
Market Size in 2029 (USD)
5.17 %
CAGR (2017-2023)
4.94 %
CAGR (2024-2029)
Largest Market by Product Type
65.47 %
value share, Soy Protein, 2023
Among all protein types, soy protein is the most widely favored due to its lower cost and excellent quality. The food and beverage and animal feed industries drive the soy protein segment of the global plant protein market.
Largest Market by End User
55.93 %
value share, Food and Beverages, 2023
The higher supply of plant proteins, like rice, pea, and wheat proteins, which have the ability to mimic the texture of meat and provide protein fortification, is catering to this market segment.
Fastest Growing Market by Product Type
7.61 %
Projected CAGR, Pea Protein, 2024-2029
Pea protein is witnessing increased demand due to its quick rehydrating capacity, neutral flavor, and texturizing ability. These characteristics have led to the sales of pea protein ingredients across the global market.
Fastest Growing Market by End User
6.16 %
Projected CAGR, Supplements, 2024-2029
Rising health concerns have boosted the demand for supplements in Australia. This situation is driving the use of plant proteins, such as soy, pea, and rice proteins, in the market.
Leading Market Player
12.45 %
market share, Archer Daniels Midland Company, 2021
Archer Daniels Midland Company's leading position in the market is attributed to its high-quality offerings and its intense activity in the market compared to other players.
Increasing lactose-intolerant population with growing demand for natural products is driving the growth of food and beverages segment
- By end user, the market was led by the F&B sector, attributable to the growing demand for meat and dairy alternatives amid the growing demand for cruelty-free food ingredients. In 2020, the rise in demand from the F&B segment was mostly due to increased hoarding and panic buying during the pandemic's lockdown. Bakery, one of the primary F&B industries, witnessed a Y-o-Y growth rate of 18.17% in 2022.
- The animal feed segment closely followed the F&B segment. it is projected to register a CAGR of 4.68% by value in the forecasted period. The demand was led by the economic aspects of plant protein, which enabled farmers to provide cost-effective optimal nutrition to rearing animals. Over the review period, plant proteins were more than 50% cheaper than animal proteins. Plant-based proteins include a high concentration of essential amino acids and are an important source of protein for animal feed. It provides plenty of nutrients, antioxidants, and fiber that can improve animal health. In addition, soybean meal is highly volatile and is a major source of protein, especially for aquatic animals, poultry, and pig feed thus promoting the plant protein market.
- The sports and performance nutrition sub-segment drove the segment during the studied period, and it is also projected to record the fastest CAGR of 5.84%, by value, during the forecast period. The rise is attributed to an increasing number of people joining gyms and health clubs. Globally, the total number of health and fitness clubs grew by 12% between 2014 to 2020. Claims of vegan, no animal ingredients, and plant-based have been rising, with manufacturers launching plant-based versions of their sports protein powders and supplements.
Understand The Key Trends Shaping This Market
With the region experiencing growing trend of veganism and consumers' demand for sustainability, North America is projected to record a significant growth volume of 3.2% by 2025
- The market observed a two-fold Y-o-Y growth rate of 10.99% in terms of value in 2020. The demand for plant protein rose across the European market. The number of flexitarians and vegans is rising, which is further boosting the demand for plant-based food products. Europeans deliberately started consuming meat less frequently in 2020. The population that consumes less meat accounts for 22.9%.
- North America is the largest regional market due to its wide consumer base and the robust food industry, which has established a strong position across the world. North America is set to record a significant growth volume of 3.90% during the forecast period. The region also highly benefits from the growing trend of veganism and consumers' demand for sustainability. By 2020, the vegan population in the United States had increased by more than 3,000% over the past 15 years. The increasing vegan population has become a major factor for the growth of the market. In 2020, a study revealed that nearly 9.6 million Americans were vegan that year.
- In terms of growth, South America is projected to record the fastest CAGR of 5.89% in terms of value during the forecast period (2023-2029). The demand is high in Brazil, which is witnessing a rise in fitness and sports activities. The country also has a vast consumer base, which is contributing to the growth of the market.
- The Middle Eastern region is projected to record the fastest CAGR of 5.86% in terms of value during the forecast period. Obesity is a growing problem in Saudi Arabia, due to which the demand for plant-based protein increased by 15.94% from 2019 to 2022.
