Market Size of protein Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 25.49 Billion |
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Market Size (2029) | USD 32.42 Billion |
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Largest Share by End User | Food and Beverages |
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CAGR (2024 - 2029) | 4.93 % |
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Largest Share by Region | North America |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Protein Market Analysis
The Protein Market size is estimated at 25.49 billion USD in 2024, and is expected to reach 32.42 billion USD by 2029, growing at a CAGR of 4.93% during the forecast period (2024-2029).
25.49 Billion
Market Size in 2024 (USD)
32.42 Billion
Market Size in 2029 (USD)
4.99 %
CAGR (2017-2023)
4.93 %
CAGR (2024-2029)
Largest Market by Source
62.95 %
value share, Plant, 2023
Globally, animal feed and F&B industry drove plant protein segment. Among all, soy protein remained most favored, owing to its inexpensive cost and excellent quality.
Largest Market by End User
60.60 %
value share, Food and Beverages, 2023
The higher supply of plant proteins like rice, pea and wheat proteins that has an ability to mimic meat texture together with protein fortification is catering the segment.
Fastest Growing Market by Source
5.48 %
Projected CAGR, Microbial, 2024-2029
The demand for microbial proteins, mainly algae protein, is noted from the supplements segment. Constant innovation and new entrants are anticipated to drive this segment.
Fastest Growing Market by End User
6.65 %
Projected CAGR, Personal Care and Cosmetics, 2024-2029
Rise in demand for natural ingredients and protein enriched skin, body and hair care products is driving the segment. Thus the segment is projected to attain fastest growth.
Leading Market Player
7.83 %
market share, Archer Daniels Midland Company, 2021
Archer Daniels Midland Company's leading position is attributed to its high quality offering in the global market, followed by it being one of the most active market players.
Sustainable alternative protein sources are boosting the market demand with application mostly through food and beverages sector
- Both in terms of value and volume, food and beverages remained the dominant end-user segment of the market in 2022. The demand was majorly led by dairy and meat alternative applications, with consumers demanding plant-based protein-rich alternatives. In 2022, the meat- and dairy alternatives industries together held a share of 31% by volume. The high preference for plant protein has consumers shifting away from meat, which is a major driving factor for the demand. As of May 2022, about 79 million of the global population was vegan and seeking meat and dairy alternatives with higher protein content.
- The food and beverage segment was closely followed by the animal feed segment, with many applications of plant protein types. The plant protein type holds a 98% share by volume among all the other proteins used in the segment. It offers numerous advantages over milk substitutes and fish meals, like better protein digestibility, a favorable amino acid profile, and long shelf life. The segment is anticipated to register a CAGR of 4.58% by value during the forecast period.
- In terms of growth, the personal care and cosmetics segment outpaced other segments and is expected to record a CAGR of 6.49% by value during the forecast period due to increased interest in clean and natural personal care products. Proteins are used in a range of cosmetics products, including emulsions, gels, shampoos, conditioners, and creams. Proteins naturally found in the body, such as collagen, elastin, and keratin, are also gaining popularity considering their higher efficacy in naturally strengthening skin and hair texture. Protein ingredients have proven effects on skin and hair, which is boosting their demand in the personal care and cosmetics segment.
Understand The Key Trends Shaping This Market
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With vast population in the region willing to consume plant-based meats, is driving the consumption of protein in the North American region
- North America remained the largest consumer of protein across the world. The region's protein market is majorly driven by production consolidation, constant product developments, and a high consumer base recorded in the United States. More than 55% of households look for high protein content, and high protein content is a significant factor when purchasing food for their families, giving immense scope for the growth of the market in the region. The growing flexitarian population is also broadening the industry's consumer base. About one-fourth of Americans (23%) consumed plant-based meat, and 37% of consumers who do not consume plant-based meats are interested in trying them. Thus, this offers a vast opportunity for meat alternatives and boosts the protein market.
- Asia-Pacific remained the second-largest market in 2022, driven by consumers pushing for diversification of protein sources. This was largely influenced by the changing consumer preferences toward plant-based and had an abundant supply of raw materials required for plant protein production, making it a relatively cost-effective option for both manufacturers and consumers. The Asia-Pacific region is projected to register a value CAGR of 5.42% during the forecast period.
- The Middle East is projected to be the fastest-growing market, as the demand for natural and sustainable ingredients is rapidly growing due to the rise in health consciousness. Over the forecast period, the region is set to record a CAGR of 5.62% by volume. This is attributed due to shifting consumer preferences toward more health-, immunity-boosting, less processed, and 'free-from' food products. In 2020, approximately 25% of Arab millennials sought convenient and easily accessible food products.
