Market Size of plant protein Industry
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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.
Fastest Growing Market by End User
6.16 %
Projected CAGR, Supplements, 2024-2029
Factors such as rising preference for clean-label sports nutrition, and increasing inclination towards gluten-free and vegan baby food are likely to drive the plant proteins demand in the supplements segment.
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.
Plant Protein Industry Segmentation
Hemp Protein, Pea Protein, Potato Protein, Rice Protein, Soy Protein, Wheat Protein are covered as segments by Protein Type. Animal Feed, Food and Beverages, Personal Care and Cosmetics, Supplements are covered as segments by End User. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.
- 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.
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Need A Different Region Or Segment?
Plant Protein Market Size Summary
The plant protein market is experiencing significant growth, driven by increasing consumer demand for meat and dairy alternatives, particularly in the food and beverage sector. This shift is largely due to the rising popularity of cruelty-free and sustainable food options. The market is also seeing substantial interest from the animal feed industry, where plant proteins offer a cost-effective and nutritious alternative to animal proteins. The sports and performance nutrition segment is another key driver, with a growing number of individuals seeking plant-based protein supplements as part of their fitness regimes. The global trend towards veganism and flexitarian diets is further propelling the demand for plant-based proteins, as consumers become more conscious of health, environmental, and ethical considerations.
Regionally, North America leads the market, benefiting from a large consumer base and a strong food industry, while Europe is witnessing a surge in demand due to the increasing number of vegans and flexitarians. South America and the Middle East are also projected to experience rapid growth, driven by rising fitness activities and changing dietary preferences. The market is characterized by a fragmented landscape with major players like Archer Daniels Midland Company, Fuji Oil Group, and Kerry Group PLC, who are actively expanding their product offerings to meet the growing demand. Government initiatives in various countries are supporting the production of protein-rich crops, further bolstering the market's expansion.
Plant Protein Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
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1.1 Protein Type
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1.1.1 Hemp Protein
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1.1.2 Pea Protein
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1.1.3 Potato Protein
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1.1.4 Rice Protein
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1.1.5 Soy Protein
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1.1.6 Wheat Protein
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1.1.7 Other Plant Protein
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1.2 End User
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1.2.1 Animal Feed
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1.2.2 Food and Beverages
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1.2.2.1 By Sub End User
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1.2.2.1.1 Bakery
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1.2.2.1.2 Beverages
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1.2.2.1.3 Breakfast Cereals
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1.2.2.1.4 Condiments/Sauces
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1.2.2.1.5 Confectionery
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1.2.2.1.6 Dairy and Dairy Alternative Products
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1.2.2.1.7 Meat/Poultry/Seafood and Meat Alternative Products
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1.2.2.1.8 RTE/RTC Food Products
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1.2.2.1.9 Snacks
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1.2.3 Personal Care and Cosmetics
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1.2.4 Supplements
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1.2.4.1 By Sub End User
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1.2.4.1.1 Baby Food and Infant Formula
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1.2.4.1.2 Elderly Nutrition and Medical Nutrition
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1.2.4.1.3 Sport/Performance Nutrition
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1.3 Region
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1.3.1 Africa
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1.3.1.1 By Protein Type
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1.3.1.2 By End User
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1.3.1.3 By Country
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1.3.1.3.1 Nigeria
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1.3.1.3.2 South Africa
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1.3.1.3.3 Rest of Africa
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1.3.2 Asia-Pacific
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1.3.2.1 By Protein Type
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1.3.2.2 By End User
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1.3.2.3 By Country
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1.3.2.3.1 Australia
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1.3.2.3.2 China
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1.3.2.3.3 India
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1.3.2.3.4 Indonesia
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1.3.2.3.5 Japan
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1.3.2.3.6 Malaysia
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1.3.2.3.7 New Zealand
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1.3.2.3.8 South Korea
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1.3.2.3.9 Thailand
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1.3.2.3.10 Vietnam
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1.3.2.3.11 Rest of Asia-Pacific
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1.3.3 Europe
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1.3.3.1 By Protein Type
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1.3.3.2 By End User
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1.3.3.3 By Country
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1.3.3.3.1 Belgium
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1.3.3.3.2 France
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1.3.3.3.3 Germany
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1.3.3.3.4 Italy
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1.3.3.3.5 Netherlands
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1.3.3.3.6 Russia
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1.3.3.3.7 Spain
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1.3.3.3.8 Turkey
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1.3.3.3.9 United Kingdom
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1.3.3.3.10 Rest of Europe
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1.3.4 Middle East
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1.3.4.1 By Protein Type
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1.3.4.2 By End User
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1.3.4.3 By Country
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1.3.4.3.1 Iran
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1.3.4.3.2 Saudi Arabia
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1.3.4.3.3 United Arab Emirates
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1.3.4.3.4 Rest of Middle East
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1.3.5 North America
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1.3.5.1 By Protein Type
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1.3.5.2 By End User
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1.3.5.3 By Country
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1.3.5.3.1 Canada
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1.3.5.3.2 Mexico
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1.3.5.3.3 United States
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1.3.5.3.4 Rest of North America
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1.3.6 South America
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1.3.6.1 By Protein Type
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1.3.6.2 By End User
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1.3.6.3 By Country
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1.3.6.3.1 Argentina
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1.3.6.3.2 Brazil
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1.3.6.3.3 Rest of South America
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Plant Protein Market Size FAQs
How big is the Global Plant Protein Market?
The Global Plant Protein Market size is expected to reach USD 16.05 billion in 2024 and grow at a CAGR of 4.94% to reach USD 20.43 billion by 2029.
What is the current Global Plant Protein Market size?
In 2024, the Global Plant Protein Market size is expected to reach USD 16.05 billion.
