Plant-based Protein Market Size & Forecast

The plant-based protein market size is estimated at USD 14.2 billion in 2024 and is projected to reach USD 20.5 billion by 2029, at a CAGR of 8.1% from 2024 to 2029. Plant-based protein refers to protein derived from plants rather than animal sources. These proteins can be found in a variety of plant foods such as legumes (beans, lentils, peas), nuts, seeds, grains (such as quinoa and rice), and certain vegetables (like spinach and broccoli). Plant-based protein is an important component of vegetarian and vegan diets, providing essential amino acids necessary for bodily functions and muscle repair.

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The Asia Pacific is estimated to grow at the fastest CAGR in the plant-based protein market

The demand for fortified nutritional food and beverage products is on the rise in the Asia Pacific region due to busy lifestyles and increased disposable incomes. The use of dairy alternatives is expected to grow rapidly in response to consumer preferences. With greater economic power among consumers in the region, there is an increased consumption of affordable and abundant products like soymilk. Food manufacturers are introducing various forms of soymilk to meet the growing demand for healthy beverages, including pasteurized soymilk, as dairy alternatives, and unique flavored soy drinks.

Plant-Based Protein Market Forecast

The plant-based protein market had been experiencing rapid growth and was projected to continue expanding in the coming years. Factors such as increasing consumer awareness of health and sustainability, growing demand for meat alternatives, and advancements in food technology were driving this trend.

Forecasting the plant-based protein market beyond that point would require access to more recent data and industry analyses, which I don’t have access to. Additionally, innovations in plant-based protein sources and product formulations could further stimulate market expansion.

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Soy source is estimated to dominate the by source segment in the plant-based protein market

Soy protein is a highly popular plant-based protein source, with soybeans being processed into three main types: soy isolates, soy concentrates, and textured soy protein, all of which are rich in essential amino acids crucial for human nutrition. Additionally, soy protein offers various proven health benefits, such as reducing the risk of heart and cardiovascular diseases. The Food and Drug Administration (FDA) has indicated that consuming 25 grams of soy protein per day, as part of a low-saturated fat and low-cholesterol diet, can help lower the risk of heart disease.

Plant-Based Protein Market Share

  • ADM (US)
  • Cargill, Incorporated (US)
  • International Flavors & Fragrances Inc. (US)
  • Ingredion (US)
  • Roquette Frères (France)