Plant-based Protein Market to Gain Valuation of US$ 22.7 Bn by 2031, Finds TMR Study

- Growing awareness on importance of a strong immune system amid COVID-19 pandemic is driving people to healthy and protein-rich diet. This factor is boosting sales growth in the market

- Rise in trend of consuming vegetarian food and veganism is projected to work in favor of the plant-based protein market

ALBANY, N.Y., Jan. 12, 2022 /PRNewswire/ -- The global plant-based protein market is expected to attract growth at a CAGR of 5.7% during the forecast period of 2021 to 2031, states a study by Transparency Market Research (TMR).

The emergence of the COVID-19 outbreak has highlighted the importance of a good immune system. Thus, health-conscious population across the globe is adopting healthy and protein-rich diet. This factor is fueling the demand for plant-based protein. Hence, players in the plant-based protein market are increasing their focus on strengthening their online and offline distribution channels in order to cater to the rising demand for products such as pea proteins, wheat proteins, and soy proteins during the coronavirus pandemic.

The plant-based protein market is estimated to be driven by the expansion of the eCommerce industry. Furthermore, several industry leaders are strengthening their online presence in order to attract a high number of consumers. Such efforts are leading to revenue-generation opportunities in the global plant-based protein market. 

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Plant-based Protein Market: Key Findings

• Rising inclination of people across the globe toward consuming vegetarian and vegan food instead of various animal-based food, including meat, milk, meat products, and other animal-based products is creating high demand for plant-based proteins, which offer major vital nutrients and amino acids needed for the human body. This factor is boosting the sales prospects in the global plant-based protein market.
• Number of patients suffering from varied lifestyle health issues such as diabetes, cardiovascular diseases, obesity, hypertension, and other diseases are increasing across the globe. Increasing inclination among this patient pool toward adopting healthy lifestyles and nutritional food products is creating promising business prospects in the plant-based protein market.

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Plant-based Protein Market: Growth Boosters

• Rising demand for alternatives to animal-based food products due to increase in awareness on animal welfare in several developing countries is fueling sales in the plant-based protein market
• Increase in the trend of veganism is projected to create revenue-generation opportunities in the market during the forecast period
• Government bodies of many countries around the world are promoting the consumption of plant proteins. This factor is boosting business avenues in the market.

Plant-based Protein Market: Regional Analysis

• North America is a prominent region holding 48.4% share of the plant-based protein market. This market in North America is estimated to expand at a CAGR of 5.6% during the forecast period and gain the valuation of US$ 10.97 Bn by 2031.
• The expansion of the North America plant-based protein market can be attributed to many factors such as hectic lifestyles, rising inclination to take dietary supplements, and increasing adoption of plant-based products among regional population

Plant-based Protein Market: Competition Landscape

• Plant-based protein producers are focusing on expanding their production capabilities in order to cater to the rising product demand
• Several companies are seen increasing investments in R&D projects in order to develop innovative products
• Companies are using strategies of mergers, acquisitions, and partnerships to achieve regional expansion as well as strengthen their product portfolio

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Plant-based Protein Market: Key Players

Some of the key players profiled in the report include:

• Batory Foods
• AGT Food & Ingredients, Inc
• Archer-Daniels Midland Co
• Ag Processing Inc
• Burcon Nutrascience Corporation
• Biopress S.A.S
• CHS Inc
• Cargill Inc.
• Crown Soya Protein Group
• Cosucra Groupe Warcoing
• E. I. DU PONT DE NEMOURS AND COMPANY
• Devansoy Inc.
• Glanbia plc
• Fuji Oil Holdings Inc.
• Ingredion Inc.
• Gushen Group Co., Ltd.
• Shandong Yuwang Ecological Food Industry Co., Ltd.
• ROQUETTE FRERES
• Wilmar International Ltd
• The Scoular Company

Plant-based Protein Market Segmentation

Product Type

• Soy Protein
• Wheat Protein
• Pea Protein
• Others

Form

• Isolate
• Concentrate
• Others

Application

• Supplement & Nutritional Powder
• Beverages
• Protein & Nutritional Bars
• Bakery & Snacks
• Breakfast Cereals
• Meat Products
• Dairy Products
• Infant Nutrition
• Animal Feed
• Others

Regions

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle east & Africa

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