The Global Plant Based Protein Market size was estimated at USD 13.1 billion in 2021 and is expected to hit around USD 23.8 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2031.
Global Plant Based Protein Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The term "Global Plant-Based Protein Market" describes the global sector of the economy devoted to the manufacture, sale, and consumption of goods high in protein obtained from plant sources. Alternatives to typical animal-based protein sources including meat, dairy, and eggs include plant-based proteins. They come from a variety of plants, including grains (such as quinoa, rice), legumes (such as beans, lentils), nuts, seeds, and other sources.
A number of significant trends are influencing the landscape of different industries in the current global market environment. The quickening pace of digitization and the integration of technology across industries is one key development. Artificial intelligence (AI), the Internet of Things (IoT), and data analytics are being used by businesses all over the world to improve operational efficiency, customer experiences, and decision-making procedures. This digital transformation is stimulating innovation and offering up new business opportunities in addition to optimising operations.
Additionally important trends include sustainability and environmental awareness. A rise in the use of sustainable products, renewable energy, and smaller carbon footprints is being driven by increased consumer and governmental pressure on businesses to embrace eco-friendly practises. Businesses that place a high priority on sustainability not only exceed customer expectations, but also gain a competitive edge and benefit the environment.
The COVID-19 pandemic has also changed how businesses run. Industries including e-commerce, telemedicine, and online entertainment have seen substantial increases, and remote labour has become the standard. Flexibility and flexibility are now important qualities for firms to successfully overcome uncertainty.
Last but not least, there is a shift in consumer preferences towards health and well-being on the worldwide market. Because of the epidemic, there is a greater concern for one's own health, which has increased demand for fitness, mental health, and immune-boosting goods and services.
Recent significant changes in the market for plant-based proteins are a reflection of rising customer demand for nutrient-dense, environmentally friendly foods. The ongoing growth of product offerings by both established businesses and startups is a noteworthy trend. Innovative plant-based protein products that closely resemble the flavour and texture of proteins obtained from animals have been developed as a result of increased research and development activities, appealing to a wider consumer base.
Activities related to investments and collaboration are also increasing. To take advantage of the market's potential, major food firms are making significant investments in start-ups that produce plant-based proteins. In addition, partnerships between traditional food producers and providers of plant-based proteins are enabling the incorporation of plant-based components into a larger range of goods, from dairy substitutes to meat analogues.
The retail environment is also changing. Consumers now have increased access to plant-based protein products thanks to common supermarkets and internet retailers. Consumer trial and uptake are being driven by this improved accessibility.
Market Breakup: By Source Type
Market Breakup: By Product Type
Market Breakup: By Application
Market Breakup: By Form
The size and scope of the global Plant Based Protein industry vary by region and are important and expanding. Below is a quick summary of the industry's regional analysis:
North America: The market for plant-based proteins in North America is established and expanding quickly. The demand for goods containing plant-based protein has been fuelled by the region's strong emphasis on health and wellbeing as well as environmental concerns. A large variety of plant-based protein products, including meat substitutes, dairy substitutes, and different plant-based protein sources, are readily available in the United States and Canada, two major participants in this industry. In this industry, well-established businesses and startups are aggressively competing, resulting in ongoing innovation and a broad product landscape.
Europe: The market for plant-based protein products has significantly increased in Europe as a result of shifting dietary choices, growing consumer awareness of sustainability, and health-conscious customers. This trend is being driven by nations like the United Kingdom, Germany, and France. The strict laws governing food labelling and claims that are prevalent in the European market have encouraged transparency and quality control in the plant-based protein industry. The region's adoption of plant-based diets is demonstrated by the availability of a wide variety of plant-based substitutes, from cheese to sausages.
Asia-Pacific: As a result of factors like population growth, urbanisation, rising middle-class wages, and a move towards better diets, the Asia-Pacific area is demonstrating an increased interest in plant-based protein products. India, China, and Japan are important players in this market. In addition to international brands expanding into the area, local businesses and producers are increasingly creating plant-based substitutes catered to local preferences and dietary customs. Considering the region's enormous population and changing consumer preferences, the sector has significant potential.
South America: Although the adoption of plant-based protein products differs across countries, South America is seeing an increase in knowledge of plant-based diets. Due to growing health knowledge, environmental awareness, and ethical concerns, plant-based protein intake is remarkable in Brazil and Argentina. Given the ongoing expansion of consumer education and product availability, there is room for continued growth in this industry.
Middle East & Africa: Consumption of plant-based proteins is still relatively new in this region. However, there is a discernible trend towards sustainability and healthier eating, especially in urban areas. For instance, there are more restaurants and product options based on plants in the United Arab Emirates. As more businesses adopt plant-based solutions suited to the region, issues with cultural preferences and logistics in the supply chain are being addressed.
Market Breakup By Region
The Plant Based Protein Industry competitive landscape provides details by competitor. Details included are company outline, company financials, revenue generated, market potential, investment in research and development, new market initiatives, worldwide occurrence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The overhead data points providing are only related to the businesses’ focus related to Plant Based Protein marketplace.
Major players operating in the Global Plant Based Protein Industry are:
Frequently Asked Questions (FAQs)
Q1) What is meant by Plant Based Protein?
Ans: Plant-based protein refers to protein obtained from plant sources like legumes, grains, nuts, and seeds, offering an alternative to animal-derived proteins.
Q2) Which was the dominant region for the Global Plant Based Protein Market in 2022?
Ans: The Asia Pacific region was the dominant region for the global plant-based protein market in 2022. It accounted for a market share of 32.5% in 2022 and is expected to grow at a CAGR of 12.8% from 2022 to 2028.
Q3) What are the challenges in the Global Plant Based Protein Market?
Ans: Taste and texture issues, limited variety, regulatory complexities, supply chain constraints, and competition with animal-based products are some of the challenges of Global Plant Based Protein Market.
Q4) What are the major drivers for the Global Plant Based Protein Market?
Ans: Health and environmental concerns, growing vegan and vegetarian trends, sustainable diets, and innovations in product development and technology are the drivers of Global Plant Based Protein Market
Table of Content
Global Plant Based Protein Industry Research Report, 2020-2031.
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