Global Plant-based Protein Market Size to Surpass Healthy Value of USD 19 Billion by 2030

Published | 10 July 2024

Global Plant-based Protein Market is flourishing because of the growing interest in health-centric food and beverages and increasingly high awareness about health and wellness among people.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Plant-based Protein Market size at USD 11.02 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Plant-based Protein Market size to expand at a CAGR of 8.16% reaching a value of USD 19.08 billion by 2030. The global market for plant-based protein is expected to rise due to consumer shifts away from animal-based protein sources due to environmental and health concerns, as well as growing health consciousness. Moreover, increasing product launches by market participants and increased production to fulfill the expanding demand are projected to propel the Global Plant-based Protein Market in the coming years.

Opportunity - Rising demand for plant-based animal feed

Global Plant-based Protein Market, based on application, consists of food & beverages and feed segments. The feed segment holds a larger share in Global Plant-based Protein Market. Feed derived from plant-based sources is sustainable and cost-effective compared to animal protein sources, which is prompting the market shift. Additionally, pet owners' growing knowledge of the benefits of using organic components in their food drives the market demand for plant-based protein. Furthermore, the growing need for ethical treatment of animals and growing concerns about animal rights and welfare are driving the rise of the feed market.

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Texture Protein Type Holds Largest Market Share

The textured protein segment accounts for the highest market share in Global Plant-based protein market by type. The textured protein segment consists of goods that are processed to improve their texture. It can therefore be used to simulate the mouthfeel and viscosity of meat-based proteins. The growing popularity of plant-based diets and the increasing need for meat substitutes across the regions are spurring the demand for textured protein.

Impact of Escalating Geopolitical Tensions on Global Plant-based Protein Market

The escalating geopolitical tensions hinder the growth of Global Plant-based Protein Market. Geopolitical tensions, such as genocide, war, and conflict, can obstruct the balance between supply and demand by disrupting the production and supply chain of several plant-based protein sources, including rice, potatoes, and wheat. For example, Russia is a significant exporter of wheat, ranking fifth in the world in 2022 with USD 5.88 billion worth of wheat shipped. Unfortunately, the western sanctions imposed as a result of its military occupation of Ukraine had a detrimental effect on the world's wheat supply, leading to a severe shortage of raw materials for the global market for plant-based proteins.

Regional Analysis

The in-depth research report on Global Plant-based Protein Market covers the market in a number of major countries across regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates Global Plant-based Protein Market. However, the Asia Pacific region is projected to register its growth at the fastest CAGR during the forecast period owing to the rising concerns surrounding health and environmental sustainability. The plant-based protein provides various health benefits, such as reduced risks of chronic diseases and improved immune system, which favors the growth of the Plat-based Protein Market in Asia Pacific.

Competitive Landscape

Global Plant-based Protein market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include ADM, Cargill Incorporated, International Flavors & Fragrances Inc., Ingredion, Roquette Frères, Wilmar International Ltd., Glanbia plc, Kerry Group PLC, DSM, AGT Food and Ingredients, Burcon NutraScience Corporation, and PURIS.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in Global Plant-based Protein Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Global Plant-based Protein Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Plant-based Protein Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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