[195 Pages Report] The Plant Based Protein Market size was estimated at USD 14.55 billion in 2023 and expected to reach USD 15.67 billion in 2024, at a CAGR 7.87% to reach USD 24.73 billion by 2030.
Plant-based protein refers to a category of proteins derived from various plant sources, such as legumes, grains, nuts, seeds, and algae. The rising awareness of health benefits associated with plant-based diets due to their high nutritional content and prevalence of lactose intolerance among individuals worldwide also contributes to a higher demand for alternative protein sources. However, the higher cost of production compared to conventional sources such as dairy and meat may hinder the adoption of plant-based protein. Nevertheless, developing innovative processing techniques to improve the functional properties of plant proteins, such as solubility, emulsifying, and foaming capacity, can further enhance the overall value proposition for these products, creating potential opportunities for the market growth.
Regional Insights
The plant-based protein market is evolving in the Americas owing to the growing consumer awareness of health benefits, focus on animal welfare, and environmental sustainability in the region. The European Union (EU) countries also witness increased consumer interest in plant-based protein options due to the expanding vegan population. In the Middle East, while meat consumption remains high, there is an emerging trend towards alternative plant-based food products, including plant-based proteins, a thriving start-up culture, and strong governmental support for agritech research. Increasing urbanization, rising demand for nutritious and eco-friendly food solutions, and increased investment in local production facilities for plant-based proteins are fueling the growth of the plant-based protein market in Africa. In the APAC region, traditional diets emphasizing plant-based protein sources such as tofu and tempeh, coupled with the majority of the population following a vegetarian diet, have influenced the demand for plant-based protein in the region. Besides, ongoing research to improve properties and utilization of innovative sustainable packaging materials are anticipated to encourage the growth of the plant-based protein market globally.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Plant Based Protein Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Plant Based Protein Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Plant Based Protein Market, highlighting leading vendors and their innovative profiles. These include AGT Food and Ingredients Inc., AMCO Proteins, Aminola B.V., Archer Daniels Midland Company, Atlantic Natural Foods LLC, Axiom Foods Inc., Batory Foods, Inc., Burcon NutraScience Corporation, Cargill, Incorporated, Cosucra Groupe Warcoing SA, DuPont de Nemours, Inc., Emsland Group, Glanbia PLC, Ingredion Incorporated, Kerry Group PLC, Koninklijke DSM N.V., NOW Health Group, Inc., Proeon, PURIS, Roquette Freres SA, Sotexpro Protein Texturing Company, Tate & Lyle PLC, The Green Labs LLC, The Scoular Company, and Wilmar International Limited.
Market Segmentation & Coverage
This research report categorizes the Plant Based Protein Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Source
- Beans & Seeds
- Canola
- Pea
- Chickpeas
- Lentils
- Yellow Split Peas
- Potato
- Rice
- Soy
- Wheat
- Form
- Dry
- Liquid
- Type
- Concentrates
- Isolates
- Textured
- Nature
- Conventional
- Organic
- Application
- Bakery Products
- Dairy Alternatives
- Meat Alternatives
- Nutrition Supplements
- Protein Bars
- Sports Nutrition
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Plant Based Protein Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Plant Based Protein Market?
- What are the technology trends and regulatory frameworks in the Plant Based Protein Market?
- What is the market share of the leading vendors in the Plant Based Protein Market?
- Which modes and strategic moves are suitable for entering the Plant Based Protein Market?
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