Global Plant Protein Market to Grow at a CAGR of 7.5% During 2024-2032, Aided by the Increasing Consumer Shift Towards Veganism and Increasing Demand for Nutritional Food Products

The plant protein industry is driven by the growing consumer inclination towards veganism and the increasing consumption of vegetarian food items that are rich in protein and carbohydrates. This shift can be attributed to the rising prevalence of animal-borne diseases such as bubonic plague, swine flu, and bird flu, among others. The market is anticipated to be aided by the growing consumer awareness about soy, pea, and others being a rich source of protein, which is extremely beneficial for those leading a hectic lifestyle.

In April 2020, Archer Daniels Midland Company (NYSE: ADM) announced the opening of its new cutting-edge, plant-based innovation lab, which is located in ADM’s Biopolis Research hub in Singapore. With this, the company is likely to focus on the development of on-trend nutritional plant-based products. The opening of this lab also demonstrates the continued investment and commitment of the company to finding new ways to solve the challenges of the changing consumer taste and preferences, further preventing the risk of animal-borne diseases.

In terms of region, the Asia Pacific is likely to account for a significant share of the market, owing to the rising demand from the food and beverage sector. This can be attributed to the rising population, growing health awareness, and increasing consumer disposable income in the region. In addition, the market in the region is expected to be aided by the rising consumer demand for clean-labelled food products with high nutritional value.

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Market Breakup by Source, Application, and Region:

• The market is segmented based on source into algae, soy, wheat, pea, potato, oat, chickpea, and rice, among others.

• On the basis of application, the market is divided into food and beverage, animal feed, and supplements, among others.

• Region-wise, the global market for plant protein can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for plant protein is being driven by the rising application of the product in the food and beverage and supplements industry.

• The increasing consumer preference for clean-labelled and healthy products is likely to propel the market growth.

• The market is anticipated to be augmented by the growing trend of veganism.

• The increasing innovations by the leading industry players and the new product launches are expected to further propel the market. 

Key Offerings of the Report:

• The EMR report gives an overview of the global market for plant protein for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the sources, applications, and regions of plant protein.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global plant protein market are Archer Daniels Midland Company, DuPont de Nemours Inc., Kerry Group, Tate & Lyle Plc, Roquette Freres, and Cargill Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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