Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Vegetable Protein Market Outlook

The global vegetable protein market reached a value of USD 11.64 billion in 2023. The market is further expected to grow at a CAGR of 6% in the forecast period of 2024-2032 to reach a value of USD 19.60 billion by 2032.

Global Vegetable Protein Market

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Rising Demand for Texturised Vegetable Proteins to Augment the Growth of the Industry

Based on type, there has been a rise in demand for texturised vegetable proteins in the food and beverage sector. Texturised vegetable proteins are becoming an integral part of meat analogues, and meat substitutes as more and more people shift to vegetarianism. This is expected to significantly contribute to the growth of the overall vegetable protein industry in the forecast period.  Meanwhile, hydrolysed vegetable proteins are now being utilised as flavour enhancers in various vegetarian/non-vegetarian food products over animal proteins or yeast proteins.

Region-wise, the Asia Pacific is expected to provide significant growth opportunities to the market over the forecast period. This can be accredited to the increasing health awareness in the region and the advancing food and beverages industry. The growing demand for food products that mimic animal-derived products is aiding the growth of the industry. Moreover, the region also has a strong agricultural production base, which is a significant factor in the manufacture of proteins derived from vegetables.

Vegetable Protein: Market Segmentation

Vegetable proteins refer to the proteins that are present in or isolated from vegetables or vegetable products used as food. In general, plant-based proteins are known to provide digestive balance as they contain healthy amounts of fibre. Unlike dairy products, plant-based proteins are a lot easier for the body to digest, and, thus, they are gaining heavy traction across numerous forums.

Global Vegetable Protein Market By Form

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Based on sources, the market is divided into:

  • Soy
  • Hemp
  • Rice
  • Pea
  • Potato
  • Oat
  • Chickpea
  • Others

By type, the industry can be segmented into:

  • Concentrates
  • Textured
  • Isolates

The forms in which vegetable proteins are available include:

  • Dry
  • Liquid

On the basis of end use, the industry can be categorised into:

  • Food
  • Feed

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Vegetable Protein Market By Region

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Growing Shift Towards Veganism to Boost the Growth of the Vegetable Protein Industry

The growing adoption of veganism and the rise in flexitarian population are driving the growth of the global market for vegetable protein. The market is further supported by the rising health awareness among consumers and the increasing demand for meat alternatives. Other factors like the escalating disposable incomes, increasing demand for protein-rich food products, and advancements in the food processing sector are further propelling the industry growth. Over the forecast period, the growing preference for cruelty-free products and the rising demand for environment-friendly alternatives to animal-derived proteins/ food products is expected to further boost the industry growth. The market is projected to be supported by the launch of new products and increased investments in R&D activities by the manufacturers.

Key Industry Players in the Global Vegetable Protein Market

The report gives a detailed analysis of the following key players in the global vegetable protein market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Archer Daniels Midland Company
  • DuPont de Nemours, Inc.
  • Cargill, Incorporated
  • BENEO GmbH
  • Roquette Frères
  • Coöperatie AVEBE U.A.
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Source
  • Type
  • Form
  • End Use
  • Region
Breakup by Source
  • Soy
  • Hemp
  • Rice
  • Pea
  • Potato
  • Oat
  • Chickpea
  • Others
Breakup by Type
  • Concentrates
  • Textured
  • Isolates
Breakup by Form
  • Dry
  • Liquid
Breakup by End Use
  • Food
  • Feed
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Archer Daniels Midland Company
  • DuPont de Nemours, Inc.
  • Cargill, Incorporated
  • BENEO GmbH
  • Roquette Frères
  • Coöperatie AVEBE U.A.
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global vegetable protein market attained a value of nearly USD 11.64 billion.

The market is projected to grow at a CAGR of 6% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 19.60 billion by 2032.

The major market drivers include rising disposable incomes, growing vegan and flexitarian population, the increasing health awareness, the rising demand for dietary supplements, and advancements in the food processing sector.

The increasing launches of new products by manufacturers and the rising demand for cruelty-free, eco-friendly, and sustainable food products are the key trends guiding the market growth.

The major regions in the vegetable protein market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The leading sources of vegetable protein in the market are soy, hemp, rice, pea, potato, oat, and chickpea, among others.

The major types of vegetable protein in the market are concentrates, textured, and isolates.

The significant forms of vegetable protein in the market are dry and liquid.

The various end uses of vegetable protein are food and feed.

The major players in the market are Archer Daniels Midland Company, DuPont de Nemours, Inc., Cargill, Incorporated, BENEO GmbH, Roquette Frères, and Coöperatie AVEBE U.A., among others.

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