NEW YORK, Nov. 3, 2021 /PRNewswire/ -- From $11,104.3 million in 2020, the global plant-based protein market value is predicted to rise to $26,721.3 million by 2030, at a 9.2% CAGR between 2020 and 2030. The key factor behind the rising demand for such products is the increasing shift away from animal proteins, both on ethical and biological grounds. For instance, lactose intolerance is a common health issue affecting millions of people around the world, which is why they do not consume milk or anything made from it. Then, there is the question of 'animal rights', which has made many people shun meat and go for plant-based alternatives.
Moreover, the COVID-19 pandemic has only accelerated this shift, as people are now more concerned for their health. For instance, the Plant-Based Foods Association (PBFA) and the Good Food Institute (GFI) recorded a 27% increase in the retail sales of plant-based food products in the U.S. in 2020. This has been aided by the increasing production of such goods by established food and beverage companies, as well as startups, backed by significant investments.
The consumption of such products is expected to increase the fastest in the Asia-Pacific (APAC) region in the coming years. Such eatables now carry the texture and taste of products made from animal sources, which is why even the vegetarians and vegans in the region are trying them out. Apart from soy, protein products made from peas, as well as 'lab-grown' meats, are gaining popularity among the huge consumer base here.
Major players in the plant-based protein market are Archer Daniels Midland Company, Wilmar International Ltd., Cargill Incorporated, Roquette Frères, Kerry Group PLC, Glanbia PLC, Koninklijke DSM N.V., Emsland Group, BENEO GmbH, Ingredion Inc., and AGT Food and Ingredients. They are regularly engaging in mergers, acquisitions, partnerships, collaborations, product launches, and facility expansions to consolidate their position.
Plant-Based Protein Market Segmentation Analysis (2021-2030)
Plant-Based Protein Market Based on Source
Plant-Based Protein Market Based on Application
Plant-Based Protein Market Based on Form
Plant-Based Protein Market Based on Type
Latin America (LATAM)
Middle East and Africa (MEA)
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