The global plant-based protein market size is estimated to be valued at USD 12.2 billion in 2022 and is projected to reach USD 17.4 billion by 2027, recording a CAGR of 7.3%, in terms of value during the forecast period. The demand for plant-based protein has been increasing due to the increase in adoption of veganism and flexitarian diets and due to the growing concern regarding environment and unethical practices in meat sourcing.
Key players in this market include ADM (US), Cargill (US), DuPont (US), Wilmar International Ltd (Singapore), Roquette Frères (France), Glanbia plc (Ireland), Kerry Group PLC (Ireland), DSM (Netherlands), Ingredion (US), Emsland Group (Germany) among others.
Based on region, North America is projected to be the largest market for plant-based protein industry during the forecast period. This growth of the plant-based protein industry in the region is supported by increase in awareness regarding personal and environmental health concerns from consumers. Another contributing factor for the growth of plant-based protein market in North America is the presence of a significant number of key players of the industry such as ADM (US), Cargill (US) among others, who are constantly looking to consolidate their market position by engaging in various strategic initiatives such as new product launches and product innovation.
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Based on application, the food segment is expected to retain its position as the dominant and the fastest-growing segment during the forecast period. The plant-based proteins witness growing demand from the food industry as they find a large number of applications across various food products such as cereals, snacks, bakery products, plant-based foods etc. which enhance their nutritional content.
By form, the dry segment is expected to account for the largest market share during the forecast period. The primary reasons supporting the growth of this segment are that the dry form of processing is much more energy efficient and sustainable, compared to liquid processing and the protein ingredients, manufactured from dry processing, also cater to a large number of food applications such as cereals, baked foods and plant-based meat products.
Based on type, the concentrates segment is projected to account for the largest market share in the plant-based protein market. Some of the reasons boosting the growth of this category are the increasing demand for sustainable, cost-effective plant-based protein solutions that cater to a large number of food applications such as bakery products, convenience food, meat and dairy alternatives among others.
