New Report Reveals Global Plant-Based Market Expected To Reach $14 Billion By 2025

The global plant-based protein market is expected to grow at a CAGR of 8.1% from 2019 to reach $14.32 billion by 2025.

The growth of this market is mainly attributed to increasing awareness about the benefits of protein and the growing demand for a protein-rich diet, as well as a growing health & wellness trend, increasing consumers’ focus on meat alternatives. A plant-based demand from the food & beverage industry and various advancements in ingredient technologies, such as microencapsulation, has made the plant-based market skyrocket.

Additionally, new and emerging sources of proteins, increasing inclination towards a vegan diet, and emerging economies, such as Southeast Asia, Latin America, the Middle East & Africa, provide significant growth opportunities for plant-based protein manufacturers in the coming years. However, a growing soy-free and gluten-free trend challenges the growth of this market to some extent.

According to Research and Markets, the global plant-based protein market is mainly segmented by ingredient type (soy protein; wheat protein; pea protein; canola protein; potato protein; rice protein; corn protein; and others).

Based on ingredient type, soy protein is estimated to command the largest share of the overall plant-based protein market in 2019. The large share of the soy protein market is attributed to a higher consumer acceptance level, presence of a large number of manufacturers and their high scale of production, a lower cost than other types of plant proteins, increased demand for plant-based products, easy availability of raw materials, and a large number of applications in various industries.

Based on application, the food and beverage segment commanded the largest share of the overall plant-based protein market; however, nutrition and health supplement segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to changing lifestyle, growing health & wellness trends, and increasing prevalence of various chronic diseases.

North America commanded the largest share of the global plant-based protein market, followed by Europe and Asia-Pacific. The largest share of this region is mainly attributed to a well-established food and beverage industry, rising concerns over animal products and protein, an increasing vegan population, growing preference for meat alternatives, presence of a large number of nutritional supplement manufacturers, growing technological advancements in food, and a growing health & wellness trend.

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