Plant Protein Ingredients Market Size & Share 2023 to 2032

Plant Protein Ingredients Market Size

Plant Protein Ingredients Market is anticipated to record over 7.4% CAGR from 2023 to 2032, due to the surging consumer preference for food healthier options worldwide.

The rapidly expanding vegan population is driving innovations in several meat alternatives, such as plant-based burgers and sausages. To illustrate, in March 2022, California-based plant-based meat company Impossible Foods introduced the Impossible™ plant-based Sausage Links stuffed like pork sausages. The growing regulatory support along with the establishment of several new standards for plant-based products are also contributing to the market growth.

The growing government support through investment initiatives may fuel the adoption of plant protein ingredients markets. To cite an instance, in July 2022, the Government of Canada invested over $1.4 million in plant-based food production in British Columbia to meet the evolving global demand for protein. However, the challenges in the supply of raw materials and the adverse effects caused by the consumption of certain plant protein options may hamper the market expansion to some extent.
 

COVID-19 Impact

The COVID-19 pandemic positively impacted the market growth due to the increased consumer focus on health and wellness coupled with the thriving demand for plant-based protein products driven by the growing preference for healthier alternatives. The heightened awareness regarding health and environmental issues also compelled individuals to explore plant-based diets, further highlighting the importance of plant protein ingredients.
 

Plant Protein Ingredients Market Trends

The continuous investments in R&D activities for driving innovations in the plant protein sector will complement the market growth trajectory. To cite an instance, in October 2023, ADM re-scoped its investment project for protein modernization in Decatur, Illinois amidst the sluggish demand for meat alternatives. Several companies are also placing efforts on bringing new technologies for improving the texture, taste, as well as nutritional profile of plant-based products, further adding to the product uptake.
 

Plant Protein Ingredients Market Analysis

Soy based plant protein ingredients of food application segment is expected to accrue over 6.5% CAGR through 2032.
 

• Soy protein ingredients are preferred as they are rich in essential nutrients, including iron, calcium, as well as various vitamins, and contribute to the overall nutritional profile of food products. They also render texture, mouthfeel, and sensory experience to the food items.
   
• On account of their excellent functional properties, including emulsification, gelation, and water-holding capacity, soy protein contributes to the creaminess of plant-based dairy alternatives, the firmness and juiciness of meat analogs, and structure of baked goods.
   
• The growing burden of milk allergies and the pressing need to replace dairy protein will also fuel the product demand, particularly for infant nutrition.  
   
• Taking note of these factors, several industry players are placing higher emphasis on ramping up their production capacities for plant proteins to cater to the growing consumer and end-user requirements. For instance, in August 2022, ADM partnered with food tech company Benson Hill to scale innovative soy ingredients to help match the rapidly rising demand for plant-based proteins.
   

The bakery application segment in the plant protein ingredients market will grow at 5% CAGR till 2032.
 

• With large number of consumers seeking plant-based alternatives to traditional baked goods, the demand for plant-based proteins is growing in the bakery sector. To illustrate, in September 2021, Ingredion Incorporated unveiled its revolutionary new line of ultra-performance pulse-based ingredient solutions to cater to applications in baked goods.
   
• Plant proteins are widely employed to formulate bakery products free from common allergens, such as wheat and dairy, further allowing manufacturers to meet the individual preferences with specific food allergies and intolerances.
   
• Ingredients, such as pea protein, rice protein, and chickpea flour are recording significant popularity as they help to improve the texture of gluten-free baked goods. The shifting preference towards gluten-free bakery products to facilitate weight and health management will also prove favourable for the market growth.
   

Europe food plant protein ingredient market, comprising the U.K., France and Germany is expected to observe around 6% CAGR between 2023 and 2032. The growth can be attributed to the increasing consumer preference for clean label products with natural and simple ingredients. The rising vegan inhabitants is spurring the popularity of plant protein sources, such as rice protein, pea protein, and hemp protein. According to the Vegan Society, the number of vegans surged by 445,428 people in 2020-2021 in the U.K. The strong presence of supporting regulatory standards mainly enforced by the EFSA (The European Food Safety Authority) will also contribute to the regional market growth.
 

Plant Protein Ingredients Market Share

Major companies operating in the food plant protein ingredients industry, including Cargill, are placing targeted efforts on numerous growth-driven strategies to gain competitive benefits. In March 2023, Cargill unveiled a wide range of its offerings, under health and nutrition at AAHAAR 2023 in New Delhi. It also presented a selection of food ingredients, including its sustainable plant-based pea protein to promote digestive health.
 

Some of the other prominent plant protein ingredient providers for food applications include:

• Axiom Food
• Rouquette
• Kerry
• sonic Biochem
• Prinova Group
   

Plant Plant Protein Ingredients Industry News

• In January 2023, Roquette invested in Japanese start-up Daiz for exploring a new approach of selective plant-based protein cultivation for developing further meat alternatives via seed germination techniques.
   
• In April 2022, Cargill expanded its RadiPure pea protein into META (Middle East, Turkey, Africa) and India for assiting the food and beverage manufacturers in the region to the respond to evolving consumer plant-based food preferences
   

The plant protein ingredients market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in tons and revenue in USD from 2018 to 2032, for the following segments:

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Market, By Products

• Pea protein
  • Pea protein concentrates
  • Pea protein isolates
  • Textured pea protein 
• Soy protein
  • Soy protein concentrate
  • Soy protein isolates
  • Textured soy protein
• Wheat protein
• Rice protein
  • Rice protein concentrates
  • Rice protein isolates
  • Textured rice protein
• Others

By Market, Application

•    Sports & nutrition
•    Clinical nutrition 
•    Infant nutrition
•    Functional food & beverages
•    Fortified food & beverages 
•   Bakery 

The above information has been provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Belgium
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • India
  • Indonesia
  • South Korea
  • Malaysia
• LATAM
  • Brazil
• MEA
  • Saudi Arabia
  • UAE
  • South Africa