Plant-based Protein Market by Type (Isolates, Concentrates, Protein Flour), Application (Protein Beverages, Dairy Alternatives, Meat Alternatives, Protein Bars, Processed Meat, Poultry & Seafood, Bakery Product), Source, and Region - Global Forecast to 2025

“The plant-based protein market is projected to grow at a CAGR of 14.0%, in terms of value.”

The global plant-based protein market is estimated to be valued at USD 18.5 billion in 2019 and is likely to reach USD 40.6 billion by 2025, growing at a CAGR of 14.0% during the forecast period. Plant-based protein plays a significant role by providing vital nutritional benefits through its applications in food, beverages, dairy alternatives, meat alternatives, protein bars & snacks, nutritional supplements, processed meat, poultry, and seafood, and sports nutrition. The market is experiencing positive growth worldwide. In the North American region, high growth is expected due to increase in population, with improving economic conditions, and growth in concerns toward health has led to a rise in the demand for nutritional food and healthy diets in the region. Owing to these factors, the market in the North American region is projected to grow at a significant rate.

The key players in the global plant-based protein market include Cargill Inc. (US), ADM (US), DuPont Danisco (US), Glanbia (Ireland), Kerry Group (Ireland), Tate & Lyle (UK), Ingredion Inc. (US), Burcon NutraScience Corporation (Canada), Royal DSM N.V. (Netherlands), Sotexpro S.A (France), Axiom Foods (US), and The Scoular Company (US).

“The soy segment in plant-based protein market is estimated to account for the largest share in 2019.”
Based on the source, the soy segment is estimated to account for the largest share in the plant-based protein market in 2019. This segment is driven by the increasing popularity and rising demand for a high-protein diet among individuals. Soy protein helps to reduce the cholesterol level, improve metabolism, bone mineral density, and also reduce the risk of cancer. Soy protein isolates are used in applications such as nutritional bars, meat alternatives, bakery products, sports nutrition products, and beverages.


“The isolates segment in the plant-based protein market is estimated to account for the largest share in 2019.”
Based on type, protein isolates contain a higher amount of protein along with greater digestibility. Isolates are demanded widely in protein and nutrition-oriented applications such as sports nutrition, protein beverages, and nutrition supplements. In recent years, they have been required more from athletes, bodybuilders, vegetarians, and have gained wide application in various beverages and dairy products, due to their different functional properties.

“The protein beverage segment in the plant-based protein market is estimated to account for the largest share in 2019.”
Consumers are continually demanding beverages that provide sensory taste as well as nutritional benefits. The rise in the adoption of plant-based protein food & beverages owing to the awareness among consumers about the benefits offered by a plant-based diet is one of the major factors spurring the demand of plant-based protein beverages across the world. Moreover, in response to this trend, leading plant protein producers are introducing new and high-protein sources in the global market. For instance, DuPont Nutrition & Health expanded its plant-based protein product range with a new pea protein for beverages called TRUPRO 2000 Pea Protein in October 2018.

“The North American plant-based protein market is projected to witness significant growth.”
The presence of leading plant-based protein companies in North America, along with the availability of a variety of plant-based protein products that are made of different sources such as soy, wheat, pea, canola, and rice, is a key factor driving the North America plant-based protein market. According to the news website, “South China Morning Post,” the number of new US food and beverage products that mentioned “plant-based” grew by 268% between 2012 and 2018, which drove the demand for plant-based protein products in the region. Furthermore, consumers in the region are incorporating plant-based protein products in their daily routine diets, owing to the health concerns related to the consumption of animal protein products.

Break-up of Primaries:
 By Company Type: Tier 1 – 45 %, Tier 2 – 33%, and Tier 3 – 22%
 By Designation: C-level – 70%, Director-level – 20%, and Others* – 10%
 By Region: North America – 40%, Europe - 30%, Asia Pacific – 20%, and RoW**– 10%,
*Others include sales managers, marketing managers, and product managers.
**RoW includes South America and the Middle East & Africa.

Leading players profiled in this report:
This report includes a study of marketing and development strategies along with the product portfolios of the leading companies in the plant-based protein market. It includes the profiles of leading companies such as Cargill Inc. (US), ADM (US), DuPont Danisco (US), Glanbia (Ireland), Kerry Group (Ireland), Tate & Lyle (UK), Ingredion Inc. (US), Burcon NutraScience Corporation (Canada), Royal DSM N.V. (Netherlands), Sotexpro S.A (France), Axiom Foods (US), and The Scoular Company (US).
Research Coverage:
The report segments the plant-based protein market based on source, application, type, and region. In terms of insights, this report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss views on the emerging & high-growth segments of the global plant-based high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
‧ To get a comprehensive overview of the plant-based market.
‧ To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them.
‧ To gain insights about the major countries/regions, in which the plant-based market is gaining popularity.

TABLE OF CONTENTS

1 INTRODUCTION 15
1.1 OBJECTIVES OF THE STUDY 15
1.2 MARKET DEFINITION 15
1.3 STUDY SCOPE 16
1.3.1 REGIONAL SEGMENTATION 16
1.4 PERIODIZATION CONSIDERED 17
1.5 CURRENCY CONSIDERED 17
1.6 UNITS CONSIDERED 18
1.7 STAKEHOLDERS 18
2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.2 PRIMARY DATA 20
2.1.2.1 Breakdown of primary interviews 20
2.2 MARKET SIZE ESTIMATION 21
2.3 DATA TRIANGULATION 23
2.4 RESEARCH ASSUMPTIONS 24
2.5 LIMITATIONS 24
3 EXECUTIVE SUMMARY 25
4 PREMIUM INSIGHTS 33
4.1 ATTRACTIVE OPPORTUNITIES IN THE PLANT-BASED PROTEIN MARKET 33
4.2 PLANT-BASED PROTEIN MARKET, BY REGION 33
4.3 PLANT-BASED PROTEIN MARKET, BY APPLICATION 34
4.4 ASIA PACIFIC: PLANT-BASED PROTEIN MARKET, BY SOURCE & COUNTRY 35
5 MARKET OVERVIEW 37
5.1 INTRODUCTION 37
5.2 MARKET DYNAMICS 38
5.2.1 DRIVERS 38
5.2.1.1 Rise in trend of health and sustainability 38
5.2.1.2 Innovations in terms of integrating plant-based proteins with meat and poultry products 39
5.2.1.3 Increase in cases of lactose intolerance and milk allergies 40
5.2.1.4 Growth in investments in plant-based food businesses 40
5.2.1.5 Social media trends to sway more consumers toward plant-based proteins 41
5.2.2 RESTRAINTS 42
5.2.2.1 Allergies associated with plant-based protein sources such as soy and wheat 42
5.2.3 OPPORTUNITIES 43
5.2.3.1 Constant rise in demand for food with organic ingredients 43
5.2.3.2 Immense opportunity in the need for alternative solutions to meet the increasing meat demand 43
5.2.4 CHALLENGES 44
5.2.4.1 Increase in production of and adulteration with genetically modified (GM) soybean 44
5.2.4.2 Unpleasant flavor of soy products 45
5.3 REGULATORY FRAMEWORK 45
5.3.1 BURNING ISSUES REGARDING PROTEIN INTAKE 45
6 PLANT-BASED PROTEIN MARKET, BY SOURCE 46
6.1 INTRODUCTION 47
6.2 SOY 48
6.2.1 SIGNIFICANT RISE IN DEMAND FOR SOY AS AN ALTERNATIVE TO MEAT PROTEIN SOURCES 48
6.3 WHEAT 50
6.3.1 CONSUMPTION OF WHEAT PROTEIN TO BE THE HIGHEST IN EUROPE AS COMPARED TO OTHER REGIONS 50
6.4 PEA 51
6.4.1 RISE IN DEMAND FOR PLANT-BASED MEAT AND HEALTHY FOOD PRODUCTS TO DRIVE THIS SEGMENT 51
6.5 OTHERS 53
6.5.1 INCREASE IN AWARENESS REGARDING VARIOUS BENEFITS ASSOCIATED WITH THE CONSUMPTION OF OATS 53
7 PLANT-BASED PROTEIN MARKET, BY APPLICATION 54
7.1 INTRODUCTION 55
7.2 PROTEIN BEVERAGES 57
7.2.1 GROWTH IN AWARENESS OF THE BENEFITS OF PROTEIN IN THEIR DIETS 57
7.3 DAIRY ALTERNATIVES 58
7.3.1 HIGHER DEMAND FOR DAIRY ALTERNATIVES THAT PROVIDE A SENSORY TASTE AS WELL AS NUTRITIONAL BENEFITS 58
7.4 MEAT ALTERNATIVES 59
7.4.1 SHIFT IN CONSUMPTION PATTERNS IN THE NORTH AMERICAN REGION TOWARD MEAT-FREE PRODUCTS 59
7.5 PROTEIN BARS 60
7.5.1 OWING TO THE HIGH NUTRITION LEVELS, PROTEIN BARS ARE GAINING IMPORTANCE AMONG HEALTH-CONSCIOUS CONSUMERS 60
7.6 NUTRITION SUPPLEMENTS 61
7.6.1 APPLICATION OF PLANT-BASED PROTEINS IN NUTRITION SUPPLEMENTS ATTRIBUTED TO THEIR HIGH AMINO ACID PROFILE 61
7.7 PROCESSED MEAT, POULTRY, AND SEAFOOD 63
7.7.1 PEA PROTEINS ARE USED BY PROCESSED MEAT MANUFACTURERS AS A MORE ECONOMICAL REPLACEMENT FOR ANIMAL MEAT 63
7.8 BAKERY PRODUCTS 64
7.8.1 GROWTH IN TREND OF NATURAL NUTRITION, HEALTHY LIVING, AND ORGANIC PRODUCTS HAS SIGNIFICANTLY FUELED THE DEMAND FOR PLANT-BASED PROTEINS 64
7.9 CONVENIENCE FOOD 65
7.9.1 INCREASE IN HEALTH CONSCIOUSNESS AND OBESITY LEVELS HAVE COMPELLED CONSUMERS TO FOCUS ON HEALTHY DIETS 65
7.10 SPORTS NUTRITION 66
7.10.1 PROTEIN POWDERS, WHICH ARE A MAINSTAY OF SPORTS NUTRITION PRODUCTS, ARE IN HIGH DEMAND 66
8 PLANT-BASED PROTEIN MARKET, BY TYPE 68
8.1 INTRODUCTION 69
8.2 ISOLATES 70
8.2.1 ISOLATES TO WITNESS HIGH GROWTH DUE TO THE RISING AWARENESS ABOUT HEALTHY FOOD HABITS AMONG CONSUMERS 70
8.3 CONCENTRATES 71
8.3.1 CONCENTRATES TO WITNESS HIGH DEMAND FROM THE NORTH AMERICAN PACKAGED FOOD & BEVERAGE SECTOR 71
8.4 PROTEIN FLOUR 72
8.4.1 FAST-PACED LIFESTYLES IN DEVELOPED AND DEVELOPING COUNTRIES DRIVE THE DEMAND FOR PROTEIN FLOUR IN SEVERAL FOOD APPLICATIONS 72
9 PLANT-BASED PROTEIN MARKET, BY REGION 74
9.1 INTRODUCTION 75
9.2 NORTH AMERICA 79
9.2.1 US 83
9.2.1.1 The US is largely influenced by the health & wellness trend 83
9.2.2 CANADA 83
9.2.2.1 Shift toward lower-cost and nutrition-rich plant-based dairy alternatives in the country 83
9.2.3 MEXICO 84
9.2.3.1 Preference for a healthy and nutritional diet among Mexican consumers has resulted in significant demand for protein-rich food products 84
9.3 EUROPE 84
9.3.1 GERMANY 89
9.3.1.1 Rise in health awareness, along with the increase in the vegetarian and vegan population 89
9.3.2 FRANCE 90
9.3.2.1 The well-established food industry of France is experiencing significant prevalence in demand for healthy, nutritious, and plant-based food products 90
9.3.3 SWITZERLAND 91
9.3.3.1 More plant-based food & beverage players entering the Swiss market due to the massive demand in the country 91
9.3.4 UK 91
9.3.4.1 Plant-based drinks have been largely trending in the UK in recent years 91
9.3.5 SPAIN 92
9.3.5.1 Growth in the inclination of millennials toward protein-rich and nutritious food to drive the Spanish plant-based protein market 92
9.3.6 NETHERLANDS 92
9.3.6.1 Government support toward a plant-based protein diet 92
9.3.7 REST OF EUROPE 93
9.4 ASIA PACIFIC 93
9.4.1 CHINA 98
9.4.1.1 Western culture encouraging urban Chinese consumers toward natural and healthy plant-based food 98
9.4.2 JAPAN 99
9.4.2.1 Aging population of Japan opt for plant-based healthy food options 99
9.4.3 INDIA 99
9.4.3.1 Increase in demand for plant-based performance nutrition products to drive the demand in India 99
9.4.4 AUSTRALIA & NEW ZEALAND 100
9.4.4.1 Increase in demand for functional food & beverages with natural ingredients observed in these two countries 100
9.4.5 REST OF ASIA PACIFIC 100
9.5 ROW 100
9.5.1 SOUTH AMERICA 103
9.5.1.1 Increase in preferences toward plant-based food and protein 103
9.5.2 MIDDLE EAST & AFRICA 104
9.5.2.1 Greater awareness among consumers about the benefits of food & beverages products with natural ingredients 104
10 COMPETITIVE LANDSCAPE 105
10.1 OVERVIEW 105
10.2 COMPETITIVE LEADERSHIP MAPPING 106
10.2.1 VISIONARY LEADERS 106
10.2.2 INNOVATORS 106
10.2.3 DYNAMIC DIFFERENTIATORS 106
10.2.4 EMERGING COMPANIES 106
10.3 RANKING OF KEY PLAYERS, 2018 109
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10.4 COMPETITIVE SCENARIO 110
10.4.1 NEW PRODUCT LAUNCHES & APPROVALS 110
10.4.2 EXPANSIONS & INVESTMENTS 111
10.4.3 ACQUISITIONS 111
10.4.4 PARTNERSHIPS, AGREEMENTS, AND COLLABORATIONS 112
11 COMPANY PROFILES 113
(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)*
11.1 GLANBIA 113
11.2 CARGILL 116
11.3 ADM 119
11.4 DOWDUPONT 123
11.5 KERRY 126
11.6 INGREDION 128
11.7 TATE & LYLE 130
11.8 ROYAL DSM 132
11.9 BURCON NUTRASCIENCE CORPORATION 134
11.10 THE SCOULAR COMPANY 136
11.11 AXIOM FOODS 137
11.12 SOTEXPRO S.A 139
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.
12 APPENDIX 140
12.1 DISCUSSION GUIDE 140
12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 145
12.3 AVAILABLE CUSTOMIZATIONS 147
12.4 RELATED REPORTS 148
12.5 AUTHOR DETAILS 149