The plant-based protein market size is estimated at USD 13.3 billion in 2023 and is projected to reach USD 19.2 billion by 2028, at a CAGR of 7.7% from 2023 to 2028. Plant-based proteins have surged in popularity thanks to their diverse range of nutritional benefits, attracting individuals in search of a healthier and more sustainable protein source. These advantages encompass reduced saturated fat content, enhanced cardiovascular well-being, and improved weight management, which have all contributed to the increasing consumption of plant-based proteins. Many plant-based protein sources, including soy, peas, lentils, and beans, deliver ample protein without the accompanying cholesterol and excess calories often found in animal-based protein.

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The traditional method for obtaining plant protein ingredients from legumes involves a liquid-based process that requires a significant amount of water and energy due to hydration. Legumes high in starch, like peas and beans, are separated by dissolving the protein and suspending the starch granules in water, while oil-rich sources, like soy and lupine, undergo solvent extraction to isolate the oil content. These ingredients are used in animal feed and can be further processed to obtain protein isolates, primarily finding applications in nutritional supplements and beverages, driven by the increasing global demand for plant-based protein as more people transition from conventional dairy and whey-based options. The convenience of liquid plant-based proteins, requiring minimal preparation compared to powdered alternatives, resonates with busy individuals looking for quick and nutritious meal options. Additionally, the versatility of liquid plant-based proteins in culinary applications, from enhancing smoothies and shakes to enriching soups, sauces, and dressings, further contributes to their popularity in the kitchen.

Soy protein is a highly popular plant-based protein source, with soybeans being processed into three main types: soy isolates, soy concentrates, and textured soy protein, all of which are rich in essential amino acids crucial for human nutrition. Additionally, soy protein offers various proven health benefits, such as reducing the risk of heart and cardiovascular diseases. The Food and Drug Administration (FDA) has indicated that consuming 25 grams of soy protein per day, as part of a low-saturated fat and low-cholesterol diet, can help lower the risk of heart disease.

As the demand for soy-based protein continues to rise, there has been a significant increase in soybean exports. In 2020, the value of US soybean exports to the global market reached a historic high of $25.7 billion, representing a 40% increase in value and a 23% increase in volume compared to the previous year. This surge is attributed to the growing popularity of soybeans and soy-based protein.

Given the global demand for soy proteins, companies in the plant-based protein industry are actively working to strengthen their market presence through product development and the launch of new soy protein-based products. An example of this is Benson Hill Inc (US), which introduced TruVail, a range of soy protein ingredients suitable for use in bakery products, meat alternatives, and snacks, aiming to tap into the expanding market for alternative plant-based proteins.

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The demand for fortified nutritional food and beverage products is on the rise in the Asia Pacific region due to busy lifestyles and increased disposable incomes. The use of dairy alternatives is expected to grow rapidly in response to consumer preferences. With greater economic power among consumers in the region, there is an increased consumption of affordable and abundant products like soymilk. Food manufacturers are introducing various forms of soymilk to meet the growing demand for healthy beverages, including pasteurized soymilk, as dairy alternatives, and unique flavored soy drinks.

This report focuses on major countries in the region, including Japan, Australia, China, and India. Key market players in this area include Sanitarium Health & Wellbeing Company and Freedom Foods Group Ltd. in Australia, Vitasoy International Holdings Limited in Hong Kong, and Purcharest in Australia. The dairy alternatives industry in the Asia Pacific region is experiencing significant growth, driven by changes in consumer lifestyles. The market is evolving rapidly due to urbanization, dietary diversification, and increased foreign direct investment in the food sector. Additionally, rising incomes, greater purchasing power, a growing middle-class population, heightened consumer awareness of health and fitness, and increased demand for nutritional and healthy products are creating promising opportunities for growth and diversification in the region’s food sector.

The plant-based protein market is experiencing remarkable growth, with an estimated value of USD 13.3 billion in 2023, projected to reach USD 19.2 billion by 2028. This surge is attributed to the increasing demand for healthier and more sustainable protein sources, with plant-based proteins offering diverse nutritional benefits. The appeal lies in reduced saturated fat content, improved cardiovascular health, and enhanced weight management, attracting individuals worldwide.

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Regional Focus – Asia Pacific

In the Asia Pacific region, a rising demand for fortified nutritional food and beverage products is driven by busy lifestyles and increased disposable incomes. The use of dairy alternatives, particularly soymilk, is on the rise, reflecting changing consumer preferences. Major countries in the region, including Japan, Australia, China, and India, are witnessing significant growth in the dairy alternatives industry. Key market players such as Sanitarium Health & Wellbeing Company, Freedom Foods Group Ltd., Vitasoy International Holdings Limited, and Purcharest are actively contributing to this evolving market.

Factors Driving Growth

The dairy alternatives industry in the Asia Pacific is evolving rapidly due to urbanization, dietary diversification, and increased foreign direct investment in the food sector. Factors such as rising incomes, greater purchasing power, a growing middle-class population, heightened consumer awareness of health and fitness, and increased demand for nutritional and healthy products are creating promising opportunities for growth and diversification in the region’s food sector.

Global Players in Action

To tap into the region’s potential, major global players such as ADM, Cargill, International Flavors & Fragrances Inc., Ingredion, and Roquette Frères are expanding and diversifying their plant-based protein portfolios to meet consumer demands.

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Soy Protein’s Prominence

Soy protein stands out as a highly popular plant-based protein source, offering three main types: soy isolates, soy concentrates, and textured soy protein. Rich in essential amino acids crucial for human nutrition, soy protein has proven health benefits, including the reduction of heart and cardiovascular diseases. The global demand for soy proteins has led to a surge in soybean exports, reaching a historic high of $25.7 billion in 2020.

Innovation and Product Development

Companies in the plant-based protein industry, recognizing the global demand for soy proteins, are actively working on product development and launching new soy protein-based products. An example is Benson Hill Inc, introducing TruVail, a range of soy protein ingredients suitable for use in bakery products, meat alternatives, and snacks.

The report “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″, is estimated at USD 18.5 billion in 2019 and is projected to grow at a CAGR of 14.0% from 2019 to 2025, to reach USD 40.6 billion by 2025. Public awareness regarding the increase in obesity levels due to unhealthy food consumption that includes packaged food, fast food, carbonated beverages, cold drinks, and excess consumption of animal meat has led to the demand for plant-based protein products such as protein beverages, protein bars, meat alternatives, and dairy alternatives, thereby driving plant-based food & beverage manufacturers to develop plant protein-based products.

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The pea segment is projected to be the fastest-growing in the plant-based protein market during the forecast period.

Pea protein is gaining popularity among plant-based protein manufacturers at a global level owing to its high protein content, and health benefits offered such as reduced cholesterol and lower blood pressure. Pea, as a source for plant-based protein products, is used in a wide range of food applications that include meat alternatives, beverages, snacks, bakery products, meat applications, and nutritional supplements. Pea offers characteristic advantages of emulsion, process & extrusion stability. It adds texture, taste, and mouthfeel to a variety of food applications, hence experiencing huge demand. Also, the market is driven by the rising demand for plant-based meat and healthy food products. A significant increase in the usage of pea as a key ingredient is being noticed in the plant-based meat industry.

Drivers

•             Rise in Trend of Health and Sustainability

•             Innovations in Terms of Integrating Plant-Based Proteins With Meat and Poultry Products

•             Increase in Cases of Lactose Intolerance and Milk Allergies

•             Growth in Investments in Plant-Based Food Businesses

•             Social Media Trends to Sway More Consumers Toward Plant-Based Proteins

Restraints

•             Allergies Associated With Plant-Based Protein Sources Such as Soy and Wheat

Opportunities

•             Constant Rise in Demand for Food With Organic Ingredients

•             Immense Opportunity in the Need for Alternative Solutions to Meet the Increasing Meat Demand

Challenges

•             Increase in Production of and Adulteration With Genetically Modified (GM) Soybean

•             Unpleasant Flavor of Soy Products

The nutrition supplements segment is projected to record the fastest growth during the forecast period.

Plant-based proteins are beneficial for weight loss, in addition to providing the building blocks for healthy muscles and tissues. The application of plant-based proteins as nutritional supplements is attributed to their high amino acid profile. Plant-based proteins tend to be lower in calories and fat than animal proteins but higher in fiber and essential nutrients. For instance, pea protein is allergen-free, provides iron, helps in muscle recovery, and helps to regulate blood sugar and insulin effect to prevent body fat storage potentially. Thus, pea protein is emerging as a key ingredient in manufacturing nutritional supplements and is growing at the highest CAGR.

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The North American region is projected to account for the largest market share during the forecast period.

The North American market for plant-based proteins is the largest due to the increasing awareness for healthy food ingredients and the trend of weight management among consumers. Plant-based proteins are highly versatile and can be used in applications such as meat analogs and meat extenders. According to research conducted by key players in the market and government surveys, it has been recorded that consumers are demanding meat alternatives to reduce their meat consumption. This trend is expected to drive industry growth in the near future.

This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the plant-based protein market. It includes the profiles of leading companies such as ADM (US), DuPont Danisco (US), Ingredion Inc. (US), Burcon NutraScience Corp. (Canada), Axiom Foods (US), and The Scoular Company (US).