Plant Protein Ingredient Market to Surpass US$ 28.97 Billion with 7.4% CAGR by 2034

Clean-Label and Veganism Trend Primarily Making Plant Protein Ingredients Super Attractive: Fact.MR Report

ROCKVILLE, MARYLAND, UNITED STATES, June 17, 2024 /EINPresswire.com/ -- The global plant protein ingredient market is approximated at US$ 14.19 billion in 2024 and is forecasted to reach US$ 28.97 billion by 2034, reveals Fact.MR, a market research and competitive intelligence provider, in its recently updated industry report.

One of the prime reasons for substantial plant protein ingredient market growth is the increasing popularity and application of plant-based products in sectors such as cosmetics and pharmaceuticals. Plant protein ingredients are derived from sources such as peas, wheat, rice, potatoes, and soy. Increasing awareness related to the health benefits associated with the consumption of plant-based products is contributing to the growth of plant protein ingredient sales. Clean-label and minimally processed food eating habits are further augmenting the consumption of plant protein ingredients.

Increasingly stringent animal welfare regulations and sustainability manufacturing practices are driving the demand for meat protein alternatives such as plant-based protein. Rising number of vegan population worldwide is also pushing demand for plant protein ingredients. Government initiatives across the world supporting sustainable agricultural practices are also positively influencing the sales of plant protein ingredients.

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Key Takeaways from Market Study

• Global demand for plant protein ingredients is projected to rise at a CAGR of 7.4% from 2024 to 2034.
• The United States market is estimated at a value of US$ 1.59 billion in 2024.
• The market in Japan is foreseen to register a CAGR of 8.3% through 2034.
• Dry plant protein ingredients are forecasted to capture 81% of the global market share by 2034.
• Sales of concentrated plant protein ingredients are evaluated at US$ 6.43 billion in 2024.

“Plant protein ingredients will be widely used in functional and fortified food and beverages over the coming years,” says a Fact.MR analyst.

Winning Strategy

Leading manufacturers of plant protein ingredients are investing heavily in research and development activities to improve the texture, taste, and nutritional profile of their products. Plant protein ingredient producers are also introducing innovative feed products for livestock animals and pets.

Key market players are also employing partnership strategies to enter into new markets and enlarge their product portfolios. Collaborations with other food manufacturers and research institutions are anticipated to increase their revenue shares in the years ahead.
• In May 2024, Muscle Milk, a brand of CytoSport Inc., announced the launch of chocolate and caramel vanilla plant-based protein shakes.

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Growing Demand for Plant Protein Ingredients: A Global Perspective

In the United States, the demand for plant protein ingredients is on the rise, driven by increasing millennial preferences for high-nutritional food options and the need for alternatives to animal protein. The high demand from fitness professionals for plant-based protein-rich supplements and the thriving food industry are significant factors stimulating market growth.

In Germany, increasing promotional activities around plant protein products, spurred by the rising prevalence of health issues such as cardiovascular diseases and diabetes, are boosting sales of nutrient-rich plant-based protein ingredients. The rise in the local supply of natural dietary supplements, hectic individual schedules, and growing demand for healthier on-the-go drinks further augment the consumption of plant protein products in the country.

In Japan, the market is driven by the high use of plant-based protein ingredients in traditional cuisines, increased production of dry peas and wheat, and a rising incidence of obesity. The easy accessibility of raw materials, low-cost labor, and an increase in sports and fitness activities are further contributing to the growth in sales of plant-based protein products.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global plant protein ingredient market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on form (dry, liquid), product type (soy protein, wheat protein, pea protein, rice protein, potato protein, others), type (isolates, concentrates, textured), and application (sports nutrition, clinical nutrition, infant nutrition, bakery & confectionary, fortified food & beverages, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Explore More Studies Published by Fact.MR Research:

Plant-based Protein Supplement Market: The global plant-based protein supplement market size is estimated at US$ 1.12 billion in 2024 and is forecasted to rise at a CAGR of 5.7% to reach US$ 1.96 billion by the end of 2034.

Plant-based Milk Powder Market: The global plant-based milk powder market is projected to increase from a valuation of US$ 425.3 million in 2024 to US$ 896.5 million by the end of 2034.

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