Plant-based Protein Market Size, Share, Growth, Trends, and Global Industry Analysis: By Source (Soy Protein, Pea Protein, Rice Protein, Hemp Protein, Potato Protein, Lentil Protein, Chickpea Protein, Others), By Form (Dry, Liquid), By Application (Food & Beverages, Nutritional Supplements, Animal Feed & Pet Food, Others) and Region Forecast 2020-2031

Plant-based Protein Market was valued at US$ 23,200.0 million in 2024 and is projected to reach US$ 40,019.1 million by 2031 at a CAGR of 8.1% from 2025-2031. Moreover, the U.S. plant-based protein market is projected to grow at 7.8% over the forecast period. The market refers to the segment of the food and nutrition industry that focuses on proteins derived from plant-based sources such as soy, pea, rice, hemp, lentils, chickpeas, and other legumes, grains, and seeds. These proteins are widely utilized as alternatives to animal-based proteins in food, beverages, dietary supplements, and animal feed. The market encompasses the development, production, and commercialization of plant-based protein ingredients that cater to the growing demand for sustainable, allergen-free, and health-oriented nutrition.

The market is experiencing strong growth, driven by increased consumer preference for sustainable and healthier dietary choices, the rise of veganism and flexitarian diets, and concerns over environmental impact and animal welfare. Food manufacturers are incorporating plant-based proteins into products such as meat substitutes, dairy alternatives, bakery items, and nutritional supplements, boosting their market presence.

Additionally, advancements in food processing technologies are enhancing taste, texture, and functionality, making plant proteins more appealing to mainstream consumers. With growing awareness of health benefits such as improved digestion, reduced cholesterol, and lower carbon footprint, the market is positioned for continuous expansion across global food, beverage, and nutraceutical industries.

Facts & Figures

• The Food and Agriculture Organization (FAO) reported that in 2022, global production of pulses (leguminous dry crops like beans, lentils, chickpeas, cowpeas) reached about 96 million tonnes, with average global per-capita consumption around 7 kg per year. By 2032 FAO anticipates production to increase to 125 million tonnes and average consumption to rise to 8.6 kg/year per person.
• In India, the policy body NITI Aayog has laid out a roadmap to achieve self-sufficiency in pulses by 2030, raising domestic production from roughly 26.06 million tonnes in 2022 to 34.45 million tonnes in 2030. It further targets a production level of 51.57 million tonnes by 2047, showing strong governmental commitment aligned with demand growth and nutritional goals.

Key Developments

• In July 2025, A major investment of C$48.7 million was announced to expand pea protein processing in Saskatchewan, Canada. The initiative includes building a new facility in Yorkton to produce pea protein isolate, aimed at enhancing domestic supply chains, supporting farmers, and creating innovative food products with improved nutritional quality and taste.
• In July 2025, GEA opened a $20 million New Food Application & Technology Center in Janesville, Wisconsin, aiming to scale alternative proteins. The facility supports pilot-scale technologies including precision fermentation, cell cultivation, plant-based processing, and functions like thermal processing, membrane filtration, spray drying, etc. It is powered by 100% renewable energy and designed to help bridge the gap between lab-scale innovation and industrial production.

Plant-based Protein Market Segmentation:

Based on the source

• Soy Protein
• Pea Protein
• Rice Protein
• Hemp Protein
• Potato Protein
• Lentil Protein
• Chickpea Protein
• Others

Among the various sources, soy protein is anticipated to lead the Plant-based Protein Market, primarily driven by its wide availability, high protein content, and versatile applications across the food and beverage industry. Soy protein is considered a complete protein, containing all essential amino acids, which makes it highly desirable for both nutritional supplements and functional foods. Its ability to mimic the texture and taste of meat has further fuelled its adoption in plant-based meat alternatives, a rapidly growing segment. Additionally, the long-established supply chain and cost-effectiveness of soy protein contribute to its dominant position in the global market.

Based on the form

• Dry
• Liquid

Based on form, the dry segment is anticipated to dominate the Plant-based Protein Market, largely due to its convenience, stability, and wide range of applications. Dry plant proteins, available in powder or granule form, offer longer shelf life and easier handling compared to liquid forms, making them more suitable for bulk production and distribution. They are extensively used in dietary supplements, bakery products, snacks, and protein shakes, as they can be easily blended with other ingredients without compromising taste or texture. Furthermore, the growing trend of at-home fitness and health-conscious consumption has boosted the demand for dry plant protein powders globally.

Based on the application

• Food & Beverages
• Nutritional Supplements
• Animal Feed & Pet Food
• Others

Within applications, the food & beverages segment is expected to lead the Plant-based Protein Market, driven by the rising demand for plant-based alternatives to traditional meat and dairy products. Consumers are increasingly embracing vegan, vegetarian, and flexitarian diets, which has accelerated the use of plant proteins in products such as meat substitutes, dairy alternatives, bakery items, snacks, and beverages. The versatility of plant proteins in improving texture, flavor, and nutritional value makes them highly attractive for food manufacturers. Additionally, the growing influence of health trends, clean-label preferences, and sustainability concerns further strengthens the dominance of the food & beverages segment globally.