Plant-Based Protein Market size was valued at USD 12,568.5 million in 2022 and expected to grow USD 14563.6 million in 2029, growing at an 5.6% CAGR from 2023 to 2029. The plant-based protein segmented by the source which is soya, wheatgrass products , pea and other, these products help to different nutraceutical to provide plant based raw material to manufacture supplement. As increase in the health awareness, people are shifting towards various other supplement which drive the market across the world. The increase in the promotional health leads to create new opportunity in market which makes key players to expand their business in the market. While taking plant-based protein people are getting some allergies with the protein which is the major restraints in the market.
Plant-Based Protein Market Key Developments:
In April 2022, Cargill announced the expansion of its “Radipure Pea Protein” product offering to the Middle East, Turkey, Africa and Indian market to meet the demand for pea protein as an alternative source of animal-based protein.
In July 2021, Israel-based ChickP Ltd. announced its protein isolates can work as 1:1 plant-based alternatives for egg yolk in mayonnaise and salad dressings.
Fastest Growing Market
The increasing health awareness across the world is the major market driver in the Plant-based Protein Market during the forecast period. plant-based protein provides basic nutritional necessity of the body and improves health of the people which leads to increase in the demand for new supplement in the market as increase in the demand increases nutraceutical looking for innovation in the sector. Hence, this will drive the global market growth at a significant rate.
The Plant-based Protein Market size was valued at USD 12,568.5 million in 2022 and expected to grow USD 14,563.6 million in 2029, growing at an 5.6% CAGR from 2023 to 2029.
The leading players in the Plant-based Protein Market are; ADM, Cargill, DuPont, Wilmar International Ltd, Roquette Frères, Glanbia plc, Kerry Group PLC, DSM, Ingredion, Emsland Group
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast presented from 2023 – 2029.