Global Plant-Based Protein Market Size to Surpass USD 32.33 Billion at a CAGR of 8.30% Growth by 2032

As per the researchers at Zion Market Research, the value of the global plant-based protein market in 2023 was nearly USD 15.77 billion and is expected to expand at a CAGR of about 8.30% during the time interval between 2024 and 2032. A few of the key participants profiled in the global plant-based protein industry include Kerry, Burcon Nutrascience Corporation, Sotexpro S.A, Cargill, ADM, Axiom Foods, The Scoular Company, DowDuPont, Royal DSM, Tate & Lyle, Ingredion, and Glanbia.

Massive intake of vegan as well as vegetarian diets and diminishing preference for meat or meat-based food items in Western countries will define the growth of the plant-based protein market over the forecast timeframe. Moreover, protein is the building block of muscles and its proportion in plants ranges from nearly 50% to 60%. Hence, consumption of plant-based protein food has increased manifold in recent years. Escalating Consumer Inclination Towards Plant-Based Food To Steer Market Revenue By 2032.

Growing purchasing pattern of the consumers are displaying preference for plant-based diet. Apparently, research has found that plant-based food contains nearly same proportion of protein as meat and hence inhabitants in U.S. and European countries prefer intake of vegetarian or vegan food. All these aforementioned aspects are expected to steer the business growth over the estimated timeframe.

Furthermore, humungous demand for plant-based meat substitutes due to environmental concerns will drive the market trends. According to NIH researchers, meat production results in more greenhouse gases emissions and requires more nitrogen and land along with adversely affecting terrestrial as well as aquatic biodiversity. Moreover, observational research has found that persons consuming red as well as processed meat on  large-scale have high risk of getting infected due to colorectal cancer and suffering from heart disorder and all-cause mortality.

Reportedly, EAT Lancet has stated that intake of plant-based diet and reduction in meat consumption is a win-win situation for both human health and environment. According to NCBI, plant-based meat industry in Australia is likely to accrue revenue worth 3 billion Australian dollars by 2030. All these aspects will steer the market expansion over the forecast timeframe.

Soy To Dominate Source of Plant-Based Protein Segment By 2032

The massive demand for soy across the globe can be attributed to its high protein contents and presence of isoflavones. According to NCBI, the intake of soy products minimizes the risk of heart ailment as well as breast & prostate cancer. Additionally, the product reduces hot flashes and can improve the renal functions, and skin health. Reportedly, it can also lessen the symptoms of depression in human beings. Apparently, meat alternatives such as tofu made from soy milk and textured soy protein items have been consumed in the western countries since the 1960s. However, the product has gained popularity across the globe with Australian & Canadian Dietary Guidelines highlighting shifting from the consumption of meat-based products to plant-based foods such as tofu, nuts, and legumes.

Asia Pacific Market To Witness Lucrative Growth Over 2024-2032

The growth of the plant-based protein market in the Asia Pacific zone is attributed to massive demand for vegan products in countries like Australia and China. As per the NIH report, Australia is considered the third fastest expanding vegan market across the globe succeeding UAE and China. In addition to this, the availability of plant-based meat substitute items in Australian supermarkets will pave the way for the growth of the plant-based protein market in the Asia Pacific zone over the forecast timeframe. 

Browse the full “Plant-Based Protein Market by Type (Isolates, Protein Flour, and Concentrates), by Source (Soy, Wheat, Pea, and Others), by Application (Protein Beverages, Dairy Alternatives, Meat Alternatives, Nutrition Supplements, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 - 2032” Report at https://www.zionmarketresearch.com/report/plant-based-protein-market

The global Plant-Based Protein market is segmented as follows:

By Type

• Isolates
• Protein Flour
• Concentrates

By Source

• Wheat
• Soy
• Pea
• Others

By Application

• Protein Beverages
• Dairy Alternatives
• Meat Alternatives
• Nutrition Supplements
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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