Global Plant Protein Ingredients Market Size By Type (Soy Protein, Wheat Protein), By Application (Food, Beverages), By Region, And Segment Forecasts, 2023 to 2032

The Global Plant Protein Ingredients Market was valued at USD 10.2 billion in 2023 and is expected to surpass USD 18.7 billion by 2031, registering a CAGR of 7.6% during the forecast period from 2023 to 2031. The increasing demand for plant-based protein products, rising health consciousness among consumers, and growing concerns regarding sustainability and environmental impact are fueling the market growth. Plant protein ingredients are widely used in food & beverage, dietary supplements, and animal feed, making them a crucial component of the global protein industry.

Market Drivers

1. Rising Demand for Plant-Based Diets

The growing consumer preference for plant-based and vegan diets due to health, ethical, and environmental concerns is significantly boosting the demand for plant protein ingredients. The increasing availability of plant-based meat alternatives and dairy-free products is further fueling the market expansion.

2. Health Benefits and Functional Properties

Plant proteins are rich in essential nutrients and offer multiple health benefits, including improved digestion, muscle recovery, and cardiovascular health. The rising awareness of these benefits is encouraging consumers to shift from animal-based proteins to plant-based alternatives.

3. Growing Applications in Food & Beverage Industry

The incorporation of plant protein ingredients in various food and beverage products, including protein bars, dairy alternatives, and meat substitutes, is driving market growth. The continuous innovation in product formulations and improved taste and texture of plant-based proteins are increasing consumer adoption.

Market Restraints

1. High Cost Compared to Animal-Based Proteins

Despite the growing popularity, plant protein ingredients remain relatively expensive compared to animal-based proteins. The cost of raw materials, processing, and production challenges hinder market penetration, especially in price-sensitive markets.

2. Sensory and Functional Limitations

Certain plant proteins, such as pea and soy proteins, have taste and texture challenges that can affect product acceptance. The need for advanced processing technologies to improve flavor and solubility remains a significant restraint.

Market Opportunities

1. Expansion in Emerging Markets

Developing countries in Asia-Pacific, Latin America, and the Middle East are witnessing increasing demand for plant-based nutrition due to rising health awareness and urbanization. Market players have an opportunity to tap into these regions with affordable and innovative plant protein solutions.

2. Innovation in Plant Protein Sources

Beyond traditional soy and pea proteins, there is a growing interest in alternative plant protein sources such as fava beans, chickpeas, lentils, and microalgae. Research and development in novel protein extraction techniques can enhance product quality and expand application possibilities.

Market by Source Insights

Based on source, the Soy Protein segment held the largest market share in 2023, owing to its high protein content, affordability, and widespread use in food & beverage applications. However, Pea Protein is expected to witness the fastest growth rate due to its allergen-free nature and rising demand in plant-based meat substitutes.

Market by Application Insights

The Food & Beverage segment accounted for the largest share in 2023, driven by increasing adoption in dairy alternatives, meat substitutes, and protein-rich snacks. The Dietary Supplements segment is also witnessing significant growth, with plant protein-based powders and supplements gaining popularity among health-conscious consumers.

Market by Regional Insights

Geographically, North America dominated the market in 2023, driven by the strong presence of plant-based product manufacturers, high consumer awareness, and well-established retail distribution channels. However, Asia-Pacific is expected to register the highest CAGR during the forecast period due to the rising vegan population, growing disposable incomes, and increased government initiatives supporting plant-based nutrition.

Competitive Scenario

Key players in the Global Plant Protein Ingredients Market include:

Cargill, Inc.

ADM (Archer Daniels Midland)

DuPont Nutrition & Biosciences

Roquette Frères

Kerry Group

Ingredion Incorporated

Glanbia plc

Axiom Foods

Burcon NutraScience Corporation

Tate & Lyle PLC

These companies are focusing on product innovation, mergers & acquisitions, and geographic expansion to strengthen their market presence. Recent industry developments include:

2023: Cargill launched a new pea protein ingredient aimed at improving the texture and taste of plant-based meat alternatives.

2023: ADM announced the expansion of its soy protein production facility to meet growing demand in North America.

2024: DuPont partnered with a leading food-tech company to develop next-generation plant-based dairy proteins.

Scope of Work – Global Plant Protein Ingredients Market