One of the primary factors contributing to the rise of veganism and flexitarians is the growing research highlighting the health advantages of plant-based diets. Studies have shown that plant protein can reduce the risk of chronic diseases, such as heart disease, diabetes, and certain cancers, while also aiding in weight management and improving overall well-being. Consumers, especially in developed markets, are becoming more conscious of their dietary choices and are actively seeking products that promote health and longevity. This shift in preferences is encouraging food manufacturers to develop innovative vegan protein products, ranging from protein powders and bars to plant-based meat substitutes, driving growth in the global market.
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Data Bridge Market Research analyzes that the Global Vegan Protein Market is expected to reach USD 17.71 billion by 2031 from USD 10.20 billion in 2023, growing with a substantial CAGR of 7.2% in the forecast period of 2024 to 2031.
Key Findings of the Study
The increasing awareness and consciousness towards the health benefits of plant-based diets
The increasing awareness and consciousness towards the health benefits of plant-based diets is a crucial driver of the global vegan protein market. As more consumers become informed about the positive impact of plant-based diets on personal health, the demand for vegan protein products is growing rapidly. This shift is primarily driven by the rising prevalence of diet-related chronic diseases and a growing desire for healthier, more natural food options.
Plant-based diets, which are rich in essential nutrients like fiber, vitamins, and antioxidants, have been shown to reduce the risk of chronic diseases such as heart disease, type 2 diabetes, obesity, and certain cancers. With this mounting evidence, health professionals, influencers, and media outlets have played a significant role in educating consumers about the long-term benefits of incorporating plant-based proteins into their diets. As a result, consumers are increasingly seeking out vegan protein sources like pea, soy, rice, and hemp proteins as healthier alternatives to animal-based proteins, driving growth in the vegan protein market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2023 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Source (Soy Protein, Pea Protein, Rice Protein, Hemp Protein, Spirulina, Quinoa Protein, Flaxseeds Protein, Chia Protein, Canola Protein, Pumpkin Seed, and Others) Protein Type (Isolates, Concentrates, and Hydrolysate), Level of Hydrolisation (Intact, Mildly Hydrolized, and Strongly Hydrolized), Form (Dry and Liquid), Nature (Conventional and Organic), Function (Solubility, Emulsification, Gelation, Water Binding, Foaming, and Others), Application (Food Products, Beverages, Nutraceuticals and Dietary Supplements, Cosmetics and Personal Care, Animal Feed, Pharmaceuticals, and Others)
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Country Covered
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U.S., Canada, and Mexico, Germany, U.K., Italy, France, Russia, Netherlands, Switzerland, Spain, Belgium, Turkey, Rest of Europe, China, Australia & New Zealand, India, Japan, South Korea, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina and Rest of South America, South Africa, U.A.E., Saudi Arabia, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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ADM (U.S.), Wilmar International Ltd (Singapore), Axiom Foods, Inc. (U.S.), Golden Grain Group Limited (China), Pioneer Industries Private Limited (India), Creative Enzymes. (U.S.), Sweet Additions (U.S.), The Green Labs LLC. (US.), Tiba Trade (Egypt), ETChem (China), Ingredion, Incorporated (U.S.), Z-COMPANY (Netherlands), Kerry Group plc. (Ireland), Cargill, Incorporated. (U.S.), BENEO (Germany), Sacchetto S.p.A. (Italy), Singsino Group Limited (China), Rajvi Enterprise (India), Foodchem International Corporation (China), Emsland-Stärke Gesellschaft mit beschränkter Haftung (Germany), Farbest-Tallman Foods Corporation (U.S.), Roquette Frères (France), A&B Ingredients, Inc. (U.S.), AGT Food and Ingredients Inc. (Canada), BRF (Brazil), Crown Soya Protein Group Company (China), Sonic Biochem (India), Bunge (U.S.), Foodrich Soya Co.,LTD. (China), The Scoular Company (U.S.), AIDP (U.S.), Prinova Group LLC. (U.K.), FUJI OIL HOLDINGS INC (Japan), Titan Biotech. (India), Gehl Foods, LLC (U.S.), International Flavors & Fragrances Inc (U.S.), Sun Nutrafoods (India), Shafi Gluco Chem (Pvt) Ltd. (Pakistan), and Bioway Organic Group Limited (China) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, pricing analysis, brand share analysis, consumer survey, demography analysis, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework.
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Segment Analysis
The global vegan protein market is segmented into seven notable segments based on source, protein type, level of hydrolisation, form, nature, function, and application.
- On the basis of source, the market is segmented into soy protein, pea protein, rice protein, hemp protein, spirulina, quinoa protein, flaxseeds protein, chia protein, canola protein, pumpkin seed, and others
In 2024, the soy protein segment is expected to dominate the global vegan protein market
In 2024, the soy protein segment is expected to dominate the market with a market share of 38.51% due to its complete amino acid profile, high protein content, affordability, wide availability, and established use in various food and beverage products.
- On the basis of protein type, the market is segmented into isolates, concentrates, and hydrolysate
In 2024, the isolates segment is expected to dominate the global vegan protein market
In 2024, the isolates segment is expected to dominate the market with a market share of 58.34% as they offer higher protein concentration, minimal fats and carbohydrates, better digestibility, and are widely used in sports nutrition, beverages, and supplements.
- On the basis of level of hydrolisation, the market is segmented into intact, mildly hydrolized, and strongly hydrolized. In 2024, the intact segment is expected to dominate the market with a market share of 74.67% due to their superior nutritional value, lower processing costs, better texture retention, and broader use in food products requiring minimal modification
- On the basis of form, the market is segmented into dry and liquid. In 2024, the dry segment is expected to dominate the market with a market share of 79.51% due to its longer shelf life, ease of transportation and storage, versatility in food formulations, and higher concentration of protein compared to liquid forms
- On the basis of nature, the market is segmented into conventional and organic. In 2024, the conventional segment is expected to dominate the market with a market share of 57.79% due to its lower production costs, higher yield, wider availability, and stronger market presence compared to organic options, making it more accessible for mainstream consumers and manufacturers
- On the basis of function, the market is segmented into solubility, emulsification, gelation, water binding, foaming, and others. In 2024, the solubility segment is expected to dominate the market with a market share of 34.54% as it enables better incorporation into beverages, supplements, and liquid foods, ensuring smoother textures and broader application versatility
- On the basis of application, the market is segmented into food products, beverages, nutraceuticals and dietary supplements, cosmetics and personal care, animal feed, pharmaceuticals, and others. In 2024, the food products segment is expected to dominate the market with a market share of 45.08% due to rising demand for plant-based alternatives, protein fortification, diverse usage in processed foods, and increasing consumer health consciousness
Major Players
Data Bridge Market Research analyses ADM (U.S.), Wilmar International Ltd (Singapore), Kerry Group plc. (Ireland), Cargill, Incorporated. (U.S.), and Roquette Frères (France) as the major players operating in the market.
Market Developments
- In March 2024, Roquette Frères, COSUCRA, and the EMSLAND GROUP conducted Europe's first study on the environmental impact of yellow pea products. Using Life Cycle Analysis and EU methodologies, the study highlights the sustainability of pea ingredients, supporting the shift towards healthier, eco-friendly food options. This initiative aligns with the United Nations Sustainable Development Goals and underscores the commitment to sustainable food value chains
- In December 2023, Wilmar International completed its acquisition of a 43.27% stake in Durrah Advanced Development Company for approximately USD 64.7 million, boosting its ownership to 48.27%. This strategic move enhances Wilmar’s market position in the Saudi sugar industry, expanding its footprint and operational capabilities in the region
- In October 2023, Bioway Organic recently showcased its latest innovations at a prominent industry event, highlighting new advancements in organic plant-based proteins. The company introduced cutting-edge products and technologies designed to enhance functionality and sustainability, reinforcing its commitment to leading the organic food ingredient market
- In February 2023, BENEO expanded its animal nutrition portfolio with the introduction of new faba bean ingredients. These ingredients are designed to enhance the nutritional profile and sustainability of animal feed. The addition reflects Beneo's commitment to innovation in the animal nutrition sector and their focus on providing high-quality, sustainable solutions for the feed industry
- In September 2022, AIDP partnered with American River Nutrition. This collaboration aims to enhance AIDP's portfolio with innovative ingredients and technologies from American River Nutrition, focusing on advancing nutritional solutions and expanding market opportunities in the health and wellness sector. The partnership highlights AIDP's commitment to offering cutting-edge and high-quality ingredients to its clients
Regional Analysis
Geographically, the countries covered in the global vegan protein market report U.S., Canada, and Mexico, Germany, U.K., Italy, France, Russia, Netherlands, Switzerland, Spain, Belgium, Turkey, rest of Europe, China, Australia & New Zealand, India, Japan, South Korea, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina and rest of South America, South Africa, U.A.E., Saudi Arabia, Egypt, Israel, rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
North America is expected to dominate the global vegan protein market
North America is expected to dominate the market due to factors like rising shift towards veganism and flexitarian diets and increasing awareness and consciousness towards health benefits of plant-based diets.
Asia-Pacific is expected to be the fastest growing region in the global vegan protein market
Asia-Pacific is expected to be the fastest growing region in the market due to rising population with lactose-intolerant consumers.
As per Data Bridge Market Research analysis:
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