Plant-Based Protein Industry Projected to Reach a Valuation of $30.8 Billion by 2034, Growing at a Compound Annual Growth Rate of 7.1 Percent
Global Plant-Based Protein Market Poised for Robust Growth
The global plant-based protein market is projected to witness significant growth in the coming years, with a CAGR of 8.7% from 2025 to 2034, reaching approximately USD 43.07 billion by 2034 [1]. This growth is driven by rising consumer interest in vegan and vegetarian diets, increasing demand for alternative protein sources due to ethical, environmental, and health concerns, and innovation in plant-based food products [1].
In 2025, the market is expected to be valued at around USD 20.33 billion. The focus on consumer health awareness, ethical and environmental concerns, and technological advances in product innovation are the primary factors influencing this growth [1][5].
While the global plant-based protein market is the main area of interest, it is important to note that the broader plant-based food market, which includes components beyond just protein, is forecasted to grow at a faster rate, with a CAGR of 12.4%, reaching USD 161.41 billion by 2034 [5].
In terms of regional markets, North America currently leads, with a 46.3% share and USD 7.1 billion in revenue in 2024 [1]. Europe also shows steady growth, driven by demand for sustainable protein sources and clean-label products.
Functional foods, such as protein shakes, bars, dairy alternatives, and meal replacements, dominate the By Application segment of the market, with a 35.7% share in 2024 [2]. Soy leads the By Source segment, with a 32.2% share in 2024 [3]. Isolates, known for their ability to replicate animal-based protein functionality, dominate the By Form segment, with a 48.4% share in 2024 [4].
Key players in the market include Ingredion, Tate & Lyle PLC, ADM (Archer Daniels Midland), and AGT Food and Ingredients, which are investing in research and development, clean-label, organic options, and microencapsulation to improve taste [6].
The growth of the plant-based protein market has a positive impact on the global economy, creating jobs, stimulating local economies, and reducing environmental costs. As consumer demand for clean-label, high-protein products continues to grow, businesses can capitalize on this trend by focusing on innovation, sustainability, and meeting the diverse needs of consumers.
| Market Segment | Size in 2025 | Size in 2034 | CAGR (2025-2034) | |--------------------------------|--------------|--------------|------------------| | Global Plant-Based Protein | USD 20.33 B | USD 43.07 B | 8.7% | | Global Plant-Based Food Market | USD 56.37 B | USD 161.41 B | 12.4% | | Feed Plant-Based Protein Market | USD ~17 B | USD 32.5 B | 6.7% |
References: [1] MarketsandMarkets, "Plant-Based Proteins Market by Source (Soy, Pea, Wheat, and Others), Application (Functional Foods, Animal Nutrition, and Others), Form (Conventional and Isolates), and Region - Global Forecast to 2034", 2022. [2] MarketsandMarkets, "Plant-Based Proteins Market by Source (Soy, Pea, Wheat, and Others), Application (Functional Foods, Animal Nutrition, and Others), Form (Conventional and Isolates), and Region - Global Forecast to 2034", 2022. [3] MarketsandMarkets, "Plant-Based Proteins Market by Source (Soy, Pea, Wheat, and Others), Application (Functional Foods, Animal Nutrition, and Others), Form (Conventional and Isolates), and Region - Global Forecast to 2034", 2022. [4] MarketsandMarkets, "Plant-Based Proteins Market by Source (Soy, Pea, Wheat, and Others), Application (Functional Foods, Animal Nutrition, and Others), Form (Conventional and Isolates), and Region - Global Forecast to 2034", 2022. [5] Grand View Research, "Plant-Based Foods Market Size, Share & Trends Analysis Report By Type (Meat Substitutes, Dairy Substitutes, Egg Substitutes, Others), By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030", 2022. [6] Food Business News, "Ingredion launches Vitessence Pulse 1803, a high-purity pea protein for meat and dairy alternatives", 2022. [6] Food Business News, "Tate & Lyle PLC launches Tate & Lyle Protex, a textured pea protein for meat alternatives", 2022. [6] Food Business News, "ADM introduces ProFam 580, a pea protein isolate for dairy-free beverages and snacks", 2022. [6] Food Business News, "AGT Food and Ingredients scales up production of pulse-based proteins, including pea and lentil isolates, for global markets", 2022.
- The success of the plant-based protein market contributes to overall growth in the health-and-wellness sector, as consumers adopt healthy-diets rich in plant-based foods.
- In fitness-and-exercise routines, many athletes are turning to plant-based protein sources for their nutritious advantages, promoting a sustainable-living lifestyle.
- Investing in plants is a lucrative venture in the housing-market, as people prioritize home-and-garden spaces for growing their own food sources, such as vegetables and herbs, due to concerns about finance and the environment.
- The business of real-estate in urban areas is undergoing change, with more developers focusing on creating space for fitness centers, health food stores, and plant-based restaurants to accommodate the growing demand for healthy lifestyles.
- The growth of the plant-based protein market has also led to advancements in technology, as key players like Ingredion, Tate & Lyle PLC, ADM, and AGT Food and Ingredients invest in research and development of clean-label and organic options.
- As consumers adopt vegan and vegetarian diets for ethical, environmental, and health reasons, the popularity of plant-based protein and other plant-based food products are driving the food-and-drink industry towards a more sustainable future.
- In the nutrition field, studies are being conducted to determine the long-term health effects of consuming plant-based protein sources and their role in maintaining overall well-being.
