Plant-Based Protein Products Market to See Rapid Growth, With Particular Success for Pea Protein – vegconomist

A new report by USD Analytics has estimated that the plant-based protein products market will register a CAGR of 8.1% over the forecast period 2024-2030.

The report considers the growth of meat alternatives as well as tofu, tempeh, legumes, pulses, nuts, seeds, and protein-rich grains. The key market drivers are health and wellness trends, the growth of vegetarianism and veganism, and environmental concerns. Creative marketing strategies by plant-based companies, promoting their products as healthier, more ethical, and more sustainable than animal foods, will also boost growth.

As demand increases, companies are increasingly innovating and diversifying their plant-based product lines to meet consumer preferences. Meanwhile, manufacturers are investing in R&D to improve the properties of meat and dairy alternatives, working to close the sensory gap. For example, IFF recently announced that it was partnering with Unilever and Wageningen University to improve the flavor of plant-based meats.

Rapid growth for pea protein

The pea protein segment is expected to register the fastest growth due to its digestibility, hypoallergenic properties, and excellent amino acid profile; new processing methods are also being developed that can increase its protein levels even further. Pea protein is versatile and can be used in meat and dairy alternatives, supplements, and sports nutrition products. It has functional properties such as emulsification, foaming, and gelling, and is often non-GMO. The soy and wheat protein segments will also see growth, to a lesser degree.

Over the forecast period, plant-based proteins will mostly be used in foods and beverages, across multiple categories such as alt protein products, snacks, ready meals, bakery products, and beverages. They will also be used for other applications such as pharmaceuticals and personal care.

“Increasingly, consumers are gravitating towards plant-derived protein sources, influenced by the perceived health benefits associated with reduced cholesterol levels, lower saturated fats, and higher fiber content found in plant-based alternatives,” says USD Analytics. “Further, ethical concerns regarding animal welfare and the environmental impact of animal agriculture are pivotal drivers propelling individuals to opt for plant-based protein products.”