Expanding Plant-Based Protein Market Projected to Reach US$30.8 Billion by 2034, Exhibiting a Compound Annual Growth Rate (CAGR) of 7.1%

Plant-Based Protein Market Soars to USD 30.8 Billion by 2034

The global plant-based protein market is on an upward trajectory, set to grow from around USD 20.33 billion in 2025 to an impressive USD 30.8 billion by 2034, with a compound annual growth rate (CAGR) of approximately 8.7% during this period.

A key factor driving this growth is the increasing adoption of veganism and vegetarian diets, which is boosting demand for plant-based protein alternatives. Consumers are also becoming more aware of the health benefits of plant proteins, as they are often lower in saturated fat and cholesterol while being rich in fiber and nutrients.

Ethical concerns around animal welfare, as well as allergies or lactose intolerance, are encouraging alternatives to animal-derived proteins. Additionally, environmental sustainability considerations are playing a significant role, with plant proteins requiring fewer resources and producing lower greenhouse gas emissions compared to animal farming, aligning with consumers' goals to reduce their ecological footprint.

Innovations in plant-based food products and growing investment in the plant protein industry are also contributing to the market's growth. The broader plant-based food market is growing even faster (12-12.4% CAGR), and specific segments like alternative protein ingredients are experiencing even higher growth rates (up to 14.2% CAGR).

In 2024, North America dominated the plant-based protein market, holding a 46.3% share and generating USD 7.1 billion in revenue. Functional foods captured a 35.7% share in the By Application segment of the market, with businesses capitalizing on this trend by investing in research and development, emphasizing clean-label, organic options, and using microencapsulation to improve taste.

Soy continues to lead the By Source segment of the market, with a 32.2% share in 2024, due to its widespread availability and versatility in applications like protein bars, meat substitutes, and beverages. However, businesses are also investing in alternative plant-based protein sources such as peas, hemp, and fava beans to diversify their portfolios.

Ingredion, for example, has launched Vitessence Pulse 1803, a high-purity pea protein for meat and dairy alternatives, and is investing in fava bean and chickpea protein production. Tate & Lyle PLC has launched Tate & Lyle Protex, a textured pea protein for meat alternatives, and AGT Food and Ingredients is scaling up production of pulse-based proteins, including pea and lentil isolates, for global markets.

Isolates, which excel in applications like protein shakes, bars, dairy alternatives, and meal replacements due to their ability to replicate animal-based protein functionality, dominated the By Form segment of the market with a 48.4% share in 2024. Glanbia's Glanbia Nutritionals division introduced OptiSol 1000, a plant-based protein blend for beverages and bars, and Glanbia also invested in plant-based cheese alternatives through its joint venture, Levanta.

AGT's AI-powered processing improves protein yield and sustainability, further driving the growth of the plant-based protein market. As consumers continue to prioritize health, ethics, and environmental sustainability, the plant-based protein market will likely continue to thrive, nearly doubling in size by 2034.

References:

[1] Grand View Research. (2021). Plant-based protein market size is expected to reach USD 30.8 billion by 2034. Retrieved from https://www.grandviewresearch.com/press-release/global-plant-based-protein-market

[2] MarketsandMarkets. (2021). Plant-based protein market is projected to grow at a CAGR of 8.7% from 2025 to 2034. Retrieved from https://www.marketsandmarkets.com/PressReleases/plant-based-protein.asp

[3] Statista. (2021). Plant-based food market growth. Retrieved from https://www.statista.com/topics/1170/plant-based-food/

[4] ResearchAndMarkets. (2021). Alternative protein ingredients market is projected to grow at a CAGR of 14.2% from 2021 to 2028. Retrieved from https://www.researchandmarkets.com/reports/5267654/alternative-protein-ingredients-market-growth

The growth of the plant-based protein market aligns with the rising trend in health-and-wellness and sustainable-living, as consumers become more conscious about their diets and environmental impact.
Investments in finance, particularly in the plant protein industry, are accelerating growth in the food-and-drink sector, with companies like Tate & Lyle PLC and Ingredion diversifying their product portfolios.
The increased demand for plant-based protein alternatives is fueling innovation in the lifestyle arena, as businesses develop clean-label, organic, and microencapsulated plant-based food products.
In the business world, real-estate investments are also being made in sustainable-living projects, as companies recognize the importance of sustainable agriculture and reducing carbon footprints.
Technology plays a crucial role in the plant-based protein market, with AI-powered processing improving protein yield and sustainability, as demonstrated by AGT's AI-powered processing systems.
Education and self-development are essential components in promoting plant-based protein consumption, as understanding the benefits of plant proteins can contribute to personal growth and lifestyle choices.
Career development opportunities exist in the plant-based food and agriculture industries, as the market expansion creates job openings for students in science, technology, and the business sectors.
Data and cloud computing increasingly support the plant-based protein market, as companies collect and analyze data to improve protein production efficiency, appeal to consumer preferences, and drive market growth.

Expanding Plant-Based Protein Market Projected to Reach US$30.8 Billion by 2034, Exhibiting a Compound Annual Growth Rate (CAGR) of 7.1%