Expanded Plant-Based Protein Industry Forecasted to Reach a Value of $30.8 Billion by 2034, Growing at a Compound Annual Growth Rate (CAGR) of 7.1%
Plant-Based Protein Market Soars as Demand Surges and Innovations Abound
The global plant-based protein market is experiencing significant growth, with projections suggesting that it could double or even triple in size by 2034. This expansion is driven by a variety of factors, including rising consumer interest in health, ethics, and sustainability.
Leading the charge are companies like AGT Food and Ingredients, Ingredion, Tate & Lyle PLC, and Glanbia, which have launched a range of high-quality plant-based protein ingredients for various applications. AGT Food and Ingredients, for example, has introduced high-fiber pea protein ingredients for functional foods, while Ingredion has launched Vitessence Pulse 1803, a high-purity pea protein for meat and dairy alternatives. Tate & Lyle PLC has expanded its plant-based protein portfolio with Tate & Lyle Protex, a textured pea protein for meat alternatives, and Glanbia has invested in plant-based cheese alternatives through its joint venture, Levanta.
The demand for plant-based proteins is particularly strong in North America, where it reached USD 7.1 billion in value in 2024. This region is expected to continue leading the market, thanks to its significant consumer base and innovation.
Isolates, which excel in applications like protein shakes, bars, dairy alternatives, and meal replacements due to their ability to replicate animal-based protein functionality, dominate the By Form segment of the market. They account for a 48.4% share, thanks to their high protein content, neutral flavor, high digestibility, and excellent solubility. Functional foods, such as meal replacements and supplements, account for a 35.7% share of the By Application segment.
Soy, with its widespread availability and versatility in applications, continues to lead the By Source segment, capturing a 32.2% share in 2024. However, companies are diversifying their portfolios by investing in fava bean and chickpea protein production, aiming to offer consumers more choices.
The global plant-based protein market is projected to reach USD 30.8 billion by 2034, growing at a CAGR of 7.1% from 2025 to 2034. This growth is expected to be supported by technological innovation and expanding consumer adoption across global regions.
The market for plant-based protein supplements is also expected to grow, with estimates suggesting that it could reach USD 10.17 billion by 2032, driven largely by consumer interest in the health and sustainability benefits of plant-based nutrition.
In summary, the plant-based protein market is set for strong, sustained growth, driven by health, ethical, and environmental factors, with the market size expected to double or more by 2034, supported by technological innovation and expanding consumer adoption across global regions. Companies are responding to this demand by launching innovative products and expanding their portfolios, offering consumers more choices and driving the market forward.
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