North America Plant-based Protein Market to be Worth $11.32 Billion by 2030
Added: (Mon Nov 20 2023)
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Meticulous Research®—a leading global market research company, published a research report titled, ‘North America Plant-based Protein Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins), Crop Type (Non-GMO, GMO), Source Process (Conventional, Organic), and Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the North America plant-based protein market is expected to grow at a CAGR of 9.7% from 2023 to 2030 to reach $11.32 billion by 2030. The growth of this market is attributed to the growing demand for a protein-rich diet, rising consumer awareness regarding nutritional benefits offered by plant-based proteins, growing demand from food & beverage manufacturers, and advancement in ingredient technologies: microencapsulation. Additionally, increasing inclination towards a vegan diet and increasing intolerance for animal proteins offer significant growth opportunities for North America plant-based protein vendors. However, a significant preference for animal-based proteins and fluctuating raw material prices restrain the plant-based protein market growth.
Key Players
The key players operating in the North America plant-based protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances Inc. (U.S.), Tate & Lyle PLC (U.K.), Axiom Foods Inc. (U.S.), Glanbia, Plc. (Ireland), The Scoular Company (U.S.), Now Foods (U.S.), AMCO Protein (U.S.), Burcon NutraScience Corporation (Canada), Farbest Brands (U.S.), and CHS Inc. (U.S.).
The North America plant-based protein market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented based on type, crop type, source process, form, application, and country.
Based on type, the North America plant-based protein market is segmented into soy protein, wheat protein, pea protein, canola protein, potato protein, rice protein, corn protein, and other types of protein. In 2023, the soy protein segment is expected to account for the largest share of the North America plant-based protein market. The large market share of this segment is attributed to increased demand from food and beverage manufacturers, higher consumer acceptance levels, lower cost than other types of proteins, and immense availability and functionality. However, the pea protein segment is expected to register the highest CAGR during the forecast period due to its nutritional benefits and allergen-free, gluten-free, and lactose-free properties.
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Based on crop type, the North America plant-based protein market is segmented into non-genetically modified and genetically modified organism crops. In 2023, the non-genetically modified organism crops segment is expected to account for the largest share of the North America plant-based protein market. The large market share of this segment is attributed to increased awareness about the harmful effects of genetically modified crops and the increased trend of clean-label products. Non-GMO crops help preserve the natural genetic diversity of plant species. This genetic diversity is essential for breeding new varieties adapted to changing environmental conditions and evolving challenges.
Based on source process, the North America plant-based protein market is segmented into conventional and organic plant-based protein ingredients. In 2023, the conventional plant-based protein ingredients segment is expected to account for the largest share of the North America plant-based protein market. The large market share of this segment is attributed to lower prices than organic protein ingredients, longer shelf life, and availability of substantial crop varieties. These plant-based protein ingredients can be used in various culinary applications to create nutritious meals. They are also commonly used in formulating plant-based protein products, catering to the growing demand for vegetarian and vegan dietary options. However, the organic plant-based protein ingredients segment is expected to grow at the fastest CAGR during the forecast period.
Based on form, the North America plant-based protein market is segmented into solid (dry) and liquid. In 2023, the solid (dry) segment is expected to account for the largest share of the North America plant-based protein market. However, the liquid segment is expected to register the highest CAGR during the forecast period due to its improved shelf life, natural and fresh appeal, and versatility for various applications.
Based on application, the North America plant-based protein market is segmented into food and beverages, animal feed, nutrition & health supplements, pharmaceuticals, and other applications. In 2023, the food and beverages segment is expected to account for the largest share of the North America plant-based protein market. The large market share of this segment is attributed to high consumer demand for sustainable food products, growing awareness about the health benefits of plant proteins, increased health concerns over animal products and ingredients, increasing new product launches of plant-based products, increasing vegan population, rising meat prices, and clean label trend.
Based on country, in 2023, the U.S. is expected to account for the largest share of the North America plant-based protein market. This country’s major market share is attributed to the well-established food and beverage sector, strong economic growth, increased consumption of meat products, increasing vegan population, growing demand for plant-based food, high focus on health & wellness, and improved research and development within the food sector.
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Key questions answered in the report:
• Which are the high-growth market segments in terms of type, crop type, source process, form, application, and country?
• What is the historical market for plant-based proteins across North America?
• What are the market forecasts and estimates for the period of 2023 to 2030?
• What are the major drivers, restraints, challenges, opportunities, and trends in the North America plant-based protein market?
• How is the competitive landscape?
• What are the recent developments in the North America plant-based protein market?
• What are the different growth strategies adopted by the major players in the market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the North America plant-based protein market, and how do they compete with other players?
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The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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