Plant-Based Protein Market Projected to Reach $20.5 Billion by 2029

The global plant-based protein market was valued at $14.3 billion in 2024 and is expected to reach $20.5 billion by 2029, exhibiting a compound annual growth rate of 7.5%. Key drivers for this expansion include increasing consumer health awareness, ethical and environmental considerations, and evolving dietary preferences.

Pea protein is emerging as the fastest-growing source within the plant-based protein market. This rise in popularity indicates a shift away from traditional sources like soy. Pea protein, derived from yellow split peas, is available in isolate, concentrate, and textured forms, with textured pea protein commonly used in plant-based meat alternatives. Major companies, including Roquette Frères and Ingredion, are actively increasing production and introducing new pea protein solutions.

The animal feed segment is also anticipated to experience significant growth within the broader plant-based protein market. As demand for animal products rises, so does the need for sustainable, high-quality plant-based protein feeds. Pea protein isolates are increasingly utilized in aquafeed, while potato proteins are incorporated into premixes to enhance agricultural yields. These trends align with a broader move toward environmentally responsible agricultural practices.

North America is expected to lead the plant-based protein market. This regional dominance is attributed to a growing base of health-conscious consumers, heightened environmental awareness, and a rising interest in plant-centric diets. Concerns about the environmental impact of livestock farming, including deforestation and emissions, are also influencing consumer choices away from animal proteins.

Strategic partnerships are also shaping the future of the market, focusing on developing novel protein sources. Archer Daniels Midland (ADM) has entered into a development agreement with Air Protein Inc. to explore the production of protein from air-based elements. This collaboration aims to leverage ADM's nutritional expertise with Air Protein's landless agriculture platform, with plans to launch a commercial-scale air protein facility.