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Global Plant-Based Protein Market Projected to Surge to $23.82 Billion by 2033, Growing at a 5.4% CAGR

World 20.05.2024
Source: The DairyNews
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The global plant-based protein market is poised for significant growth, projected to expand from USD 14.08 billion in 2023 to approximately USD 23.82 billion by 2033, advancing at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2033. This forecast is based on a comprehensive market research study by Custom Market Insights.
Global Plant-Based Protein Market Projected to Surge to $23.82 Billion by 2033, Growing at a 5.4% CAGR
The analysis highlights the progressive increase in market size, with an expected rise to USD 14.84 billion in 2024, underscoring the growing consumer shift towards plant-based nutrition. The sector's expansion is driven by increasing health awareness, dietary changes, and sustainability concerns among consumers globally.

Leading contributors to the market include well-established companies like ADM, AGT Food & Ingredients Inc., AMCO Proteins, Aminola, Archer Daniels Midland Co., and several others. These companies are recognized for their innovative approaches to enhancing plant protein offerings, contributing to robust market dynamics.

Key players such as Australian Plant Proteins Pty Ltd, Axiom Foods Inc., BENEO GmbH, and Burcon Nutrascience Corporation are also noted for their strategic initiatives and expansion efforts, which are instrumental in driving forward the plant-based protein industry.

The report also mentions major industry participants like Cargill Incorporation, CHS Inc., and Corbion Tate & Lyle Plc., highlighting their significant roles in developing and marketing plant-based protein products that cater to the evolving consumer preferences and nutritional needs.

This upward trend in the plant-based protein market underscores the shifting dietary landscape and the growing consumer inclination towards plant-based diets, propelled by both health considerations and environmental impacts.