The global plant-derived proteins market is on the brink of remarkable growth, with projections indicating a surge from USD 105 million in 2022 to an impressive USD 184.3 million by 2029. A robust Compound Annual Growth Rate (CAGR) of 8.4% over the forecast period, signifying vast opportunities for businesses and investors within the market, drives this substantial expansion.
The market’s exponential rise is fueled by significant advancements in research and development, led by key players across India, China, the United States, and the United Kingdom. These efforts highlight a growing consumer demand for sustainable, plant-based protein products as dietary preferences shift towards health-conscious and environmentally friendly choices.
Sabyasachi Ghosh, Associate Vice President at Future Market Insights, Inc., remarks, “As global awareness around health and sustainability grows, so does the demand for plant-derived proteins. This burgeoning market presents an exciting opportunity for businesses and investors seeking to tap into the rapidly expanding landscape of alternative protein sources.”
The versatility of plant-derived proteins spans across various industries, including food and beverage, pharmaceuticals, and cosmetics, contributing significantly to their rising demand. Consumers are increasingly prioritizing environmentally friendly and ethically sourced products, which is further driving the adoption of plant-based proteins as a sustainable alternative.
With continued advancements in technology and manufacturing processes, along with growing consumer acceptance and governmental support, the outlook for the plant-derived proteins market remains notably optimistic. The increasing global shift toward sustainability and ethical consumption is set to further propel this market’s growth in the coming years.
Key Takeaways: Plant-Derived Proteins Market
- The plant-derived proteins market has seen steady growth, with a CAGR of 7.6% from 2014 to 2021.
- The market is expected to reach a value of USD 184.3 million by 2029, indicating a substantial absolute dollar opportunity of USD 105 million by 2022.
- The market is anticipated to grow at a robust CAGR of 8.4% during the forecast period (2022-2029).
- The U.S. is projected to experience the fastest growth within the North American market due to advancements in plant-based biologics and rising demand for novel therapeutics.
- India is expected to be the most lucrative market in South Asia due to the increasing prevalence of diabetes and the use of plant-derived recombinant proteins like insulin.
- The U.K. market is anticipated for strong growth driven by the rising popularity of plant-derived proteins in cosmetics due to their natural and sustainable qualities.
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Competitive Landscape:
Key players in the plant-derived proteins market are focusing on adoption expansion strategies such as launching new products and gaining product approvals to enhance their competitive edge. Other companies are pursuing collaborations, mergers, and acquisitions to expand their market share.
For example,
- In April 2021, Protalix BioTherapeutics, Inc., an Israeli-based company specializing in plant-based enzyme manufacturing, announced that it had received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) for its new product pegunigalsidase alfa (PRX–102), a recombinant alpha-Galactosidase-A protein.
Key Companies Profiled:
- Amgen Inc
- Abbott Laboratories
- AstraZeneca
- Merck KGaA
- Baxter International
- Boehringer Ingelheim
- Chugai Pharmaceutical
- Diasome Pharmaceuticals
- Eli Lilly & Company
- Protalix Biotherapeutic
- F. Hoffmann-La Roche
- Generex Biotechnology
Plant Derived Proteins Market by Category:
Plant:
- Tobacco
- Rice
- Carrot
- Barley
- Others
Protein:
- Industrial Proteins& Enzymes
- Therapeutic Proteins
- Blood Proteins
- Cell Culture Functional Proteins
- Others
Platform:
- In-vitro Cell Culture Systems
- Whole Plants
- Others
Application:
- Regenerative Medicine-Therapeutic Agents
- Regenerative Medicine-Functional Material
- Cell Culture Application
- Others
End User:
- Biopharmaceutical Companies
- Academic & Research Institutes
- Contract Research Organization (CROs)
- Contract Manufacturing Organization (CMOs)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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