The global plant-derived proteins market is poised for remarkable growth, with projections soaring from USD 105 million in 2022 to an impressive USD 184.3 million by 2029. This surge reflects a robust Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period, highlighting substantial opportunities within the market.
Driving this exponential growth are significant advancements in research and development, spearheaded by key global players including innovators in India, China, the United States, and the United Kingdom. These efforts underscore a burgeoning demand for plant-derived protein products, driven by consumer preference for sustainable and plant-based dietary choices.
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“As global awareness around health and sustainability grows, so does the demand for plant-derived proteins,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.). “This burgeoning market presents an exciting opportunity for businesses and investors seeking to tap into the burgeoning landscape of alternative protein sources.”
The versatility of plant-derived proteins across various industries, including food and beverage, pharmaceuticals, and cosmetics, contributes significantly to this exponential growth. Notably, consumers are increasingly seeking environmentally friendly and ethically sourced alternatives, which is propelling the adoption of plant-based proteins.
With ongoing advancements in technology and manufacturing processes, coupled with increased consumer acceptance and governmental support, the trajectory for plant-derived proteins remains notably bullish.
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)
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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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