The plant-based protein market is estimated to be valued at USD 10.3 billion in 2020 and is projected to reach USD 15.6 billion by 2026, recording a CAGR of 7.2 %, in terms of value. Some of the major factors driving the growth of the plant-based protein market include growing demand in the food industry, increasing demand for pea-based protein, and the opportunity to expand in the high growth potential markets.

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The food segment is projected to dominate the plant-based protein market, by application, in terms of value, due to their extensive use in human nutrition. Plant-based protein is incorporated in food to add nutritional value to various food products. Different product sources are developed into types such as isolates, concentrates, and even textured proteins, which can be utilized in different types of plant-based foods, including dairy and meat alternatives, ready meals, confectionery, and other food types.

The Asia Pacific region is projected to record the highest growth during the forecast period. The rising vegan food consumption has led to an increased demand for plant-based food. The feed sector is also growing in countries such as China, India, and Japan, which aids the growth of the plant-based market in the region. Some of the leading players operating in the region include Herblink Biotech Corporation (China) and ET Chem (China). Apart from regional manufacturers, major foreign players such as Cargill (US), DSM (The Netherlands), and ADM (US) have established their production and research & development facilities in countries in the Asia Pacific region.