The World Bank states that the global final consumption expenditure surged from $62.662 trillion in 2018 to $63.788 trillion in 2019. According to this organization, households and non-profit institutions serving households (NPISHs) final consumption expenditure increased from $48.472 trillion in 2018 to $49.315 trillion in 2019. The soaring consumer expenditure along with the improving living standard of people around the world and the booming demand for healthier food items will encourage the consumption of plant-based protein products, globally.

Moreover, the expanding population base of vegan people, owing to the rising intolerance toward animal protein, will help the plant-based protein market register a CAGR of 9.2% during 2020–2030. According to P&S Intelligence, the market was valued at $11,104.3 million in 2020, and it will generate $26,721.3 million revenue by 2030. For example, a majority of people in Western countries show intolerance to lactose or milk protein, as protein components of milk trigger reactions to protein fractions in whey (milk albumin) or emulsion (caseins).

Get More Insights: Plant-Based Protein Market Segmentation Analysis Report

People around the world are opting for wheat, soybean, and pea-based proteins to increase their immunity and meet the protein requirement of their bodies. In the last few years, soybean-based protein was consumed in the highest quantity due to the high fiber content of soybean, which facilitates digestion. Additionally, the high fat and protein content of soybean also augments the consumption of protein products derived from this source. These protein products are used in nutritional bars, dairy substitutes, and emulsion-type sausages, and as nutritional ingredients in pet food products, livestock feed, and agriculture products.

Nowadays, plant-based protein producers, such as AGT Food and Ingredients, Archer Daniels Midland Company, BENEO GmbH, Cargill Incorporated, Emsland Group, Ingredion Inc., Koninklijke DSM N.V., Kerry Group PLC, Roquette Frères, and Wilmar International Ltd., are involved in mergers and acquisitions to expand their presence and meet the protein needs of people. For instance, in August 2021, Cargill Incorporated announced the acquisition of Aalst Chocolate Pte. Ltd. to expand its presence in Asia-Pacific (APAC) countries by adding chocolate to its cocoa product range.