FMI: The Global Potato Protein Market to Reach USD300m by 2033

According to FMI, the global potato protein market is expected to grow at a 7.6% CAGR between 2023 and 2033. The industry's worth is expected to expand from USD144m in 2023 to USD300m by the end of 2033.

The surge in demand for clean-label products as a result of growing concerns about the severity of climate change is driving up demand for vegetable proteins. As a result, potato protein is increasingly being used in a variety of vegetarian goods.

“Moreover, the expanding vegan population, particularly in countries like Canada and the U.K., among others, is fueling the demand for food products consisting of plant-based protein. This new trend is projected to witness an overwhelming response due to the rising demand for potato protein in the thriving vegan industry,” FMI experts wrote in one of their reports.

The industry is expected to grow due to the start of many research efforts. These operations aim to increase the operational efficiency and cost-effectiveness of the potato protein extraction process. The potential use of potato protein to protect against cancer cells is expected to increase demand for potato protein. The adoption of breakthrough technologies to reduce potato waste while creating potato protein is expected to boost the market in the future years.

The U.S. is estimated to dominate the potato protein market over the forecast period. By 2033, the market is projected to attain USD106.3m. The growth rate assumed by the U.S. market is likely to record a 4% CAGR.

China is likely to have a large presence in the Asia-Pacific potato protein industry. The regional market is expected to reach USD21.5m by 2033, representing a 7% CAGR from 2023 to 2033.

Japan, another key market in the region, is assessed to reach a market valuation of USD17.6m by 2033. The Japan potato protein industry is projected to expand at a CAGR of 6.1% over the forecast period.