New York, United States –
The report published by The Brainy Insights shows that the global alternative protein market is expected to grow from USD 14.2 billion in 2021 to USD 33.75 billion by 2030, at a CAGR of 10.1% during the forecast period 2022-2030. North America emerged as the largest market for the global alternative protein market, with a 43% share of the market revenue in 2021. The increasing focus of the protein manufacturers in the region to produce protein using sustainable methods due to the rising environmental concerns is expected to drive the market’s growth. Furthermore, the increasing population of vegan people in the region also adds impetus to the market’s growth in the region. In addition, the region has also seen an improvement in the food processing industry, propelling the market’s growth.
The alternative protein market refers to the industry that focuses on the production and distribution of protein-rich food products derived from non-animal sources. It is also known as the plant-based protein market or meat substitute market. Alternative proteins are developed as alternatives to traditional animal-based proteins, addressing concerns related to sustainability, animal welfare, and public health.
Here are some key aspects of the alternative protein market:
Plant-Based Proteins: Plant-based proteins are the most common type of alternative protein. These proteins are derived from sources such as soy, pea, wheat, rice, and other legumes. They are processed and transformed into various forms, including plant-based meat substitutes, dairy alternatives, and protein powders.
Cultured Meat: Cultured meat, also known as lab-grown or cell-based meat, is another type of alternative protein. It is produced by culturing animal cells in a laboratory and has the potential to provide a more sustainable and ethical alternative to conventional meat production.
Market Growth: The alternative protein market has experienced significant growth in recent years. Factors driving this growth include increasing consumer demand for plant-based and sustainable food options, concerns about the environmental impact of animal agriculture, and advancements in food technology.
Product Range: The market offers a wide range of alternative protein products, including plant-based burgers, sausages, nuggets, milk substitutes, cheese substitutes, and protein-rich snacks. These products aim to replicate the taste, texture, and nutritional profile of animal-based proteins while offering a more sustainable and ethical choice.
Consumer Adoption: The market has witnessed a shift in consumer behavior, with more people incorporating alternative proteins into their diets. This trend is driven by various factors, including health consciousness, environmental awareness, ethical considerations, and dietary restrictions (e.g., vegan or vegetarian lifestyles).
Investment and Innovation: The alternative protein market has attracted significant investment and innovation from both established food companies and startups. This has led to the development of new products, improved formulations, and advancements in production processes, contributing to the expansion of the market.
Regulatory Landscape: As the alternative protein market grows, regulatory frameworks are evolving to ensure consumer safety and product labeling accuracy. Regulatory agencies are working to establish guidelines and standards specific to alternative proteins to ensure transparency and proper labeling.
The alternative protein market is dynamic and rapidly evolving, with ongoing research and development efforts aimed at improving taste, texture, and nutritional profiles of alternative protein products. The market’s growth is expected to continue as more consumers embrace sustainable and plant-based food options.
Leading companies in the industry include Archer Daniels Midland Company, Roquette Freres, Cargill, Incorporated, Kerry Group, Ingredion Incorporated, E.I. Dupont De Nemours and Company, Tate & Lyle Plc, Now Foods, Axiom Foods Inc., Burcon NutraScience Corporation, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The product type segment is divided into plant protein [soy, wheat, pea], insect protein [crickets, BSF], and microbial protein [algae protein, bacterial proteins]. The plant protein [soy, wheat, pea] segment dominated the market, with a market share of around 36% in 2021. The plant protein segment is growing owing to the increasing population of vegan people. Furthermore, the significant presence of plant protein manufacturers and the rising number of plant-based product launches propels the segment’s growth. The application segment is divided into food & beverages, animal feed and pet food, and nutraceuticals. Over the forecast period, the nutraceuticals segment is expected to grow at the fastest CAGR of 11.2%. The increasing consumption of nutrients-based food products owing to the presence of higher proteins propels the segment’s growth.
The alternative protein market is anticipated to be driven by the increasing awareness of a healthy diet. Furthermore, the growing adoption of vegetarianism and vegan food products adds impetus to the market’s growth. Alternative protein helps reduce the chances of adverse health effects such as diabetes, obesity, high blood pressure, and metabolic syndrome, which are being caused due to imbalance in calorie intake, driving the market’s growth during the forecast period. Furthermore, the outbreak of the Covid-19 pandemic hampered the market growth as several testing centers were put on hold to stop the spread of the disease.
Related Report:
Textured Vegetable Protein Market
The global textured vegetable protein market is expected to reach USD 2.3 Billion by 2030, at a CAGR of 7.9% from 2021 to 2030.
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