What Fueled The Previous Growth In The Alternative Protein Market?
The alternative protein market has seen considerable growth due to a variety of factors.
• The market size of alternative proteins has experienced swift expansion lately. This sector, which will be worth $85.65 billion in 2024, is projected to expand to $102.06 billion the following year with a compound annual growth rate (CAGR) of 19.2%.
The increase during the historic period can be credited to factors such as health and wellness trends, environmental issues, ethical considerations about animal welfare, cultural and religious preferences, as well as innovation and product development.
How Does the Forecast Look for the Alternative Protein Market?
The alternative protein market is expected to maintain its strong growth trajectory in upcoming years.
• The sector for alternative proteins is likely to experience a significant expansion in the coming years. The market is anticipated to reach a value of $187.95 billion by 2029, with a CAGR of 16.5%.
This expansion in the projected period can be linked to policy and regulatory assistance, increasing global population, capital inflows, evolving customer tastes, and efforts to curb climate change. Key trends during the same forecast period include diversifying protein supplies, widespread acceptance in food service, upscale product development and innovation, global market expansion and accessibility, and the enrichment and reinforcement of nutritional content.
What Are The Leading Drivers Of Growth In The Alternative Protein Market?
The growth of the alternative protein market is anticipated to be driven by the surge in demand for plant-based proteins. Plant-based proteins, which are proteins sourced from plants rather than animals, are found in numerous plant-based foods and are typically consumed by individuals adhering to vegetarian, vegan, or plant-based diets. These types of proteins are utilized in alternative protein items as replacements for traditional proteins derived from animals, providing an option that is sustainable and devoid of cruelty. Furthermore, plant-based proteins offer advantages such as less saturated fat, high fiber content, minimized ecological impact, and ethical considerations relative to proteins obtained from animals. For example, The Good Food Institute, a nonprofit organization based in the US, reported in April 2023 that the global retail sales of plant-based meat and seafood in 2022 totaled to $6.1 billion, reflecting an 8% revenue growth and a 5% increase in weight. Additionally, the combined sales of plant-based milk, cheese, and yogurt amounted to $21.6 billion worldwide, representing a 7% increase from the previous year. These factors contribute to the assertion that the rising demand for plant-based proteins is propelling the expansion of the alternative protein market.
How Are The Segments Defined Within The Global Alternative Protein Market?
The alternative protein market covered in this report is segmented –
1) By Source: Plant-Based, Insect-Based, Microbial-Based, Other Sources
2) By Form: Dry, Liquid
3) By Application: Food And Beverage, Cattle, Aquaculture, Animal Feed, Pet Food, Equine, Other Applications
Subsegments:
1) By Plant-Based: Soy Protein, Pea Protein, Wheat Protein, Other Plant Proteins
2) By Insect-Based: Crickets, Mealworms, Grasshoppers, Other Insects
3) By Microbial-Based: Fungal Proteins, Bacterial Proteins, Algal Proteins, Other Microbial Sources
4) By Other Sources: Cultured Meat, Cell-Based Proteins, Other Alternative Sources
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What Trends Are Reshaping The Future Of The Alternative Protein Market?
Leading companies in the alternative protein sector are innovating and launching new products like plant-based meats to establish a competitive advantage in their market. The term plant-based meat refers to food items that mimic the taste, texture, and nutritional elements of conventional animal meat, though made completely from plant materials. In January 2023, for example, food technology firm Final Foods Inc., based in the US, debuted a range of plant-based meats specifically aimed at gourmet chefs and the food service industry. This revolutionary line includes protein-rich vegan alternatives available in slices and large pieces, offering culinary flexibility for grilling, stewing, sautéing, and stir-frying. Using a distinctive extrusion cooking technique with pea protein and natural components, Final Foods' vegan meat is dedicated to emulating the flavor of animal meat while presenting a more organic and innovative option for chefs. Crucially, the company is forging a path with a sustainable production method, employing micro-manufacturing facilities to cater to local markets.
Who Are the Key Players In The Alternative Protein Market?
Major companies operating in the alternative protein market are:
• Cargill Incorporated
• Archer-Daniels-Midland Company
• CHS Inc.
• International Flavors & Fragrances Inc.
• Kerry Group plc
• Ingredion Incorporated
• DIC Corporation
• Glanbia Plc
• Roquette Freres SA
• Tate & Lyle Plc
• Corbion NV
• Now Health Group Inc.
• Farbest Farms Inc.
• Ynsect SAS
• BENEO GmbH
• Cyanotech Corporation
• MycoTechnology Inc.
• Enterra Feed Corporation
• Sotexpro
• Axiom Foods Inc.
• Protix B.V.
• EnviroFlight LLC
• Entomo Farms
• Aspire Food Group
• Pond Technologies Holdings Inc.
What Is The Most Dominant Region In The Alternative Protein Market?
North America was the largest region in the alternative protein market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the alternative protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
