Alternative Protein Market Market is expected to grow with a CAGR of 16.90% from 2022 to 2028
Alternative proteins are food-technology and plant-based alternatives in place of animal protein. These alternatives include food products which are made from plants (like, legumes, grains, and nuts), algae, insects, fungus (mushrooms), and cultured meat (lab-grown).
This market is driven majorly by factors such as increasing venture investments in substitute protein companies, growing urbanization, high nutritional value with respect to edible insects, innovation in food technology, and environmental sustainability with consumption & production of alternative protein. Additionally, rising shift towards a vegan diet and new product launches further helps this market to grow. However, huge cost with respect to alternative proteins and substantial preference for products which are animal-based hinders this growth of the market to some extent. However, rising gluten-free and soy-free trend poses a threat to the Alternative Protein Market Market globally.
COVID-19 is providing a surprising boost in the Alternative Protein Market Market. Although this virus is not related to animals, the pandemic expanded widespread attention which has been given to viral infections with respect to zoonotic —the risk of which can be related with livestock. A diet which is alternative protein-based can help reduce the side effects of the virus as there is existence of an abundance of micronutrients, antioxidants, and macronutrients. From a distributing and manufacturing point of view, this sector has faced an exceptional demand from consumers and manufacturers, particularly for some goods such as plant-based milk and meat analog. Alternative proteins are created with less reliance on labor, which is relatively labor-intensive, as it makes them less prone to scarcity of staffing than red meat.
North America is the largest market. The region is likely to maintain its lead in the coming years. It is attributed primarily to animal feed industry & deep-rooted food, increasing tensions over animal protein and products, rising preference to meat alternatives, rising vegan population, expanded investments in protein alternative items, technological advancement in the food sector, and rising demand for nutritional & healthy products.
Edible insect protein-based products segment is anticipated to grow a significant CAGR for Alternative Protein Market Market. The swift growth of Alternative Protein Market Market is attributed mainly to the increasing acceptance of insect protein, high nutritional value of insects, environmental sustainability with the consumption and production of insects, and riing demand for novel food products.
Some of the prominent players operating in the Global Alternative Protein Market Market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres (France), Ingredion Incorporated (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), Now Foods (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Beneo GmbH (Germany), Glanbia Plc (Ireland), Sotexpro (France), CHS Inc (U.S.), AgriProtein (South Africa), Ynsect (France), and Enterra Feed Corporation (Canada).
Browse the full Report - Alternative Protein Market Size, Share & Trends Analysis Report by Source (Plant-based, Insect-based, Microbial-based), by Application (Meat analogs, Dairy alternatives, Cereals & snacks, Beverages), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)