Alternative Protein Market

Market Synopsys:

Global Alternative Protein market is valued at 49.70 USD Million in 2021 and is projected to reach a value of 126.84 USD Million by 2028 at a CAGR of 10.00% over the forecast period. The climatic changes and increasing environmental issues such as carbon emission and global warming have led customers to approach sustainable food options during the forecast period. Increasing consumers' focus on personal health, increasing awareness about the effect of commercial meat production on the environment, and increasing concerns about animal welfare should speed up the demand for meat analogs and thus is driving the growth of the Alternative Protein market during the forecast period. Furthermore, the adoption of a vegetarian diet is increasing globally due to the rising health incidences such as diabetes, cancer, and other health-related issues which is thus decreasing the consumption and demand for animal protein and increasing the demand for substitute products like meat analogs, which will increase the requirement for Alternative Protein products in the upcoming years. The growth in the adoption of plant-based food and beverages among health-conscious people will provide a huge opportunity for the growth of the Alternative Protein market in the upcoming years. The rapid growth in urbanization, various innovations in food technology, high nutrition value of edible insects, and growth in the venture investments in the Alternative Protein industries are the major factors driving the growth of the Alternative Protein market in the upcoming years.

Market Segmentation:

The Alternative Protein market is segmented on the basis of source, and application. Based on the source the market is segmented as Plant-based, Insect-based, and Microbial-based. By application, the market is segmented as Meat analogs, Bakery, Dairy alternatives, Cereals & Snacks, Beverages, and Others.

Plant-based sources segment is expected to hold the largest market share during the forecast period

The plant-based source segment of the Alternative Protein market is projected to acquire the largest market share during the forecast period. The increasing prevalence of lifestyle and chronic disorders owing to unhealthy diets has led to shift the consumers towards plant-based or vegan food diets in order to maintain a healthy lifestyle and thus boosting the demand for plant-based Alternative Protein during the forecast period. The intolerance of animal protein and the rising prevalence of lactose intolerance have generated an increase in the number of vegan populations which is expected to rise the demand for plant-based Alternative Protein products in the years to come.

The meat analog segment is expected to grow at the highest CAGR during the forecast period

The meat-analog application sector of the Alternative Protein market is projected to grow at the highest CAGR during the forecast period. The factors such as growth in the risk of animal-borne diseases related to meat products and the increasing concerns of health disorders owing to high consumption of meat and meat products have shifted the heath-conscious consumers towards meat analog and thus driving the demand for Alternative Protein in the years to come. Moreover, the demand for meat-analog has increased from the last few years owing to the rising demand from large-scale food joints, and the foodservice sector which is driving the demand for the meat analog sector in the Alternative Protein market during the forecast period.

North America is estimated to hold the largest share of the Alternative Protein market

The valuable position of North America in the Alternative Protein market is mainly attributed to the animal feed industry and deep-rooted food which is increasing the demand for Alternative Protein in the North American region. The rising concerns over animal products and protein, growth in the preference for meat alternatives, and increasing vegan population are also the prime factors boosting the growth in the Alternative Protein market during the forecast period. The increasing investments in protein alternative products, technological advancement in the food industry, and growth in the demand for healthy and nutritional products are expected to drive the demand for Alternative Protein in different regions in the upcoming years.

Competitive Landscape

The global Alternative Protein market is fragmented in nature due to the presence of major players in the Alternative Protein market during the forecast period. Prime players in the market apply different strategies for the growth of Alternative Protein market in different sectors such as Meat analogs, Bakery, Dairy alternatives, Cereals & Snacks, and Beverages. Some major key players in the Alternative Protein 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)

Alternative Protein Market is segmented as follows:

Alternative Protein Market is tabulated as follows: