In terms of revenue, the Global Alternative Protein Market is expected to reach 126.84 USD Million by 2028, growing at a CAGR of 16.70% from 2022 to 2028. Growing venture investments in alternative protein companies along with the increasing burden on R&D concerning global food supply owing to rising population are the driving factors for Alternative Protein Market.
- Under the source segment, the plant-based sub-segment is anticipated to dominate the segment for Alternative Protein Market and grow at a substantial CAGR. The growth is attributed to the shifting of consumers to plant-based or vegan food diets to maintain a healthy lifestyle.
- Meat analogs sub-segment held a market significant share in 2021 for the application segment for Alternative Protein Market. The growth is attributed to growing risks of animal-borne diseases associated with meat products.
- North America is the largest regional segment. This is due to the presence of major players in the region. Additionally, the increasing spending of consumers on healthy and protein-fortified products is further fueling the market growth in the region.
Some of key players in Alternative Protein Market include, 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).
The population around the globe is being observed to be more inclined towards health consciousness. The rising incidences of chronic conditions such as obesity and joint pain are attracting both people of all age groups to follow a regular health and fitness regime, enabling them to remain healthy and active. People are consuming foodstuffs that promise low-fat and low-calorie content. Popular snacks which contain high calories like potato chips, noodles, carbonated cold drinks, chocolates, ice-creams and the like are being discarded and are substituted by healthier foods. Increasing sporting activities by consumers to remain physically fit has led to a proliferation of fitness centers, health clubs, and online fitness classes which strictly focus on diet, thereby opening up the market for alternative protein. Additionally, the shift of consumers to plant-based or vegan food diets to maintain a healthy lifestyle is further fueling market growth.
North America is expected to emerge as potential market for Alternative Protein Market. The market growth in the region is attributed to factors such as the presence of major players in the region. However, Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) owing to increasing protein-rich diet awareness, increasing health consciousness, and growing technological advancements in the food & beverages industry along with the large base of consumers.