The Alternative Protein Market size was USD 15.6 Billion in 2022 and is anticipated to reach USD 45.8 Billion in 2032, growing at a rate of 11.4% from 2023 to 2032.
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Alternative protein is a term used to describe protein sources that are not derived from animals. The term is often used in the context of plant-based diets, as well as in the context of meat production. Some of the most common alternative protein sources include soy, nuts, and legumes. Alternative protein sources are often lauded for their environmental and health benefits, as well as for their ethical implications.
Key Trends
The global alternative protein market is expected to grow at a CAGR of 14.6% from 2019 to reach USD 44.6 billion by 2025. The growing demand for plant-based meat alternatives is the major driver for the growth of the alternative protein market. The rising awareness about the health benefits associated with alternative proteins and the need for sustainable food production are the other key factors driving the market growth.
The key trends in alternative protein technology are:
- The increasing demand for plant-based meat alternatives
- The growing awareness about the health benefits associated with alternative proteins
- The need for sustainable food production
- The increasing investment in alternative protein research and development
- The increasing number of startups in the alternative protein space
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Key Drivers
Some of the key drivers of the alternative protein market are the increasing awareness about the health benefits of plant-based proteins, the need for sustainable and environmentally friendly protein sources, and the growing demand for protein-rich foods.
The health benefits of plant-based proteins have been well-documented and are one of the main reasons why people are choosing to consume more of these proteins. Plant-based proteins are generally lower in calories and fat than animal-based proteins, and they are also a good source of fiber and other nutrients.
The need for sustainable and environmentally friendly protein sources is another key driver of the alternative protein market. Animal agriculture is a major contributor to greenhouse gas emissions, and it requires a large amount of land and water to produce meat, dairy, and eggs. Plant-based proteins are a more sustainable and efficient way to meet the world’s protein needs.
The growing demand for protein-rich foods is also driving the growth of the alternative protein market. Protein is essential for muscle growth and development, and it is also a key component of a healthy diet. As people become more health-conscious, they are looking for foods that are high in protein and low in fat and calories. Plant-based proteins can help people meet their protein needs without consuming excessive amounts of fat and calories.
Restraints & Challenges
Some of the key restraints and challenges in the Alternative Protein market include:
- High cost: Alternative proteins are often more expensive than traditional animal-based proteins. This can be a barrier for many consumers, especially in developing countries where incomes are lower.
- Limited availability: Alternative proteins are not always widely available, especially in more rural areas. This can make it difficult for people to access these products.
- Unfamiliarity: Some consumers may be unfamiliar with alternative proteins and how to cook with them. This can be a challenge in terms of education and awareness-raising.
- Perceptions of quality: Some consumers may perceive alternative proteins to be of lower quality than animal-based proteins. This is a challenge in terms of marketing and perception-changing.
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Market Segmentation
The report analyses the protein market based on application, source and region. Based on source it is segmented into plant protein, mycoprotein, algal protein, and insect protein. Based on the application, the market is segmented into food and beverage, dietary supplements, animal feed, and pet food, personal care and cosmetics. Based on the region it is bifurcated into North America, South America, Europe, Asia Pacific, and Rest of the world.
Key Players
The Alternative Protein Market report includes players such as Archer Daniels Midland Company, CHS Inc, Deep Branch Biotechnology, Du Pont De Nemours and Company, Darling Ingredients, Angel Yeast, Sojaprotein, Evershining Ingredients Company, Roquette Freres and AGT Food & Ingredients, among others.
Alternative Protein Market Segmentation
By Application
- Cereals & Snacks
- Diary
- Beverages
- Meat analogs
By Source
- Plant Protein
- Insect Protein
- Mycoprotein
- Algal Protein
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