The new report by Expert Market Research titled, ‘Global Protein Alternatives Market Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global protein alternatives market, assessing the market based on its segments like major sources, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.8%
The increased need for plant-based proteins such as soy, lentils, beans, and wheat, among others, in North America makes it an important regional market for the worldwide protein alternatives business. Furthermore, the protein alternatives business in North America is at an all-time high due to a huge increase in the vegan population, as well as an increase in demand for healthy and nutritional products and weight control.
The Asia Pacific region is predicted to develop in the coming years as people begin to include more protein in their daily diets. People have become more health-conscious, and businesses have begun to educate customers about the benefits of alternative proteins through programmes and advertisements. In the Asia Pacific area, these reasons have boosted the expansion of the protein alternatives sector. The market’s expansion has also been assisted by rising technology advancements in the food and beverage industry.
The COVID-19 pandemic has presented the protein alternatives business with substantial expansion potential. Coronavirus sickness has been discovered to have a significant influence on patients who have underlying health disorders such as diabetes, hypertension, or heart disease. Protein alternatives have an abundance of macronutrients, micronutrients, and antioxidants, which can help to minimise the impact of such comorbidities. Despite the fact that COVID-19 had no effect on animals, the pandemic raised awareness of viral illnesses in livestock, resulting in a heightened demand for protein substitutes. Despite the initial supply chain interruptions, such considerations kept the protein alternatives sector viable during the epidemic.
Protein Alternatives Industry Definition and Major Segments
Non-meat and non-dairy proteins are protein substitutes. They include anything from algae to re-engineered plant-based legumes, as well as lab-grown meat, plant-based meat, single-cell proteins from yeast or algae, and edible insects as meat alternatives. Without sacrificing taste, these alternative proteins emphasise better eating and a smaller environmental footprint.
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The major sources of protein alternatives are as follow:
- Plant Protein
- Soy Protein
- Wheat Protein
- Pea Protein
- Algal Protein
- Insect Protein
The market can be broadly categorised on the basis of its application into:
- Food and Beverage
- Dietary Supplements
- Animal Feed and Pet Food
- Personal Care and Cosmetics
The EMR report looks into the regional markets of protein alternatives like:
- North America
- the Asia Pacific
- Latin America
- the Middle East and Africa
Protein Alternatives Market Trends
Because of the rapid movement in consumer preferences from animal protein to plant protein, the protein alternatives business is experiencing strong growth. Sustainability concerns, health awareness, ethical or religious beliefs, and environmental and animal rights are all contributing to this growing preference for a plant-based diet. Amino acids found in meat and dairy-based products have been linked to health problems such as excessive cholesterol levels, prompting customers to seek out protein alternatives. Such elements have assisted the market’s expansion over history.
Growing urbanisation with a new customer base, food technology innovation, increasing venture capital investments in alternative protein companies, environmental concerns about animal protein consumption, the high nutritional value of edible insects, and a growing inclination toward a vegan diet are some of the factors driving the growth of the protein alternatives industry. The high cost of alternative proteins, on the other hand, may stifle the industry’s expansion.
Key Market Players
The major players in the market are xxx, Archer Daniels Midland Company, Cargill Incorporated, Glanbia PLC, Ingredion Incorporated, DuPont de Nemours Inc, and Kerry Group. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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