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Alternative Protein Market - By Source (Plant-Based, Insect-Based, Microbial-Based), Application (Food Beverages, Animal Feed), Regional Insights & Forecast, 2023-2030

Report ID: FBI 1009

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Published Date: Jul-2023

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Format : PDF, Excel

Market Outlook:

Alternative Protein Market size surpassed USD 83.1 Billion in 2022 and is poised to reach USD 158.4 Billion, growing at over 5.1% CAGR between 2023 and 2030.

Base Year Value (2022)

USD 83.1 Billion

18-23 x.x %
24-33 x.x %

CAGR (2023 - 2030)

5.1%

18-23 x.x %
24-33 x.x %

Forecast Year Value (2030)

USD 158.4 Billion

18-23 x.x %
24-33 x.x %
Alternative Protein Market

Historical Data Period

2018 - 2021

Alternative Protein Market

Largest Region

North America

Alternative Protein Market

Forecast Period

2023 - 2030

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Market Dynamics:

Growth Drivers & Opportunities:

Rising Consumer Demand: Growing health and environmental awareness among consumers has led to a surge in demand for alternative protein sources. Concerns regarding the negative environmental impact of animal agriculture and the health risks associated with excessive meat consumption have driven consumers to explore protein options derived from plants, insects, algae, and other sources.

Technological Advancements: Continuous advancements in food production technology, such as cellular agriculture and precision fermentation, have led to the development of innovative alternative protein products. These technologies enable the production of protein-rich foods with attributes similar to traditional animal-derived products, meeting the growing demand for sustainable and ethical protein sources.

Health and Wellness Trends: An increasing number of individuals are adopting plant-based or flexitarian diets to improve their overall health and reduce the risk of chronic diseases. This trend has opened up opportunities for alternative protein manufacturers to cater to these health-conscious consumers, offering protein-rich plant-based alternatives that provide the nutritional benefits of animal protein without the associated drawbacks.

 

Industry Restraints & Challenges:

Report Scope

Report CoverageDetails
Segments CoveredSource, Application & Regions
Regions Covered•North America (United States, Canada, Mexico), • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC), • Latin America (Argentina, Brazil, Rest of South America), • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledHamlet Protein, Archer Daniel Midland Company, Puris, Axiom Foods, Darling Ingredients, Innovafeed, Lallemand Inc, AB Mauri, Soja Protein, Ingredion, Cargill Incorporation, Royal DSM NV, AMCO Proteins, Ynsect, Angel Yeast, and Calysta Inc.

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High Production Costs: The production of alternative protein products often requires highly complex and costly processes. This has been a significant challenge for manufacturers, as higher production costs can impact the affordability and accessibility of alternative protein products. However, technological advancements and economies of scale are expected to gradually bring down production costs, making alternative proteins more accessible to a wider consumer base.

Formulation and Taste Challenges: Developing alternative protein products that closely mimic the taste, texture, and sensory experience of traditional animal-based products has been a key challenge for manufacturers. Taste preference is deeply rooted in consumer behavior and creating products that can cater to consumer expectations remains a constant challenge within the alternative protein industry. Nonetheless, continued research and investment in product development have resulted in significant improvements over time.

Regulatory Hurdles: Alternative protein manufacturers face regulatory challenges that can vary from country to country. In some regions, there may be limitations on the use of certain ingredients or production methods. Overcoming these regulatory hurdles and establishing clear guidelines and standards for alternative protein products is crucial for the industry's continued growth and consumer acceptance.

In conclusion, the alternative protein market is witnessing remarkable growth due to factors such as rising consumer demand, technological advancements, and increasing health consciousness. Despite challenges revolving around production costs, taste formulation, and regulations, the market is expected to flourish as manufacturers continue to innovate and improve alternative protein products.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Alternative Protein Market
Alternative Protein Market

Regional Forecast:

The alternative protein market has been witnessing significant growth globally, with North America, Asia Pacific, and Europe leading the way in terms of market adoption and revenue. These regions are projected to continue their dominance in the coming years, driven by various factors such as increasing health consciousness, rising demand for plant-based diets, and growing concerns over animal welfare and environmental sustainability.

North America:

North America holds a prominent share in the alternative protein market due to the high demand for plant-based protein products. The region has witnessed a surge in the number of vegan and vegetarian consumers, driving the market for alternative protein sources. Additionally, the presence of major market players and the development of innovative products and technologies further contribute to the market's growth in this region.

Asia Pacific:

The Asia Pacific region is expected to showcase substantial growth in the alternative protein market. Factors such as the increasing population, rising disposable income, and changing consumer preferences towards sustainable food options are driving the demand for alternative protein sources in this region. Moreover, countries like China and India have a significant vegetarian population base, providing lucrative growth opportunities for market players operating in the alternative protein industry.

Europe:

Europe is another key market for alternative protein, driven by the increasing popularity of plant-based diets, stringent government regulations supporting sustainable food production, and rising environmental awareness among consumers. The region has witnessed a growing number of vegan and flexitarian consumers, seeking alternatives to traditional meat and dairy products. This has created a favorable environment for market players to introduce a wide range of alternative protein products, boosting market growth in Europe.

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Segmentation Analysis:

Plant-based Proteins:

Plant-based proteins are one of the major segments within the alternative protein market. This segment includes protein derived from sources such as soy, pea, wheat, and others. Among these sub-segments, soy-based proteins hold a prominent share in the market due to their high nutritional value and versatile application in various food products. Soy-based proteins are widely used in the manufacturing of meat substitutes, dairy alternatives, and sports nutrition products, making them a popular choice among consumers.

Cell-based Meat:

Cell-based meat, also known as cultured meat or lab-grown meat, is a rapidly emerging segment in the alternative protein market. This involves growing real animal cells in a laboratory setting, eliminating the need for traditional livestock farming. Cell-based meat provides a sustainable and animal-friendly solution to meet the growing demand for meat. It has the potential to revolutionize the meat industry by offering a more environmentally friendly and resource-efficient alternative to conventional meat.

Insect Protein:

Insect protein is another intriguing segment within the alternative protein market. Insects, such as crickets, mealworms, and black soldier flies, are rich sources of protein and have a significantly lower environmental footprint compared to traditional livestock. This segment is gaining traction due to the increasing acceptance of entomophagy (insect consumption) and the rising interest in sustainable protein sources. Insect protein is being utilized in various food products such as energy bars, snacks, and pet food, presenting a promising market opportunity.

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Competitive Landscape:

The alternative protein market is highly competitive, with numerous global and regional players striving to capitalize on the growing demand for sustainable and plant-based protein products. Prominent market players in the industry include:

1. Beyond Meat Inc.

2. Impossible Foods Inc.

3. Archer Daniels Midland Company

4. Tyson Foods Inc.

5. Cargill, Incorporated

6. Roquette Frères

7. Ingredion Incorporated

These companies are actively involved in product development, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market. The intense competition among market players is leading to innovations and advancements in alternative protein technologies, benefiting consumers with a wider range of sustainable protein options.

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Alternative Protein Market - By Source (Plant-Base...

RD Code : 24