Alternative Protein Market by Source (Insect Protein, Microbial Protein, Plant Protein), Application (Animal Feed, Food, Nutraceuticals) - Global Forecast 2024-2030

Alternative Protein Market by Source (Insect Protein, Microbial Protein, Plant Protein), Application (Animal Feed, Food, Nutraceuticals) - Global Forecast 2024-2030

The Alternative Protein Market size was estimated at USD 6.07 billion in 2023 and expected to reach USD 6.53 billion in 2024, at a CAGR 7.92% to reach USD 10.36 billion by 2030.

Alternative proteins are food sources used as substitutes for conventional animal protein. These include plant-based proteins, cultured meat, also known as lab-grown or cell-based meat, edible insects, and microbial proteins such as algae and fungi. Alternative protein products have been developed to duplicate traditional animal-based products' texture, taste, and nutritional profile. Changing consumer attitudes and preferences toward meat-free diets creates demand for alternative proteins. In addition, growing health consciousness among consumers worldwide is another critical factor driving the alternative protein market. Many individuals are reducing their intake of animal proteins due to concerns over cholesterol, saturated fats, and the risk of diseases linked to red and processed meats. However, the high cost associated with the alternative protein is a significant challenge the manufacturers face. Companies are constantly focusing on R&D activities to introduce novel and cost-effective alternative proteins for consumers. Moreover, advancements in food technology have been instrumental in the development and popularity of alternative proteins. Techniques such as precision fermentation and cellular agriculture are revolutionizing the field, making it possible to produce proteins that closely mimic animal meat's taste, texture, and nutritional profile.

Regional Insights

The Americas, especially the United States and Canada, are significant markets for alternative proteins, characterized by high consumer awareness, willingness to adopt new food innovations, and substantial investment flows. The United States presents a considerable market for alternative protein with a robust startup ecosystem, heavy investment in plant- and cell-based technologies, and a wide range of products available to consumers. On the other hand, Canada's alternative protein market is growing, driven by health and environmental consciousness among consumers, and supported by government funding for research in sustainable food technologies. The EMEA region exhibits diverse consumer behaviors and market maturity levels regarding alternative proteins, with the European Union (EU) witnessing major regulations and product offerings. EU consumers are highly aware of the environmental and health implications of their dietary choices, driving demand for plant-based and lab-grown meat. Recent investments have focused on improving product quality and expanding the range of alternatives available. Moreover, the Asia Pacific region represents a burgeoning and highly dynamic market for alternative meat products, propelled by a growing demographic of environmentally conscious consumers, rising concerns about animal welfare, and increasing awareness of the health benefits associated with plant-based diets. This market has witnessed substantial investment and innovation, expanding the variety and availability of alternative meat products.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Alternative Protein Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing inclination towards veganism worldwide
• Growing demand for healthy and nutritious food options
• Rising influence from celebrities and social media platforms to adopt meat-free products

Market Restraints

• High cost associated with the development of alternative proteins

Market Opportunities

• Continuous innovation in enhancing the taste, texture, and overall sensory experience of alternative protein products
• High potential for plant-based proteins and cultured meat

Market Challenges

• Regulatory hurdles and consumer acceptance

Market Segmentation Analysis

• Source: Growing popularity of microbial and plant-derived proteins due to their high protein content and nutritional benefits
• Application: Increasing usage of alternative proteins in animal feed to improve feed efficiency and animal husbandry

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Alternative Protein Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Alternative Protein Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

UC Davis Launches Alternative Protein Center to Advance Commercialisation

UC Davis launched the Alternative Protein Center in collaboration with the USDA, UCLA, the University of Maryland Baltimore County, Solano Community College, and the Culinary Institute of America to advance Alternative Meat and Protein (iCAMP) processing. The center brings together researchers, academic institutions, industry professionals, advocacy groups, and food innovators to work toward the large-scale commercialization and technological advancement of alternative proteins. These proteins include cultivated meat, plant-based and fungal foods, and blended meat products.

Nosh.bio Partners with Ginkgo Bioworks to Develop Animal-Free Meat Alternatives

Nosh.bio, a startup known for specialty ingredients, partnered with Ginkgo Bioworks to develop animal-free meat alternative protein. The partnership between the two entities aims to leverage their production in a highly efficient, sustainable, and cost-effective production process to create a single-ingredient, animal-free product that tastes similar to meat.

Wicked Kitchen Acquires Plant-Based Seafood Company

Wicked Kitchen finalized the acquisition of Current Foods, an alternative protein company specializing in manufacturing plant-based seafood for food service and fine dining locations in America and Europe. By acquiring Current Foods, Wicked Kitchen leveraged its food service portfolio with plant-based sushi-grade tuna and salmon.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Alternative Protein Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Alternative Protein Market, highlighting leading vendors and their innovative profiles. These include Archer-Daniels-Midland Company, Avant Meats, Axiom Foods, Inc., Beneo GmbH, Cargill, Incorporated, Cellana, Inc., Corbion NV, Cyanotech Corporation, DIC Corporation, E.I.D.-Parry (India) Limited, Far East Bio-Tec Co., Ltd., Farbest-Tallman Foods Corporation, Glanbia PLC, Global Bugs Asia Co., Ltd., Growthwell Foods, Impossible Foods Inc., Ingredion Incorporated, International Flavors & Fragrances, Inc., JR Unique Foods Ltd., Kerry Group PLC, Lesaffre, Lightlife Foods, MycoTechnology, Inc., Next Gen Foods Pte. Ltd., NOW Health Group, Inc., Plantible Foods, Inc., Pond Technologies Holdings Inc., Protix B.V., Roquette Frères S.A., Shiok Meats, String Bio, Tate & Lyle PLC, Tianjin Norland Biotech Co., Ltd., TurtleTree Labs Pte. Ltd., and Unibio A/S.

Market Segmentation & Coverage

This research report categorizes the Alternative Protein Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Source
• Insect Protein
• Microbial Protein
• Algae
• Bacteria
• Fungi
• Yeast
• Plant Protein
• Duckweed Protein
• Fermented Soy Protein
• Soy Protein Concentrates
• Soy Protein Isolates
• Application
• Animal Feed
• Cattle
• Poultry
• Swine
• Food
• Bakery
• Beverages
• Cereals & Snacks
• Dairy Alternatives
• Meat Analogs
• Nutraceuticals
• Personal Care & Cosmetics
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year