Global Alternative Protein Market Size study, by Product (Plant Protein, Microbe-based Protein, Insect Protein), by Application (Food & Beverages, Infant Formulations, Clinical Nutrition, Animal Feed, Others) and Regional Forecasts 2022-2032

Global Alternative Protein Market Size study, by Product (Plant Protein, Microbe-based Protein, Insect Protein), by Application (Food & Beverages, Infant Formulations, Clinical Nutrition, Animal Feed, Others) and Regional Forecasts 2022-2032

Global Alternative Protein Market is valued at approximately USD 15.29 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 8.2% over the forecast period 2024-2032. Alternative proteins refer to protein sources that are not derived from traditional animal agriculture. These include plant-based proteins such as cereals, rice, oats, legumes, roots, and wheat, as well as insect proteins such as coleoptera, lepidoptera, hymnoptera, orthoptera, hemiptera, diptera, or microbial proteins (such as those derived from bacteria, algae, fungi, or yeast). Alternative proteins are gaining popularity as people become more conscious of the environmental consequences of animal agriculture. Animal agriculture contributes to greenhouse gas emissions, deforestation, and water pollution. Alternative proteins offer a solution to mitigate these impacts. The increasing popularity of plant-based options in food and beverages highlights a trend towards plant-focused diets, bolstered by creative new products that are expanding the market. Consumer preferences have shifted towards plant-based and alternative protein sources, driven by considerations like health, environmental consciousness, animal welfare, and a preference for sustainable food choices. Consequently, there has been a rise in demand for alternative protein products. The rise in advancements in food technology is a key trend for the Global Alternative Protein Market during the estimated period of 2024-2032. Food scientists are constantly developing new and innovative ways to produce alternative proteins. These advancements are making alternative proteins more appealing to consumers by improving their taste, texture, and nutritional profile.

In addition, consumers are increasingly concerned about their health. They are seeking protein sources that offer health benefits such as lower cholesterol, reduced saturated fats, and higher fiber content, which are often found in plant-based proteins. The Alternative Protein Market caters to a wide range of dietary preferences and restrictions, including vegetarian, vegan, flexitarian, and allergen-free diets, allowing companies to tap into a larger consumer base. Also, the increasing venture investments in alternative protein companies, growing awareness regarding the nutritional content of edible insects, and the increasing environmental advantages of alternative proteins are propelling the growth of the Global Alternative Protein Market. Furthermore, ongoing research and development initiatives for innovative products, coupled with a growing vegan preference, present significant opportunities for the alternative protein market to expand over the forecast period. However, challenges such as the higher cost of alternative proteins and the allergies associated with different alternative proteins such as plant-based and insect-based are expected to hinder the growth of the market between 2022 and 2032.

The key regions considered for the global Alternative Protein Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America was the largest regional market. Increased consumer awareness regarding environmental sustainability and animal welfare has driven a shift towards plant-based and alternative protein sources. This shift is exemplified by the growing popularity of plant-based meat products, such as Beyond Meat and Impossible Foods, reflecting consumers' readiness to adopt alternative protein options for ethical and environmental reasons. The rising demand for protein-rich foods, influenced by health and wellness trends, along with the increasing adoption of flexitarian, vegetarian, and vegan diets, has created a significant market opportunity for alternative protein products. Companies such as Oatly and Califia Farms, offering oat milk and almond milk respectively, showcase how non-animal-based proteins meet the needs of consumers embracing plant-based dietary choices. Moreover, market players are actively taking strategic initiatives, which is bolstering the market growth across the region. For instance, in December 2022, Bunge unveiled plans for a USD 550 million investment in the construction of a fully integrated facility for Soy Protein Concentrate (SPC) and Textured Soy Protein Concentrate (TSPC). This facility is strategically located adjacent to and seamlessly integrated with Bunge's soybean processing plant in Indiana, U.S. Construction is slated to begin in the first quarter of 2023, targeting a commissioning date around mid-2025. This venture is expected to generate around 70 full-time job opportunities and aims to process an additional 4.5 million bushels of soybeans. The primary objective behind this initiative is to meet the escalating demand for essential ingredients in plant-based foods, processed meat, pet food, and feed products. Furthermore, the market in Asia Pacific is expected to develop at the fastest rate over the forecast period.

Major market player included in this report are:
Cargill Inc.
Lightlife Foods, Inc.
Impossible Foods Inc.
International Flavors & Fragrances, Inc.
Ingredion Inc.
Kerry Group Plc
Glanbia plc
Bunge Limited
Axiom Foods Inc.
Tate & Lyle PLC

The detailed segments and sub-segment of the market are explained below:

By Product
Plant Protein
Microbe-based Protein
Insect Protein

By Application
Food & Beverages
Infant Formulations
Clinical Nutrition
Animal Feed
Others


By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2024 to 2032

Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.


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