Alternative Protein Market is segmented by Stage/Type (Emerging Alternative Protein, Adolescent Alternative Protein, Matured Alternative Protein), Application (Plant-Based Products, Insect-Based Products, Microbial Products) and Geography.
The Alternative Protein Market is anticipated to reach a market value size of USD 27.12 billion by 2028, at a CAGR of 11.2% during the forecast period of 2022-2032.
Alternative Protein are commonly known as meat and seafood substitutes that are also high in proteins and a good supplement to one’s dietary plan. Alternative proteins include, soy, pea, quinoa, hemp seed as well as insect-based ingredients and in vitro-produced products.
The growth of the Alternative Protein Market is mainly attributed to factors like the growing urbanization, increasing investments in favor of companies in the alternative protein industry, development in the food technology, edible insects contain potent nutrients, sustainable for the environment with production as well as consumption of alternative protein, emergence of new product launches, and growing interest on veganism.
The Impact of COVID-19 on the Alternative Protein Market
Containing the widespread of the virus is a great challenge to all countries because many sectors will have to compromise and be affected negatively. Many industries will have to adapt and adopt the changes that will be imposed upon them by their governments. A massive pull back on the growth of the alternative protein market is the disruption of the supply chain since manufacturing and distribution by key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders.
The alternative protein market is facing a challenge wherein the disruption in raw material supply is negatively affecting manufacturers because travel, transport of raw materials, and non-essential trade have been put off in many countries. This in turn affected production, causing a fewer volume of product sales. Exportation and importation of suppliers and raw materials have been affected since there are border restrictions and heightened protocols.
On a positive note, the pandemic has caused a surge in the demand for immunity boosting diet and production of functional food. Awareness of getting a nutritious diet and getting health benefits from several diets amidst the challenges imposed by COVID-19 are also drivers of growth. Government promotions and initiatives regarding healthier food options and lifestyles boosted the demand for alternative protein supplements. And over the past years, there is protein diversification making it possible for consumers to have better alternatives on their sources of proteins. Health benefits associated with consuming alternative protein-rich diets are, low cholesterol levels and blood pressure, weight and fat loss, reduces inflammation, and rising demand across the globe.
Overall, the pandemic may have caused challenges to this market, but because consumers nowadays are into building their immune systems to help fight off infection, intake of dietary immune-boosting supplements is considered another option to avoid being infected by the virus. Moreover, with the threat of food shortages and lack of meat protein supplies, consuming alternative proteins is a good choice.
Key Findings in the Alternative Protein Market
In terms of stage/type, the matured alternative protein segment has the largest overall share accounted for in the market in 2020. But during the forecast period, the emerging alternative proteins segment is projected to grow at the highest CAGR. The growth is mainly attributed to the increasing demand for high in protein foods which are environmental friendly, investments venture on new protein farming, and positive mindset towards consumption of insects and single-cell alternative proteins.
In terms of application, the plant-based products segment has the largest share accounted for in the alternative protein market in 2020. On the other hand, insect protein-based products segment is anticipated to grow rapidly during the forecast period due to insects’ high nutritional value, positive acceptance towards insects protein consumption, and being environmental sustainability.
Regional Market Analysis
In terms of regional segment, North America in 2020 has the largest overall share accounted for in the alternative protein market. But the Asia Pacific region is expected to have a rapid CAGR during the forecast period. This is mainly attributed to the high demand for protein rich diet, growing health consciousness, and thriving technological innovations in the industry of food and beverages.
The major key players in this market who have a strong product portfolio and an extensive assessment of the market landscape are, Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres (France), Ingredion Incorporated (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), Now Foods (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Beneo GmbH (Germany), Glanbia Plc (Ireland), Sotexpro (France), CHS Inc (U.S.), AgriProtein (South Africa), Ynsect (France), and Enterra Feed Corporation (Canada)
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• Estimation/projections/forecast for revenue and unit sales (2022 – 2032)
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• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
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• Competition analysis/market share
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Industry Segmentation and Revenue Breakdown
Stage/Type Analysis (Revenue, USD Million, 2022 – 2032)
• Emerging Alternative Proteins
• Insect Proteins
• Algae Proteins
• Duckweed Proteins
• Adolescent Alternative Proteins
• Pea Proteins
• Rice Proteins
• Corn Proteins
• Potato Proteins
• Mature Alternative Proteins
• Soy Proteins
• Wheat Proteins
• Canola Proteins
• Mushrooms Proteins
Application Analysis (Revenue, USD Million, 2022 – 2032)
• Insect Protein-based Products
• Value-added Whole Insects
• Animal and Pet Feed Products
• Value-added Insect Powder
• Insect Protein Bars and Protein Shakes
• Insect Baked Products and Snacks
• Insect Confectionaries
• Insect Beverages
• Plant Protein-based Products
• Foods and Beverages
• Animal Feed
• Nutrition & Health Supplements
• Microbial Protein-based Products
• Food and Beverage
• Animal Feed
Region Analysis (Revenue, USD Million, 2022 – 2032)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Alternative Protein Industry Research Report
• Europe Alternative Protein Industry Research Report
• Asia Pacific Alternative Protein Industry Research Report
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