Alternative Protein Market to Reach USD 31.32 Billion by 2033; Rising Demand for Sustainable & Plant-Focused Food Choices
The global alternative protein market size is anticipated to grow from USD 15.34 billion to USD 31.32 billion in 10 years. The market will experience rapid growth due the Increasing demand for vegan food during the forecast period.
Newark, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 15.34 billion in 2023 global alternative protein market will reach USD 31.32 billion in 2033. Alternative protein refers to protein sources used to replace traditional animal-based proteins, such as meat and eggs, in the diet. These proteins are popular among health-conscious individuals looking to enhance their health by adopting vegan or vegetarian diets. Alternative proteins can be consumed as meat analogues or used as substitutes in various food products, providing essential protein, texture, and chewiness. They are commonly found in dairy replacements, baked goods, and meat alternatives.
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The growing awareness of the health and environmental benefits of plant-based proteins, along with a rise in veganism and vegetarianism, has significantly fuelled the alternative protein market. Additionally, the increasing consumption of insect-based proteins, which offer health benefits and are environmentally sustainable, contributes to market growth. The rising global population's shift towards vegan diets, coupled with investments in new food technologies and urbanization, further supports the expansion of this market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024–2033 |
Base Year | 2023 |
Market Size in 2023 | $ 15.34 Billion |
Market Size in 2033 | $ 31.32 Billion |
CAGR | 7.4% |
No. of Pages in Report | 150 |
Segments Covered | Product Type, Application, Regions |
Drivers | Increasing demand for vegan food |
Opportunity | Extraction of alternative proteins from new sources |
Restraints | Processing complexities |
Key Insight of the Global Alternative protein Market
North America will dominate the market during the forecast period.
North America dominates the alternative protein market with a 43.4% revenue share in 2023. This dominance is driven by the region's robust food manufacturing sector and rapid growth in food processing industries. Additionally, shifting lifestyles and evolving eating habits contribute to the region's leading position in the market.
In 2023, the plant protein [soy, wheat, pea] segment dominated the market with the largest market share of 37% and revenue of 5.67 billion.
The product type segment is divided into plant protein [soy, wheat, pea], insect protein [crickets, BSF], and microbial protein [algae protein, bacterial proteins]. In 2023, the plant protein [soy, wheat, pea] segment dominated the market with the largest market share of 37% and revenue of 5.67 billion.
Over the forecast period, the nutraceuticals segment is expected to grow at the fastest CAGR of 8.2%.
The application segment is divided into food & beverages, animal feed and pet food, and nutraceuticals. Over the forecast period, the nutraceuticals segment is expected to grow at the fastest CAGR of 8.2%.
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Advancement in market
The newest Centre for Sustainable Protein from Bezos Earth Fund has hybrid meats, biomass fermentation, and innovative microalgae. As stated by Green Queen in June, this site—the third of its kind—was always supposed to be in Asia. The National University of Singapore (NUS) research hub was officially opened by the fund. It comes after sister centres were established in May at North Carolina State University and June at Imperial College London. The Singapore Centre for Sustainable Protein, like the other two hubs, was established with a $30 million investment as part of a $100 million pledge for alternative proteins. The supplementary award will be funded with the remaining $10 million.
Market Dynamics
Driver: Increasing Demand for Vegan Food.
The rising interest in vegan diets drives the need for alternative proteins, which are rich in protein and minerals and can help prevent various health issues, such as cardiovascular diseases. Vegan foods, including meat substitutes, are also associated with heart health and weight management, further boosting market demand.
Restraints: Processing Complexities.
Manufacturing alternative proteins involves complex processes, including texturization through extrusion. Factors such as shape, bulk density, and surface quality affect the final product's quality. The intricate interplay of shear force, temperature, and pressure during extrusion complicates the production process and may hinder market growth.
Opportunities: Extraction from New Sources.
Traditionally, alternative proteins are derived from soy, wheat, and peas. However, there is growing interest in extracting proteins from novel sources, such as edible insects. Insects offer unique nutritional benefits and are increasingly consumed worldwide for their health, economic, and environmental advantages. This exploration of new sources presents significant growth opportunities for the market.
Challenges: Allergies Associated with Proteins.
Allergies to certain alternative proteins, such as those from plants or insects, pose a challenge. Not all individuals can tolerate these proteins, which can impact market acceptance and growth. Addressing these allergy concerns is crucial for the market's expansion.
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Some of the major players operating in the global alternative protein market are:
● Archer Daniels Midland Company
● Roquette Freres
● Cargill, Incorporated
● Kerry Group
● Ingredion Incorporated
● E.I. Dupont De Nemours and Company
● Tate & Lyle Plc
● Now Foods
● Axiom Foods Inc.
● Burcon NutraScience Corporation
Key Segments covered in the market:
By Product Type
● Plant Protein
○ Soy
○ Wheat
○ Pea
● Insect Protein
○ Crickets
○ BSF
● Microbial Protein
○ Algae Protein
○ Bacterial Protein
By Application
● Food & Beverages
● Animal Feed and Pet Food
● Nutraceuticals
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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Textured Vegetable Protein Market https://www.thebrainyinsights.com/report/textured-vegetable-protein-market-13290
Pea Protein Market https://www.thebrainyinsights.com/report/pea-protein-market-13272
Textured Soy Protein Market https://www.thebrainyinsights.com/report/textured-soy-protein-market-12918
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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