Westford, USA, Dec. 05, 2022 (GLOBE NEWSWIRE) -- SkyQuest analysis of the alternative protein market suggests that the sector is growing rapidly, with sales of plant-based meat alternatives increasing by 9.4% in the US alone in 2021. The study also found that 22% of global consumers are 'reducetarians' (defined as those who are working to reduce their meat consumption), and that this figure is highest in China (37%), Brazil (32%) and India (26%). Interestingly, it was found that 'convenience' was the top driver of purchase for all types of alternative protein, with health (including environmental concerns) a close second. This highlights the need for companies operating in the space to focus on making their products as convenient and accessible as possible if they want to continue to see growth.
The analysis of the alternative protein market finds that the market for these products is growing rapidly. In the North America and Europe, sales of alternative protein products have increased by nearly 30% in the past two year. By 2028, the plant-based protein to generate a revenue of $17.4 billion. This trend is being driven by a number of factors, including concerns about the environmental impact of meat production, health considerations, and the increasing availability of plant-based meats. The alternative protein market is still relatively small, accounting for less than 1% of total meat sales in the United States. However, it is growing at a much faster rate than the overall meat market, which is only growing by 1-2% per year. This rapid growth is expected to continue as more consumers become aware of alternative protein options and as companies continue to innovate in this space.
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Our analysis shows that there are four main types of alternative proteins currently on the market: soy-based, pea-based, wheat-based, and legume-based. Soy-based products are the most popular, accounting for nearly 60% of all sales. This is followed by pea-based products (19%), wheat-based products (14%), and legume-based products (7%). Soy-based products are typically sold as ground beef substitutes and are often used in dishes like chili and tacos. Pea-based products are usually sold as nuggets or patties and can be used as a replacement for chicken or fish in many recipes.
SkyQuest's analysis of the alternative protein market is sound and provides some insightful observations. The company has thoroughly identified the main players in the market and their relative strengths and weaknesses. The report also makes a compelling case that the industry is still in its early stages of development and that there is significant room for growth. The report contains detailed information on the key players in the industry, their market share, and their products. It also includes an analysis of the current trends in the industry and how they are likely to impact the future development of the sector.
Overall, our report on alternative protein market provides a comprehensive overview of the alternative protein industry that should be beneficial for anyone with an interest in this growing sector.
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SkyQuest Survey Reveals Consumers are Shifting to Alternative Protein for Sustainability, Cost and Taste
SkyQuest recently released survey of alternative protein market, which reveals some interesting trends in the industry. When asked about their top three priorities for developing new protein sources, respondents cited sustainability (62%), cost (56%) and taste (47%) as their main reasons for looking into alternatives. Interestingly, when asked about potential obstacles to adopting alternative proteins, 58% of respondents said that they were concerned about not knowing how to cook with them, while 55% said they were worried about the cost. This suggests that there is still a lot of education needed around alternative proteins, but that people are increasingly open to trying them.
With the increasing popularity of plant-based diets and the health benefits of some alternative proteins, it's no surprise that the global alternative protein market is expected to grow significantly in the next few years.
The report found that 61% of consumers who bought an alternative protein product in the last 12 weeks did so to improve their health, while one in three (36%) said they were looking for more variety in their diet. Interestingly, taste was found to be the key barrier to purchase for both vegetarians (54%) and meat-eaters (64%), with many people perceiving alternative proteins as being inferior in taste to animal-based products. This suggests that there is still significant scope for manufacturers to improve the taste of their products if they want to attract more customers. Health was also found to be a key driver of purchase among vegans, with 92% saying they bought plant-based products.
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Cultured Meat to Offer Lucrative Opportunity to Players in Alternative Protein Market
Cultured meat, also known as cell-based meat or clean meat, is meat that has been produced in a laboratory from animal cells. The production of cultured meat could provide a more sustainable and environmentally friendly way to produce protein, as it would require less land, water, and other resources than traditional livestock farming. In addition, cultured meat could be produced without the use of antibiotics or hormones, and without the need for slaughtered animals. There are currently no commercially available cultured meat products on the alternative protein market, but there are a number of startups such as Aleph Farms, Upside Foods, MeaTech 3D, and GOOD MEAT working to develop them. These companies are motivated by the potential for cultured meat to address some of the sustainability challenges associated with traditional livestock farming.
The report includes an analysis of the costs and benefits of cultured meat production, as well as a discussion of the challenges that need to be addressed before it can become a commercially viable option. The report concludes that while there are significant challenges to overcome, cultured meat has the potential to become an important part of the global protein supply in the future.
SkyQuest’s Analysis of Alternative Protein Market: Plant Based Protein to Garner Over 25% Market Share
Based on our analysis of the market, we believe that there is a significant opportunity for growth in this market. We believe that the global alternative proteins market will grow significantly in the next decade, driven by rising consumer awareness of the environmental and health benefits of these products.
We expect that plant-based meat alternatives will be the fastest-growing segment of the alternative protein market, with sales growing at a compound annual rate of 25% between 2022 and 2028. The popularity of plant-based meat substitutes is being driven by a combination of factors, including improved product quality, declining prices, and increasing consumer awareness of the environmental and health benefits of these products.
We believe that the market presents a significant opportunity for growth in the coming years. While there are some challenges to scaling this industry, we believe that the potential rewards are significant. We encourage companies to closely monitor this space and consider how they can capitalize on this opportunity.
Major Players in Alternative Protein Market
- Archer Daniels Midland Company (US)
- Cargill Inc. (US)
- Roquette Frères (France)
- Ingredion Incorporated (US)
- Kerry Group (Ireland)
- International Flavors & Fragrances, Inc. (IFF) (US)
- Now Foods (US)
- Tate & Lyle Plc (U.K.)
- Axiom Foods Inc. (US)
- Burcon NutraScience Corporation (Canada)
- Beneo GmbH (A Part of Südzucker AG) (Germany)
- Glanbia Plc (Ireland)
- Sotexpro (France)
- Farbest-Tallman Foods Corporation (US)
- CHS Inc. (US)
- Ÿnsect (SAS) (France)
- Enterra Feed Corporation (Canada)
- Protix B.V. (Netherlands)
- Entomo Farms (Canada)
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