WASHINGTON, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The global Alternative Protein Market was valued at $ 49.70 Million in 2021 and is expected to reach $ 126.84 Million by 2028, registering a CAGR of 16.90% during the forecast period of 2022-2028. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Vantage Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Alternative Protein Market is the title of a new report from Vantage Market Research. Key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive environment are all dissected in detail in the research. Valuable and actionable market insights are always important when it comes to creating sustainable and profitable business strategies. The alternative protein market research report gives a clear idea about strategic analysis of mergers, expansions, acquisitions, partnerships, and investments. Being a well-generated market report, the alternative protein report helps achieve a comprehensive analysis of the market structure along with estimations of the various segments and sub-segments of the market. The report displays a systematic investigation of the current scenario of the market, which covers several market dynamics. All the data collected to generate this alternative protein market report is checked and validated by market experts for the convenience of readers and end users.
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Key Findings:
In 2022, Plant Protein Segment to Dominate the Alternative Protein Market
- Based on type, the alternative protein market is segmented into plant Protein, insect Protein, and microbial Protein. In 2022, the plant Protein segment is estimated to account for the largest share of the alternative Protein market. The large share of this market is mainly attributed to the growing demand from food & beverage manufacturers, the increase in the vegan population, the rising number of plant-based product launches, and the large presence of plant protein manufacturers.
In 2022, Algae Segment to Dominate the Microbial Protein Market
- Based on type, the microbial protein market is segmented into algae Protein, fungal Protein, bacterial Protein, and yeast Protein. In 2022, the algae Protein segment is estimated to account for the largest share of the microbial Protein market. The large market share of this segment is mainly attributed to the growth of the dietary supplements industry, the rising preference for spirulina-sourced products, and the increasing number of products that include algae as ingredients.
In 2022, Crickets Segment to Dominate the Insect Protein Market
- Based on type, the insect protein market is segmented into crickets, black soldier fly (BSF), and others. In 2022, the cricket’s segment is estimated to account for the largest share of the insect Protein market. The large share of this segment is attributed to its high nutritional value, the ease of farming and processing of crickets, the incorporation of crickets into various food recipes and products, and the increasing demand for cricket-based products, such as protein powders, protein bars, and snacks. However, the black soldier fly segment is expected to register the highest CAGR during the forecast period.
Market Overview
The increasing health consciousness among people globally associated with increasing adoption of healthy and active lifestyle owing to increasing risk of lifestyle diseases is increasing the demand for healthy food options and substantially increasing the growth of the Alternative Protein Market industry for various food applications during the forecast period. Moreover, growth in population with increasing adoption of plant-based food and beverages among health-conscious consumers provides a huge demand for the growth of the Alternative Protein Market in the upcoming years. Growth in the demand for functional food products, like dairy, bakery alternatives, functional beverages, and cereals & snacks will further drive the demand for Alternative Protein Market as they are frequently used in manufacturing functional food products in order to enhance the protein content n food. Furthermore, the increasing urbanization, growth in venture investments in Alternative Protein Market companies, innovations in food technology, and environmental sustainability with consumption and production of Alternative Protein Market are the major factors driving the growth of the Alternative Protein Market in the years to come. The increasing affection of consumers towards the vegan diet and new product launches are the other major factors boosting the growth of Alternative Protein Market in the upcoming years.
List of Prominent Players in the Alternative Protein Market
- 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 Nutra Science Corporation (Canada)
- Beneo GmbH (Germany)
- Glanbia Plc (Ireland)
- Sotexpro (France)
- CHS Inc (U.S.)
- Agri Protein (South Africa)
- Ynsect (France)
- Enterra Feed Corporation (Canada)
For Additional Information on Alternative Protein Market Players and Detail List, Download a Report PDF Brochure
Market Dynamics:
Drivers:
The rising demand for healthy products with high protein content and innovations in food technology are major factors driving the growth of the Alternative Protein Market during the forecast period. Growing urbanization with new consumer desires, and high nutritional value of edible insects, and growing venture investments in Alternative Protein Market companies are boosting the growth of the Alternative Protein Market in the upcoming years. Rising adoption of edible insects in food applications in order to support the insect-based protein market growth which is expected to drive Alternative Protein Market growth during the forecast period.
Challenges:
Allergies associated with different Alternative Protein Markets such as insect and plant-based protein are the major challenge for the growth of the Alternative Protein Market during the forecast period. Edible insects contain lack of regulatory clarity in the applications of the food industry restricting insect-based protein growth. Moreover, on the other hand, the high cost of Alternative Protein Markets and significant performance for animal-based products hinder the Alternative Protein Market growth to some extent during the forecast period.
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Regional Trends:
The North American region holds the largest share of the Alternative Protein Market in 2021. The United States dominates the North America Alternative Protein Market in 2021, owing to the strong dominance of animal protein among the United States population. Moreover, plant proteins such as lentils, beans, soy, has been gaining more traction among other proteins from the past few years. This is due to an increase in customer demand awareness about the health benefits and high sensitivity of vegan protein-based products in the retail market is driving the growth of Alternative Protein Markets in North America during the forecast period. Along with the existing business opportunities in the Alternative Protein Market, many companies are strategically planning business expansion plans, particularly in the plant protein sector.
Recent Developments
- August 2021, Hamlet Protein announced the launch of HP Fiber Boost, a pure fiber product containing functional fibres produced specifically for dietetic use in piglets. The strategic initiative was aimed to enhance the company’s product offerings.
- April 2021, Archer Daniel Midland Company announced the opening of an innovation lab in Singapore dedicated to plant-based proteins. The strategic initiative was aimed to increase production of alternative proteins and meet the growing demand for food & beverages in the APAC region.
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The report on the Alternative Protein Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Segments Covered
By Source
- Plant-based, Insect-based, Microbial-based
By Application
- Meat analogs, Dairy alternatives, Cereals & snacks, Beverages, Others
Browse market data Tables and Figures spread through 130 Pages and in-depth TOC on Alternative Protein Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 49.70 Million |
| Revenue Forecast by 2028 | USD 126.84 Million |
| CAGR | 16.90% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Archer Daniels Midland Company, Cargill Incorporated, Roquette Freres, Ingredion Incorporated, Kerry Group, E.I. Dupont De Nemours and Company, Now Foods, Tate & Lyle Plc, Axiom Foods Inc., Burcon NutraScience Corporation, Beneo GmbH, Glanbia Plc, Sotexpro, CHS Inc, AgriProtein, Ynsect, Enterra Feed Corporation |
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