London, July 11, 2019 (GLOBE NEWSWIRE) -- According to this latest publication from Meticulous Research®, in terms of value, the global alternative protein market is expected to grow at a CAGR of 9.5% from 2019 to reach $17.9 billion by 2025, while in terms of volume, the market is expected to grow at a CAGR of 5.2% from 2019 to reach 9,787.4 KMT by 2025. The growth of the global alternative protein market is mainly attributed to growing urbanization with new consumer aspiration, rising venture investments in alternative protein companies, innovation in food technology, and environmental sustainability with production and consumption of alternative protein.
The global alternative protein market study presents historical market data in terms of both value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025-by stage (emerging alternative protein (insect, algae, duckweed, and lab meat), adolescent alternative protein (pea, rice, corn, potato, and others), and matured alternative protein (soy, wheat, canola, mushroom, mycoprotein, and others)); and application (plant protein based products, insect protein based, aquatic plant protein based products, microbial protein based, and cultured meat based products. The study also evaluates industry competitors and analyzes the market at regional and country level.
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On the basis of stage, matured alternative protein segment (soy protein, wheat protein, canola protein, mushroom protein, mycoprotein) dominated the global alternative protein market in 2018, owing to higher consumer acceptance level, presence of large number of manufacturers and their high scale of production, low cost than other types of alternative protein, increased demand for plant-based products, easy availability of raw materials, and large number of applications in various industries. However, since last few years, there has been growing consumer and investor interest in emerging alternative protein space (insect protein, algae protein, duckweed, lab meat). As the market is at a nascent stage at this point of time and many companies are start-up actively seeking funding considering the huge potential, the dynamics of this industry are going to change in the next few years.
Based on application, plant-based protein products commanded the largest share of the global market in 2018. The large share of this market is mainly attributed to growing vegetarian and vegan population, consumers’ desire for clean label products, and increasing investment and expansion plans implemented by plant-based product manufacturers. However, the edible insect-based products are expected to witness a significant growth, because of high nutritional value of insects, increasing demand for novel food products, and environmental sustainability with production and consumption of insects.
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Geographically, Asia Pacific is demonstrating signs of strong growth in the near future. The rapid growth of this market is mainly attributed to increasing protein rich diet awareness, growing health consciousness, technological advancements in food & beverages industry, growing economy, and increasing raw material availability. China is expected to dominate the Asia Pacific market through 2025, mainly due to growing food demand, increasing government’s investment in food R&D sector, adoption of emerging technologies for product innovation, collaboration between international and domestic food companies, and presence of large number of players.
The major players operating in the global alternative protein market are AgriProtein, Ynsect, Enterra Feed Corporation, Protix, Proti-Farm Holding NV, Entomo Farms, Global Bugs Asia Co., Ltd., Aspire Food Group, Tiny Farms, EntoCube, EnviroFlight, LCC., EntofoodSdn Bhd., CoaloVally Farms, Armstrong Cricket Farm Georgia,Rocky Mountain Micro Ranch, DIC Corporation, Cellana Inc., Taiwan Chlorella Manufacturing Company, Microalgaetech International SdnBhd, BlueBioTech Int. GmbH, Algatechologies Ltd., Pond Technologies Inc., E.I.D. - Parry (India) Limited, Tianjin Norland Biotech Co., Ltd, AlgaeCan Biotech Ltd., Corbion NV, Sun Chlorella Corporation, Parabel, Inc., Plantible Foods, Inc., Archer Daniels Midland Company, Cargill, Incorporated, Roquette Frères Le Romain, Ingredion Inc, Kerry Group, E.I. Dupont de Nemours and Company, Now foods, Tate & Lyle Plc, AXIOM Foods Inc., BurconNutraScience Corporation, BENEO GmbH, Glanbia Plc, Sotexpro, Farbest Brands, CHS Inc., Just, Inc., Mosa Meat, Memphis Meats, and MycoTechnology Inc.
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