NEWARK, Del, June 28, 2023 (GLOBE NEWSWIRE) -- The alternative protein market is estimated to secure a valuation of US$ 76.3 billion in 2023 and is predicted to reach US$ 423 billion by 2033. The market is estimated to capture a CAGR of 19% during the forecast period.
Which Top Sectors Are Progressing in the Global Market?
Several sectors significantly progressing in the global market are, as follows:
- Plant-based Meat: The plant-based meat sector plays a vital role in the global market by launching and innovating plant-based substitutes. Companies such as Impossible Foods and Beyond Meat are developing plant-based chicken nuggets, burgers, and other alternatives. These companies offer the experience of traditional animal-based meat by adding texture, taste, and cooking methods.
- Plant-based Dairy: Plant-based dairy produce products include cheese, milk, yogurt, and ice cream. The plant-based dairy sector innovates and produces milk, including soy, almond, oats, hemp, and others. These companies that are adding flavor to attract consumers are Califia Farms, Oatly, and Miyoko’s Creamery.
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- Cultured Meat: Cultured meat produce meat products without traditional animal agriculture. This sector is rapidly advancing, with companies such as JUST, Memphis Meats, and Mosa Meat developing a significant role in the global market. Cultured meat reduces the environmental impact by producing meat and addressing concerns about animal welfare.
- Alternative Seafood: The alternative seafood sector is rapidly growing, and concerns about overfishing, declining ecosystems, and destructive fishing practices. Companies such as New Wave Foods, Good Catch, and BlueNalu are a few seafood alternatives providing crab, fish, and shrimp. They add traditional food methods and offer sustainability by adding taste and texture.
These sectors are aggressively expanding the global market significantly through their innovations, advanced technologies, and various flavor food ingredients development.
Key Takeaways:
- The alternative protein market is estimated to secure a CAGR of 19% with a valuation of US$ 423 billion during the forecast period.
- The United States is anticipated to capture a share of 13.4% during the forecast period.
- Japan is capturing a share of 2.9% in the global market by 2033.
- By capturing a share of 2.7%, Germany significantly drives the global market during the forecast period.
- Australia is securing a share of 2.6% in the global market by 2033.
- During the forecast period, China is registering a CAGR of 5.3% in the global market.
How Key Players are Adopting Strategic Innovations to Drive the Global Market?
The market is highly fragmented by the number of essential players present globally. These players are investing their million-dollar amount in research and development activities. The key players are innovating advanced and unique products to satisfy consumers' requirements.
Key players are significantly focusing on developing unique products by taking their efforts by analyzing the market. They are adopting various marketing methodologies to drive the market to another height: mergers, collaborations, product launches, and agreements.
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Recent Developments in the Global Market are:
In 2021, Royal DSM NV announced its completion of the acquisition with Vestkorn Miling. This acquisition expanded the company’s portfolio in alternative protein in Europe.
Key Companies Profiled:
- Cargill Incorporation
- Royal DSM NV
- AMCO Proteins
- Puris
- Axiom Foods
- Darling Ingredients
- Innovafeed
- Lallemand Inc
- Hamlet Protein
- Archer Daniel Midland Company
- AB Mauri
- Soja Protein
- Angel Yeast
- Calysta Inc.
Market by Categorization:
By Source:
- Insect-based
- Microbial-based
- Bacteria
- Yeast
- Algae
- Fungi
- Others
- Plant-based Alternative Protein
- Soy Protein Isolates
- Soy Protein Concentrates
- Fermented Soy Protein
- Duckweed Protein
- Others
- Other Alternative Protein Sources
By Application:
- Food & Beverage
- Cattle
- Aquaculture
- Animal Feed
- Pet Food
- Equine
- Other Applications
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
Soy Protein Isolate Market Size: The global soy protein isolate market acquired a value of US$ 2,987 million. Changing consumer preferences towards conventional proteins will propel the market to reach a sum of US$ 4,152.2 million by 2033, garnering a CAGR of 3% during the forecast period 2023 to 2033.
Plant-Based Protein Market Share: The global plant-based protein market enjoyed a year-on-year (YOY) growth of 6.7% in 2021 to total sales of US$ 11.3 Billion and is projected to surpass US$ 22.5 Billion in 2032 at a CAGR of 7.2%
Animal Feed Alternative Protein Market Trends: The global animal feed alternative protein market is expected to be valued at US$ 3.96 Billion in 2023 and will grow at a CAGR of 7.5%. Alternative protein consumption will increase to US$ 8.2 Billion by 2033, representing approximately 7.5% of the global market.
Pea Protein Ingredients Market Growth: The pea protein ingredients market is projected to be valued at US$ 1.6 billion in 2023 and is rising to US$ 3.4 billion by 2033. The sales of pea protein ingredients grow at a CAGR of 7.9% during the forecast period.
Soy Protein Ingredient Market Forecast: The Soy Protein Ingredient market is valued at US$ 10.2 Billion in 2022 and is projected to grow at a CAGR of 4.5% during the forecast period, to reach a value of US$ 15.9 Billion by 2032.
Pea Protein Market Types: The global pea protein market Size is expected to grow at a CAGR of 11.8%. The overall market share value is projected to increase to US$ 204.5 Million by the end of this projected period in 2032, increasing from US$ 65 Million in the current year 2022.
Protein Ingredients Market Analysis: The protein ingredients market is estimated to be valued at US$ 27.5 Billion in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach a valuation of US$ 47.4 Billion by 2032, rising at a CAGR of 5.6% for 2022 to 32.
Algae Proteins Market Outlook: The algae protein market generated a total revenue of US$ 750 million in 2022. The industry is anticipated to rise at a healthy CAGR of 5.5% over the forecast period, to attain a market revenue of US$ 1,351.57 million by 2033.
Organic Rice Protein Market Overview: The market for Organic Rice Protein is anticipated to expand at a CAGR of 4.1% over the forecasted time period. According to projections, the industry would be worth US$ 155.6 Million by 2032, up from US$ 104.1 Million in 2022.
Protein Supplements Market Demand: The global protein supplements market is projected to have an average-paced CAGR of 8.53% during the forecast period. The current valuation of the market is US$ 27.78 Billion in 2023. The market value of the protein supplements market is anticipated to surpass a market valuation of US$ 62.99 Billion by the year 2033.
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