Dublin, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The "Alternative Protein Market by Type, Application, and Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The market, encompassing varied protein types and extensive applications, is forecasted to rise to $40.7 billion by 2030 at a compounded annual growth rate (CAGR) of 13.0% from 2023 to 2030.
The latest comprehensive analysis of the Alternative Proteins Market reveals promising growth opportunities, driven by consumer preferences shifting towards plant-based and sustainable food sources.
Current market dynamics suggest a robust expansion within the alternative proteins sector, reflecting heightened demand for eco-friendly, nutritionally enriched food alternatives to traditional animal-based proteins. With its segmentation by type, application, and geography, the detailed market analysis underlines significant trends conducive to the industry's growth trajectory.
Market Segmentation and Factors Influencing Growth
Focusing on market segmentation, the analysis bifurcates the alternative proteins market by type, such as Plant Proteins, Insect Proteins, and Microbial Proteins, each with further sub-categories. Applications stretch across Food & Beverage, Animal Feed, and Nutraceuticals, promising a wide array of use-cases for alternative proteins.
Despite challenges such as the dominance of animal-based product preferences and cost considerations, the inclination towards plant-based eating is carving out substantial opportunities for market expansion.
Leading Market Contributors and Geographical Insights
Among the key players identified within the market are industry stalwarts with diverse product portfolios addressing the upsurge in demand for Plant Proteins, Insect Proteins, and Microbial Proteins globally. These contributors are anticipated to leverage their core competencies to capitalize on this growth potential.
Geographically, the Asia-Pacific region is poised to experience the highest CAGR, fueled by an appreciation for protein-rich diets, advancements in the food and beverage sector, economic growth, and the availability of raw materials.
Growth Prospects and Market Dynamics
By type, the report suggests that plant proteins will dominate the market share in 2023 due to their extensive demand within the food and beverage industry, availability of raw materials, and affordability. Conversely, insect proteins are forecasted to flourish at the highest CAGR from 2023-2030, attributable to their lower environmental footprint and burgeoning demand for sustainable food sources.
Additionally, plant protein-based applications are anticipated to hold a commanding market share, especially within the realms of vegetarian and vegan consumer bases, clean-label products, and the growing proliferation of plant-based product manufacturers. This contrasts with insect protein-based applications, which is predicted to document the highest CAGR through the forecast period, particularly in the food & beverage sector.
With a forward-looking approach, the research uncovers the strategic developments within the global alternative proteins market, providing a lens into the future of food sustainability and innovation.
Influential factors spearheading market growth include:
- Rapid urbanization and evolving consumer preferences.
- Surge in venture capital investments specifically in the alternative proteins industry space.
- Advancements in food technology enhancing product offerings.
- Recognition of the high nutritional profile and environmental sustainability of alternative protein sources.
Key Questions Answered in the Report:
- What is the current revenue generated by alternative proteins globally?
- At what rate is the global alternative proteins demand projected to grow for the next 5-7 years?
- What are the historical market sizes and growth rates of the global alternative proteins market?
- What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?
- Which segments in terms of type and applications are expected to create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the global alternative proteins market?
- Who are the major players in the global alternative proteins market? What are their specific product offerings in this market?
- What are the recent strategic developments in the global alternative proteins market? What are the impacts of these strategic developments on the market?
Factors Affecting Market Growth
- Rapid Urbanization and Growing Consumer Aspirations Driving the Demand for Alternative Proteins
- Increasing Venture Investments Boosting the Production of Alternative Proteins
- Innovations In Food Technologies Supporting the Growth of the Alternative Proteins Market
- High Nutritional Value Driving the Consumption of Edible Insects
- Increasing Focus On Environmental Sustainability Driving the Production and Consumption of Alternative Proteins
- High Costs Impacting the Adoption of Alternative Proteins
- Consumer Preference for Animal-Based Products Hampering Market Growth
- Consumers' Increasing Inclination Toward Plant-Based Diets Positively Influencing the Demand for Alternative Proteins
Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- Archer-Daniels-Midland Company (U.S.)
- Cargill Incorporated (U.S.)
- Roquette Freres (France)
- Ingredion Incorporated (U.S.)
- Kerry Group plc (Ireland)
- International Flavors & Fragrances Inc. (IFF) (U.S.)
- Now Health Group Inc. (U.S.)
- Tate & Lyle Plc (U.K.)
- Axiom Foods Inc. (U.S.)
- Burcon NutraScience Corporation (Canada)
- BENEO GmbH (A Part of Sudzucker AG) (Germany)
- Glanbia Plc (Ireland)
- Sotexpro (France)
- Farbest-Tallman Foods Corporation (U.S.)
- CHS Inc. (U.S.)
- Ynsect (SAS) (France)
- Enterra Feed Corporation (Canada)
- Protix B.V. (Netherlands)
- Entomo Farms (Canada)
- Global Bugs Asia Co. Ltd. (Thailand)
- Aspire Food Group (U.S.)
- EnviroFlight LLC (U.S.)
- Haocheng Mealworm Inc. (China)
- JR Unique Foods Ltd. (Thailand)
- Armstrong Cricket Farm Georgia (U.S.)
- Rocky Mountain Micro Ranch (U.S.)
- Cricket Lab Limited (U.K.)
- DIC Corporation (Japan)
- Cellena Inc. (U.S.)
- Taiwan Chlorella Manufacturing Company (Taiwan)
- Cyanotech Corporation (U.S.)
- Bluebiotech International GmbH (Germany)
- Pond Technologies Holdings Inc. (Canada)
- E.I.D.-Parry (India) Limited (India)
- Tianjin Norland Biotech Co. Ltd. (China)
- MycoTechnology Inc. (U.S.)
- Enough. (U.K.)
- Corbion NV (Netherlands)
- Sun Chlorella Corporation (Japan)
- Plantible Foods Inc. (U.S.)
- Parabel Nutritional Inc. (U.S.)
- Far East Bio-Tec Co. Ltd. (Taiwan)
- Far East Microalgae Industries
- Co. Ltd. (Taiwan)
- Roquette Klotze Gmbh & Co. Kg (Germany)
- Yaeyama Shokusan Co. Ltd. (Japan)
- Unibio Group (Denmark)
- String Bio (India)
- Calysta Inc. (U.S.)
- Angel Yeast Co. Ltd (China)
- Lesaffre (France)
Scope of the Report:
Alternative Proteins Market Assessment - by Type
- Plant Proteins
- Soy Proteins
- Soy Protein Concentrate
- Soy Protein Isolate
- Textured Soy Protein
- Other Soy Proteins
- Wheat Proteins
- Vital Wheat Gluten
- Wheat Protein Isolate
- Hydrolyzed Wheat Protein
- Textured Wheat Protein
- Pea Proteins
- Pea Protein Isolate
- Pea Protein Concentrate
- Textured Pea Protein
- Pea Protein Hydrolysate
- Pea Flour
- Other Pea Proteins
- Canola Proteins
- Canola Protein Isolate
- Canola Protein Concentrate
- Other Canola Proteins
- Potato Proteins
- Potato Protein Concentrate
- Potato Protein Isolate
- Rice Proteins
- Rice Protein Isolate
- Rice Protein Concentrate
- Rice Protein Hydrolysate
- Corn Proteins
- Corn Protein Isolate
- Corn Protein Concentrate
- Corn Protein Hydrolysate
- Other Plant Proteins
- Insect Proteins
- Crickets
- Black Soldier Fly
- Other Insect Proteins
- Microbial Proteins
- Algae Proteins
- Fungal Proteins
- Mycoprotein
- Mushroom Protein
- Yeast Protein
- Bacterial Proteins
Alternative Proteins Market Assessment - by Application
- Plant Protein-based Applications
- Foods & Beverage
- Meat, Poultry, and Seafood
- Bakery
- Meat Analogs
- Dairy Alternatives
- Cereals & Snacks
- Beverages
- Other Food & Beverage Applications
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Other Plant Protein-based Applications
- Insect Protein-based Applications
- Food & Beverage
- Processed Whole Insects
- Processed Insect Powder
- Insect Protein Bars & Shakes
- Insect Baked Products & Snacks
- Insect Confectioneries
- Insect Beverages
- Other Food & Beverage Applications
- Feed
- Animal Feed
- Aquaculture Feed
- Pet Food
- Microbial Protein-based Applications
- Nutraceuticals
- Food & Beverage
- Animal Feed
- Cosmetics
- Other Microbial Protein-based Applications
Alternative Proteins Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Ecuador
- Rest of Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/h60be7
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