Redding, California, May 31, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Alternative Protein Market by Type (Plant Protein [Soy, Wheat, Pea], Insect Protein [Crickets, BSF], Microbial Protein [Algae Protein, Bacterial Proteins]), Application (Food & Beverages, Animal Feed and Pet Food, Nutraceuticals)—Global Forecast to 2029”, the global alternative proteins market is expected to grow at a CAGR of 12.4% from 2022–2029 to reach $36.61 billion by 2029.
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A major shift in the consumer behavior of the global market has led to an interest in alternative protein sources, such as plant-based, insect-based, and microbial-based proteins. Also, a growing number of people are turning to more environment-friendly products. The demand for alternative proteins is mainly fueled by the perception that these proteins are healthier and more environmentally friendly than animal-derived proteins.
In response to the growing demands from health-conscious consumers, the global trend in food industries is to translate nutritional information into consumer reality by developing food products using alternative protein ingredients that provide superior sensory appeal and nutritional and health benefits. As a result, there has been an increased global demand for alternative proteins. In addition, factors including the potential of insect, microbial, and plant proteins, the emerging economies such as South East Asia, Latin America, and the Middle East & Africa, and the increasing inclination towards vegan diet are expected to provide significant growth opportunities for protein ingredient manufacturers.
The alternative proteins market is segmented based on type, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.
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Increasing Sales Statistics of Plant-based Food to Drive Alternative Proteins Market
COVID-19 provided a surge in sales of alternative protein-based products, which proved beneficial for all stakeholders in the alternative proteins market space. Few to be listed are:
- In 2021, retail plant-based food sales in the U.S. surpassed $7 billion, an increase of 27% from 2019.
- As of March 2021, according to ProVeg International, the European vegan market grew by 49%, reaching €3.6 billion in sales.
- As of May 2020, Green Monday’s online sales doubled in the last two months. Among the most popular purchases was a pork substitute called Omnipork.
- In April 2020, Eat Just sales of its JUST Egg product on e-commerce platforms—JD.com and Tmall—surged 30% since the COVID-19 outbreak.
- As of May 2020, California Farms grocery sales increased by 50% compared to 2019. An upsurge in sales was mainly attributed to increased oat milk sales and nutritional plant-based butter.
- In April 2020, U.S. retail sales of fresh plant-based meat grew 279.8% on March 14, topping a 206.4% jump the week before. Also, oat milk sales grew 476.7% on March 14, while dairy milk sales grew 32.4%.
Key Findings in the Alternative Proteins Market Study:
Based on type, the alternative proteins market is segmented into plant proteins, insect proteins, and microbial proteins. In 2022, the plant proteins segment is estimated to account for the largest share of the overall alternative proteins market. The large share of this segment is mainly attributed to the growing demand from food & beverage manufacturers, the increasing vegan population, the rising number of plant-based product launches, and the large presence of plant protein manufacturers. However, the insect proteins segment is expected to grow at the highest CAGR during the forecast period of 2022–2029.
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Based on application, the alternative proteins market is mainly segmented into plant protein-based applications, insect protein-based applications, and microbial protein-based applications. In 2022, the plant protein-based applications segment is estimated to account for the largest share of the alternative proteins market. However, the insect protein-based applications segment is expected to record a CAGR during the forecast period. The rapid growth of this segment is attributed to the high nutritional value of insects, the increasing demand for novel food products, and the increasing acceptance amongst consumers towards the consumption of insect protein.
Based on geography, the alternative proteins market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the alternative proteins market. The prominent position of North America in the alternative proteins market is attributed to the increasing focus on producing protein using sustainable methods due to the rising environmental concerns and ethical aspects associated with animal proteins, the increasing vegan population, the rising number of investments in alternative protein products, the increasing demand for healthy & nutritional products, and technological advancements in the food industry. However, Asia-Pacific is expected to record the highest CAGR during the forecast period. The high growth of this regional market is mainly attributed to the increasing vegetarian and vegan population, wide availability of raw materials, and increasing technological advancements in the food & beverages industry.
The key players operating in the global alternative proteins market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group (Ireland), International Flavors & Fragrances, Inc. (IFF) (U.S.), Now Foods (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Beneo GmbH (A Part of Südzucker AG) (Germany), Glanbia Plc (Ireland), Sotexpro (France), Farbest-Tallman Foods Corporation (U.S.), CHS Inc. (U.S.), Ÿnsect (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 Klötze GmbH & Co. Kg (Germany), Yaeyama Shokusan Co., Ltd. (Japan), Unibio Group (Denmark), String Bio (India), Calysta, Inc. (U.S.), Angel Yeast Co., Ltd (China), and Lesaffre (France).
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Scope of the report
Alternative Proteins Market, by Type
- Plant Proteins
- Soy Proteins
- Wheat Proteins
- Pea Proteins
- Canola Proteins
- Potato Proteins
- Rice Proteins
- Corn Proteins
- Other Plant Proteins
- Insect Proteins
- Crickets
- Black Soldier Fly
- Other Insect Proteins
- Microbial Proteins
- Algae Proteins
- Fungal Proteins
- Mycoproteins
- Mushrooms Proteins
- Bacterial Proteins
- Yeast Proteins
Alternative Proteins Market, by Application
- Plant Protein-based Applications
- Food and Beverages
- Meat, Poultry, and Seafood
- Bakery
- Meat Analogs
- Dairy Alternatives
- Cereals & Snacks
- Beverages
- Others
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Other Plant Protein-based Applications
- Food and Beverages
- Insect Protein-based Applications
- Processed Whole Insects
- Animal Feed and Pet Food
- Processed Insect Powder
- Insect Protein Bars and Shakes
- Insect Baked Products and Snacks
- Insect Confectionaries
- Insect Beverages
- Other Insect Protein-based Applications
- Microbial Protein-based Applications
- Food and Beverages
- Animal Feed
- Nutraceuticals
- Cosmetics
- Other Microbial Protein-based Applications
Alternative Proteins Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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