Newark, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global alternative protein market is expected to grow from USD 14.2 billion in 2021 to USD 33.75 billion by 2030, at a CAGR of 10.1% during the forecast period 2022-2030. North America emerged as the largest market for the global alternative protein market, with a 43% share of the market revenue in 2021. The increasing focus of the protein manufacturers in the region to produce protein using sustainable methods due to the rising environmental concerns is expected to drive the market's growth. Furthermore, the increasing population of vegan people in the region also adds impetus to the market's growth in the region. In addition, the region has also seen an improvement in the food processing industry, propelling the market's growth.
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Leading companies in the industry include Archer Daniels Midland Company, Roquette Freres, Cargill, Incorporated, Kerry Group, Ingredion Incorporated, E.I. Dupont De Nemours and Company, Tate & Lyle Plc, Now Foods, Axiom Foods Inc., Burcon NutraScience Corporation, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The product type segment is divided into plant protein [soy, wheat, pea], insect protein [crickets, BSF], and microbial protein [algae protein, bacterial proteins]. The plant protein [soy, wheat, pea] segment dominated the market, with a market share of around 36% in 2021. The plant protein segment is growing owing to the increasing population of vegan people. Furthermore, the significant presence of plant protein manufacturers and the rising number of plant-based product launches propels the segment's growth. The application segment is divided into food & beverages, animal feed and pet food, and nutraceuticals. Over the forecast period, the nutraceuticals segment is expected to grow at the fastest CAGR of 11.2%. The increasing consumption of nutrients-based food products owing to the presence of higher proteins propels the segment's growth.
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The alternative protein market is anticipated to be driven by the increasing awareness of a healthy diet. Furthermore, the growing adoption of vegetarianism and vegan food products adds impetus to the market's growth. Alternative protein helps reduce the chances of adverse health effects such as diabetes, obesity, high blood pressure, and metabolic syndrome, which are being caused due to imbalance in calorie intake, driving the market's growth during the forecast period. Furthermore, the outbreak of the Covid-19 pandemic hampered the market growth as several testing centers were put on hold to stop the spread of the disease.
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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