Alternative Protein Market estimated to surpass USD 252.3 Billion by 2030, growing at a CAGR of 18.9% during the forecast period of 2023-2030 – a study by MarketDigits.

Richmond, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to a research report "Alternative Protein Market”, 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} and Others, Application (Food & Beverage, Cattle, Aquaculture, Animal Feed, Pet Food, Equine, Other) and Region.

Global Alternative Protein Market Report Scope:

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TOC Covers in Depth & Breath on Alternative Protein Market
170 - Market Data Tables
65 - List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

The global alternative protein market has emerged as a crucial player in the food industry, offering sustainable and innovative solutions to address the increasing demand for protein while mitigating environmental concerns. This market plays a vital role in the overall ecosystem by providing alternative protein sources that reduce reliance on traditional animal-based proteins. With a growing global population and rising awareness of the environmental impact of conventional livestock farming, alternative proteins, derived from plant-based, microbial, or cellular sources, present a more sustainable and resource-efficient option. The industry's shift towards alternative proteins aligns with broader goals of achieving food security, minimizing the ecological footprint of food production, and meeting the dietary preferences of an evolving consumer base.

The benefits of the global alternative protein market extend beyond sustainability, influencing the industry's economic landscape. As consumer preferences shift towards plant-based and alternative protein options, there is a notable impact on traditional meat and dairy markets. Companies within the alternative protein sector experience increased market share and revenue growth, fostering innovation and competition. Moreover, the diversification of protein sources helps in mitigating supply chain vulnerabilities associated with traditional livestock farming. Overall, the global alternative protein market not only addresses environmental concerns but also contributes to the resilience and adaptability of the food industry in response to changing consumer demands and global challenges.

Major vendors in the global alternative protein market:

• 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.

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Growing Demand for Sustainable Protein Sources

The increasing global demand for sustainable protein sources is a major driver propelling the growth of the alternative protein market. Conventional animal agriculture is associated with significant environmental impacts, including deforestation, greenhouse gas emissions, and water consumption. As awareness of these issues rises among consumers, there is a growing preference for alternative protein options that offer a more sustainable and environmentally friendly choice. Plant-based proteins, derived from sources like soy, pea, and wheat, as well as microbial and cellular-based proteins, provide a viable solution to address the environmental concerns associated with traditional livestock farming. The emphasis on sustainability is not only a consumer-driven trend but is also reflected in corporate sustainability goals, with many food industry players investing in and promoting alternative protein technologies to meet these changing market demands.

Market Dynamics

Drivers:

• Growing Demand for Sustainable and Environmentally Friendly Protein Sources
• Increasing Health and Wellness Awareness Among Consumers
• Technological Advancements in Protein Production
• Shifting Consumer Preferences Toward Plant-Based and Alternative Diets

Opportunities:

• Expansion of Product Offerings Beyond Plant-Based Proteins
• Investment in Research and Development for Novel Protein Sources
• Collaboration and Partnerships within the Food Industry
• Market Penetration in Emerging Economies with Changing Dietary Patterns

Advancements in Technology and Research

Technological advancements and ongoing research play a crucial role in driving innovation within the Alternative Protein Market. The development of novel technologies, such as precision fermentation and cellular agriculture, has expanded the range of alternative protein sources and improved the efficiency of production processes. Precision fermentation, for instance, enables the production of proteins by fermenting microorganisms, offering a scalable and resource-efficient method. Additionally, cellular agriculture allows the cultivation of animal cells to produce meat without the need for traditional livestock farming. These technological breakthroughs not only enhance the sustainability of alternative protein production but also contribute to the improvement of taste, texture, and nutritional profiles, making alternative proteins more appealing to a broader consumer base. Continued investment in research and development is expected to drive further innovation, making alternative proteins an increasingly competitive and viable option in the global protein market.

North America dominates the market for Alternative Protein.

North America currently dominates the global alternative protein market, with the United States being a key contributor to this leadership position. The region has witnessed a significant surge in demand for plant-based and alternative protein products, driven by factors such as environmental consciousness, health awareness, and changing dietary preferences. Notable market players in the U.S., along with supportive government initiatives and a robust distribution network, contribute to the region's dominance.

In terms of upcoming high-growth potential, Asia-Pacific stands out prominently. China, in particular, is emerging as a key player in the alternative protein space. The country's growing population, increasing middle-class affluence, and a shift towards more sustainable and healthier dietary choices are fueling the demand for alternative protein products. Furthermore, government support for the development of the alternative protein industry and the integration of these products into the national food supply chain position China as a significant player in the future of the global alternative protein market. Other countries in the Asia-Pacific region, such as India and Japan, are also witnessing a rise in demand for alternative protein sources, showcasing high growth potential due to similar trends in consumer preferences and a focus on sustainable food options.

The Source Segments is anticipated to hold the Largest Market Share during the Forecast Period

Based on source the alternative protein market is segmented into insect-based, microbial-based, plant-based alternative protein and other. The insect-based segment is further segmented into bacteria, yeast, algae, fungi, and others. The plant-based alternative protein is further segmented into soy protein isolates, soy protein concentrates, fermented soy protein, duckweed protein, and others. In the Source segment of the global alternative protein market, the dominance is notably seen in Plant-based alternatives, including Soy Protein Isolates, Soy Protein Concentrates, Fermented Soy Protein, Duckweed Protein, and others. The prevalence of plant-based sources stems from their versatility, wide consumer acceptance, and the established infrastructure for their production. Soy proteins, in particular, have gained prominence due to their complete amino acid profile and suitability for various applications in food products. Additionally, the growing interest in emerging sources like Duckweed Protein showcases the ongoing innovation within plant-based alternatives, further solidifying the dominance of this segment. While Insect-based and Microbial-based proteins present unique and sustainable options, the plant-based category currently leads the market, reflecting the increasing global adoption of plant-centric diets and the well-established supply chains supporting these alternatives.

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