Dublin, May 26, 2021 (GLOBE NEWSWIRE) -- The "Alternative Protein Market by Stage/Type (Emerging Alternative Protein, Adolescent Alternative Protein, Matured Alternative Protein), Application (Plant-Based Products, Insect-Based Products, Microbial Products) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Alternative Proteins Market is expected to reach $27.05 billion by 2027, growing at a CAGR of 11.2% during the forecast period of 2020 to 2027.
This market is majorly driven by factors such as growing urbanization, growing venture investments in alternative protein companies, innovation in food technology, high nutritional value of edible insects, and environmental sustainability with production & consumption of alternative protein.
Moreover, new product launches and increasing inclination towards a vegan diet further support this market's growth. However, the high cost of alternative proteins and significant preference for animal-based products hinders this market's growth to some extent. On the other hand, increasing soy-free and gluten-free trend poses a challenge to the global alternative proteins market.
In 2020, the matured alternative proteins segment accounted for the largest share of the overall alternative proteins market. This segment's leading position is mainly attributed to higher consumer acceptance level, the presence of a large number of manufacturers, lower cost than other alternative proteins, increased demand for plant-based products, easy availability of raw materials, and many applications in various industries.
However, the emerging alternative proteins segment is expected to grow at the highest CAGR during the forecast period. This segment's rapid growth is mainly attributed to the growing demand for environment-friendly protein-rich food, rising investment in novel protein farming, and altering attitudes towards insects and single-cell protein as food.
The plant protein-based products segment accounted for the largest share of the overall alternative proteins market in 2020. This segment's large share is mainly attributed to the growing vegetarian and vegan population, growing demand for clean label products, and increasing investment and expansion plans implemented by plant-based product manufacturers.
However, the edible insect protein-based products segment is expected to witness rapid growth during the forecast period due to the high nutritional value of insects, increasing demand for novel food products, and environmental sustainability with the production and consumption of insects.
Geographically, North America accounted for the largest share of the overall alternative proteins market in 2020. Some of the major drivers for the growth of this market include the deep-rooted food and animal feed industry, rising concerns over animal products and proteins, increasing vegan population, growing preference for meat alternatives, increased investments in alternative protein products, increasing demand for healthy & nutritional products, and technological advancement in the food industry. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
Market Dynamics
Drivers
- Growing Urbanization with New Consumer Aspiration
- Growing Venture Investments in Alternative Protein Companies
- Innovation in Food Technology
- High Nutritional Value of Edible Insects
- Environmental Sustainability with Production and Consumption of Alternative Proteins
Restraints
- High Cost of Alternative Proteins
- Preference for Animal-Based Products
Opportunities
- Increasing Inclination Towards Vegan Diet
Trends
- Development of Lab-Grown Meat
- Lab-Meat Market-Pricing Analysis
- Potential Market Assessment for Lab-Meat
Scope of the report
Alternative Proteins Market, by Stage/Type
- Emerging Alternative Proteins
- Insect Proteins
- Algae Proteins
- Duckweed Proteins
- Adolescent Alternative Proteins
- Pea Proteins
- Rice Proteins
- Corn Proteins
- Potato Proteins
- Others
- Mature Alternative Proteins
- Soy Proteins
- Wheat Proteins
- Canola Proteins
- Mycoproteins
- Mushrooms Proteins
- Others
Alternative Proteins Market, by Application
- Insect Protein-based Products
- Value-added Whole Insects
- Animal and Pet Feed Products
- Value-added Insect Powder
- Insect Protein Bars and Protein Shakes
- Insect Baked Products and Snacks
- Insect Confectionaries
- Insect Beverages
- Others
- Plant Protein-based Products
- Foods and Beverages
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Others
- Microbial Protein-based Products
- Food and Beverage
- Animal Feed
- Nutraceutical
- Cosmetics
- Chemicals
- Others
Alternative Proteins Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- Archer Daniels Midland Company
- Cargill, Incorporated
- Roquette Freres Le Romain
- Ingredion Incorporated
- Kerry Group
- E.I. du Pont de Nemours and Company
- Now Foods
- Tate & Lyle PLC
- Axiom Foods Inc.
- Burcon NutraScience Corporation
- Beneo GmbH (A Part of Sudzucker AG)
- Glanbia PLC
- Sotexpro
- Farbest Brands
- CHS Inc.
- AgriProtein
- Ynsect SAS
- Enterra Feed Corporation
- Protix B.V.
- Proti-Farm Holding NV
- Entomo Farms
- Global Bugs Asia Co., Ltd.
- Aspire Food Group
- Tiny Farms
- EntoCube Ltd.
- EnviroFlight Corporatio
- Haocheng Mealworm Inc.
- Jr Unique Foods Ltd.
- Armstrong Cricket Georgia
- Rocky Mountain Micro Ranch
- DIC Corporation
- Cellana Inc.
- Taiwan Chlorella Manufacturing Company
- Cyanotech Corporation
- BlueBiotech International GmbH
- AlgaTechologies Ltd.
- Pond Technologies Inc.
- E.I.D.-Parry (India) Limited
- Tianjin Norland Biotech Co., Ltd.
- AlgaeCan Biotech Ltd.
- Corbion N.V.
- Sun Chlorella Corporation
- Plantible Foods, Inc.
- MycoTechnology Inc.
- 3F BIO Ltd.
- FEBICO Group (Far East Bio-Tec. Co. Ltd.)
- Roquette Klotze GmbH & Co. KG
- Yaeyama Shokusan Co., Ltd.
- Far East Microalgae Ind, Co., Ltd. (FEMICO)
- Parabel Inc.
For more information about this report visit https://www.researchandmarkets.com/r/3omj8e