London, Sept. 13, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “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”, published by Meticulous Research®, the alternative protein market is anticipated to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027.
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Alternative proteins reduce the burden on the environment by reducing water use, land use, feed use, and greenhouse gas (GHG) emissions. The environmental impact of food production is increasingly brought to the forefront of sustainability debates, particularly surrounding the reduction of carbon dioxide (CO2) emission and other factors, such as water & land use.
By 2025, at least 1.8 million people will be living in regions with inadequate freshwater supplies, and two-third of the global population will be in areas under pressure from falling water sources (Source: Food and Agriculture Organization). In addition, the rising demand for meat is also leading to more of the world`s natural areas being converted to farmland. Globally, twice as much land is used to raise cattle, pigs, and other animals than grow crops. Also, a third of those crops harvested are feedback to livestock.
Alternative proteins play an important role in the global ecosystem. For instance, insects have an enormous impact on plant reproduction through pollination, and they help improve soil fertility through waste bioconversion. Also, the high feed conversion efficiency of insects make insect rearing a viable and environmentally friendly alternative to traditional livestock agriculture (on average, insects can convert 2 kg of feed into 1 kg of insect mass, whereas cattle require 8-10 kg of feed to produce 1 kg of body weight gain). In addition, lab-grown meat produces substantially less ammonia and greenhouse gases compared to cattle and pigs. Moreover, land and water usage of alternative animal-based protein is extremely low compared to that of cattle.
Hence, low environmental impact with the production of alternative proteins is expected to drive the growth of the global alternative protein market.
The global alternative protein market is segmented based on type/stage, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Impact of COVID-19 on the Alternative Protein Market
- COVID-19 Impact on Key Regions
North America is projected to account for the largest share of the global alternative proteins industry in the upcoming years. The region is witnessing favorable outcomes of COVID-19 for the alternative proteins industry, especially the U.S. The pandemic has resulted in a sudden increase in plant-based substitutes in the U.S. and has led to many slaughterhouses closing shops. Also, retail chains in the U.S. have prolonged shelf and storage space for alternative protein-based products to cater to the growing demand.
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Further, the outbreak of COVID and negative connotations with animal-based food will boost the European alternative protein market. Numerous countries in the region have witnessed the worst outcomes of COVID in Q1’2020. As a result, there is an increasing trend of veganism more than ever in Europe, which has pushed the growth of the alternative proteins industry. The U.K. hosts the largest vegan populations globally, further propelling the demand for alternative protein-based meat products in Europe.
Demand for alternative protein-based foods is surging in Asia-Pacific as suspicion over possible links between wild animal meat and the new coronavirus is driving some consumers, particularly in China, to rethink diets. China is set to drive the industry’s growth, and the ongoing coronavirus and other public health fears could serve as catalysts. Even before the outbreak, China was already facing protein shortages due to the spread of African swine fever and its impact on pork supplies. As a result, the country has been viewed as a major growth market for faux-protein producers in recent years
Key Findings in the Global Alternative Protein Market Study:
Based on stage/type, the alternative protein market is segmented into emerging alternative protein, adolescent alternative protein, and matured alternative protein. The matured alternative protein segment is estimated to account for the largest share of the overall alternative protein market in 2021. The leading position of this segment is mainly attributed to higher consumer acceptance level, presence of a large number of manufactures and their high scale of production, low cost than other types of alternative protein, increased demand for plant-based products, easy availability of raw materials, and a large number of applications in various industries. However, the emerging alternative protein segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the growing demand for environment-friendly protein-rich food, rising investment in novel protein farming, altering attitudes towards insects and single-cell protein as a food, and increasing application areas of emerging proteins.
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Based on application, the alternative protein market is mainly segmented into plant protein-based products, insect protein-based products, and microbial protein-based products. The plant protein-based products segment is estimated to account for the largest share of the overall alternative protein market in 2021. However, the edible insect protein-based products segment market is expected to witness rapid growth during the forecast period. The rapid growth of this market is mainly attributed to the high nutritional value of insects, increasing acceptance of insect protein, increasing demand for novel food products, and environmental sustainability with the production and consumption of insects.
Geographically, North America is estimated to account for the largest share of the global alternative protein market in 2021. The prominent position of North America in the alternative protein market is primarily attributed to deep-rooted food and animal feed industry, rising concerns over animal products and protein, increasing vegan population, growing preference to meat alternatives, increased investments in protein alternative 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.
The key players operating in the global alternative protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres (France), Ingredion Incorporated (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), Now Foods (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Beneo GmbH (Germany), Glanbia Plc (Ireland), Sotexpro (France), CHS Inc (U.S.), AgriProtein (South Africa), Ynsect (France), Enterra Feed Corporation (Canada), Protix B.V. (The Netherlands), Proti-Farm Holding NV (The Netherlands), Entomo Farms (Canada), Global Bugs Asia Co., Ltd. (Thailand), Aspire Food Group (U.S.), Tiny Farms (U.S.), EntoCube (Finland), EnviroFlight, Corporation (U.S.), Haocheng Mealworm Inc. (China), JR Unique Foods Ltd. (Thailand), Armstrong Cricket Farm Georgia (U.S.), Rocky Mountain Micro Ranch (U.S.), DIC Corporation (Japan), Cellena Inc. (U.S.), Taiwan Chlorella Manufacturing Company (Taiwan), Cyanotech Corporation (U.S.), Bluebiotech International GmbH (Germany), Algatechnologies Ltd. (Israel), Pond Technologies Inc. (Canada), EID Parry (India), Tianjin Norland Biotech Co., Ltd. (China), MycoTechnology Inc. (U.S.), 3Fbio Ltd. (U.K.), Algaecan Biotech Ltd. (Canada), Corbion NV (Netherlands), Sun Chlorella Corporation (Japan), Parabel Inc. (U.S.), Plantible Foods, Inc. (U.S.), Mycotechnology Inc. (U.S.), 3Fbio Ltd. (U.K.), Febico (Taiwan), Far East Microalgae Industries, Co. Ltd. (Taiwan), Roquette Klötze GmbH & Co. Kg (Germany), and Yaeyama Shokusan Co., Ltd. (Japan) among others.
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Scope of the report
Alternative Protein Market, by Stage/Type
- Emerging Alternative Protein
- Insect Protein
- Algae Protein
- Duckweed Protein
- Adolescent Alternative Protein
- Pea Protein
- Rice Protein
- Corn Protein
- Potato Protein
- Others
- Mature Alternative Protein
- Soy Protein
- Wheat Protein
- Canola Protein
- Mycoprotein
- Mushrooms Protein
- Others
Alternative Protein 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 Protein 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
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