USD 60.45 billion
Global Alternative Protein Market Size, Share, Growth Analysis, By Type(Plant-Based Protein, Insect-Based Protein), By Application(Cereals & Snacks, Beverages) - Industry Forecast 2024-2031
Report ID:
SQMIG30I2161 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
64 |
Figures:
74
Global Alternative Protein Market Insights
Alternative Protein Market size was valued at USD 60.45 billion in 2019 and is poised to grow from USD 71.63 billion in 2023 to USD 330.05 billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).
Protein is the body's fundamental building block and an essential macronutrient. The FAO (Food and Agriculture Organization) recommends that men, women, and children consume roughly 0.75 grams of protein per kilogram of body weight regularly. People's growing awareness necessitates a higher protein intake. Dairy protein, plant-based protein, animal-based protein, insect-based protein, and microbial protein are all examples of protein sources. The dairy business controls the largest protein market, accounting for a significant portion of the total. However, the development of alternative protein sources is mainly done to replace the extensively utilized dairy and meat protein sources.
This is being driven by the new vegan diet concept and health-conscious individuals. Soybean, pea protein, rice protein, cultured meat protein, mycoprotein, and algal spirulina as algae-based protein are all sources of vegan protein. In addition, crickets have accounts based on insects, according to the BSF (black soldier flies). All of these protein types can be utilized in a variety of businesses. Dairy is an expensive source of protein for animal feed and other industrial applications, and animal feed demand is at an all-time high, expanding exponentially year after year. As a result, an alternative protein supply is required to match the demand. This encourages investment in non-traditional protein sources.
US Alternative Protein Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cereals & Snacks
Fastest Growth
Cereals & Snacks
Growth Rate
18.5% CAGR
Global Alternative Protein Market ($ Bn)
Country Share for North America Region (%)
Global Alternative Protein Market By Type ($ Bn)
Global Alternative Protein Market By Type (%)
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Global Alternative Protein Market Segmental Analysis
The Global Alternative Protein Market is segmented based on Type, Application, and Region. Based on Type the Alternative Protein Market is categorized into Plant-Based Protein, Insect-Based Protein, and Microbial-Based Protein. Based on Application the Alternative Protein Market is categorized into Cereals & Snacks, Beverages, Animal Feed, and Nutraceuticals. Based on the Region the Alternative Protein Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Alternative Protein Market Analysis by Type
- Food and beverage makers account for a large portion of the plant-based protein market. The growing vegan population, the expanding variety of plant-based goods, and the large presence of plant protein manufacturers are some of the primary drivers driving plant protein sources' market dominance. However, for the projected period of 2022–2028, the insect-based protein sector is expected to grow at the fastest CAGR. The growing demand for environmentally friendly protein-rich meals, as well as growing investments in edible insect farming, are driving this segment's rapid rise.
- Soy protein, pea protein, rice protein, maize protein, and other plant proteins are also available. The soy protein sector is expected to account for the largest share of the plant protein market in 2021. The easy availability, low price of soy protein, rapid demand for meat protein replacements, and many health benefits are all factors that contribute to this segment's growth. Pea protein demand, on the other hand, is increasing and is expected to expand at the fastest rate throughout the projected period.
- Crickets, black soldier flies (BSF), and other insects make up the insect protein market. Crickets are expected to account for the largest share of the insect Protein market by 2028. The high dietary value of crickets, the benefits of raising and processing insects, and the incorporation of crickets into different culinary dishes and products account for a large percentage of this phase. The black soldier fly segment, on the other hand, is expected to have the highest CAGR throughout the projection period.
- Algae Protein, fungal Protein, bacterial Protein, and Yeast Protein make up the microbial Protein industry. The algal Protein phase is expected to account for the largest share of the microbial Protein market by 2028.
Alternative Protein Market Analysis by Application
- Food & beverage, animal feed, nutrition & fitness dietary supplements, and pharmaceuticals make up the plant protein market. The food & beverage category is predicted to account for the largest share of the overall market for plant-based protein components in 2021. Growing customer demand for plant-based ingredients and elements, growing awareness and demand for protein-rich food products, the flexible capability and compatibility of plant-based Proteins with vegetarian and vegan lifestyles, and the rise of clean-label trends are all factors contributing to this segment's large share. During the projection period, the nutrition & fitness dietary supplements phase is expected to have the largest CAGR.
- Processed whole insects, processed insect powder, animal feed, and puppy meal products, insect protein bars, protein shakes, insect baked goods and snacks, insect confectioneries, and insect beverages make up the protein industry. The growing desire for environmentally friendly opportunity protein sources, the availability of entire bugs, the rise in consumption of insect-based meals, the high dietary value of insects, and the growing demand for environment-friendly opportunity protein sources This allows the insect-based protein supplement to expand.
- Food & beverage, animal feed, nutraceuticals, cosmetics, and other industries are all represented in the microbial Protein industry. The nutraceutical application phase is anticipated to account for the majority of the microbial-protein market share. The widespread usage of microbial protein in health dietary supplements, as well as the increased dietary value of these products when microbial protein constituents are included Through the forecast period, microbial protein is expected to have the highest CAGR.
Global Alternative Protein Market By Type, 2023 (%)
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Global Alternative Protein Market Regional Insights
North America accounted for the largest share of the Alternative Protein Market in 2021. North America's prominent position in the Alternative Protein Market can be ascribed to a growing realization of the importance of producing protein using sustainable ways in light of rising environmental concerns and moral concerns about animal protein. The burgeoning vegan population, more investment in alternative protein goods, and increased demand for healthier products have all resulted in technological advancements in the food sector that encourage alternative protein.
Asia-Pacific, on the other hand, is expected to register the fastest CAGR over the projection period. The rapid rise of the local market can be linked to a growing awareness of the need for protein-rich diets, increased technological advancements in the food and beverage industry, a rapidly developing economy, and a large supply of raw materials.
Global Alternative Protein Market By Region, 2024-2031
- Largest
- Fastest
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Global Alternative Protein Market Dynamics
Alternative Protein Market Driver
- Plant-based products are an ethical and sustainable alternative to animal-derived products since well-established meat and dairy enterprises are under constant criticism from civil society groups and new food enterprise players.
- The growing trend of millennials embracing flexitarian and meat-free diets signals a shift in purchasing patterns that could be significant compared to previous generations. Those prospects are already being pursued by companies across the food value chain, from manufacturers to retailers. Some companies invest in a variety of companies that create alternatives to hedge against or combine the reduction in demand for animal products. In recent years, market participants have received money or investment from a number of high-profile individuals, financial investors, and groups.
Alternative Protein Market Restraint
- The giant dairy product manufacturing player, which still accounts for the largest share in this market, is a restraint for this industry. Alternative protein producers find it challenging to compete with these players. As a result, the growth phase of these businesses is slowed.
- Allergies related to various Alternative Protein Markets, such as insect and plant-based protein, are the key reason for the Alternative Protein Market's growth over the projection period. In the case of edible insects, there is a lack of regulatory clarity in the food industry's programs, which is inhibiting the expansion of insect-based protein. Furthermore, the high cost of Alternative Protein Markets, as well as the strong overall performance of animal-based goods, may limit the Alternative Protein Market's growth throughout the projection period.
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Global Alternative Protein Market Competitive Landscape
The Alternative Protein Market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Cargill Inc., Ingredion Incorporated, Tate & Lyle Plc, and Ÿnsect (SAS) among others who are driving the market.
Alternative Protein Market Top Player’s Company Profiles
- Archer Daniels Midland Company (US)
- Cargill Inc. (US)
- Roquette Frères (France)
- Ingredion Incorporated (US)
- Kerry Group (Ireland)
- International Flavors & Fragrances, Inc. (IFF) (US)
- Now Foods (US)
- Tate & Lyle Plc (U.K.)
- Axiom Foods Inc. (US)
- Burcon NutraScience Corporation (Canada)
- Beneo GmbH (A Part of Südzucker AG) (Germany)
- Glanbia Plc (Ireland)
- Sotexpro (France)
- Farbest-Tallman Foods Corporation (US)
- CHS Inc. (US)
- Ÿnsect (SAS) (France)
- Enterra Feed Corporation (Canada)
- Protix B.V. (Netherlands)
- Entomo Farms (Canada)
Alternative Protein Market Recent Developments
- In May 2022, Cargill Inc., announced the building of a new soybean processing mill in the countryside of Hayti and Caruthersville to fulfill the growing demand for oilseed, food, and feed purposes.
- In February 2022, Protix (Netherlands) raised USD 62.5 million in equity for worldwide facility setup and expansion.
- In September 2021, Calysta biotechnology raised USD 39 Million in funding to aid the worldwide scale-up of manufacturing of Calysta's FeedKind protein.
- In January 2021, Entomo Farms (Canada) raised USD 2.9 million in an investment round by investors in Asia-pacific and Canada to aid the company's growth and expansion plan.
Global Alternative Protein Key Market Trends
- The general public health and environmental crises that engulfed the sector in 2020 and 2021 have highlighted the dangers associated with established company groups and methods hence, driving the demand for alternative protein sources.
- Plant-based protein is on the rise as a result of the rise of vegan culture, and it now accounts for roughly 65% of the overall alternative protein market. This aspect will propel the market to a new level of development. Where they can compete with market leaders in protein supplements.
Global Alternative Protein Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, soy protein is expected to account for the largest share of the plant protein market in 2021. Other protein sources like Crickets and black soldier flies (BSF) make up the insect protein market. Crickets are expected to account for the largest share of the insect protein market during the forecast period. The food & beverage category is predicted to account for the largest share of the overall market for plant-based protein components in 2021. North America accounted for the highest share of the alternative Protein market in 2021. Asia-Pacific, on the other hand, is expected to have the largest CAGR over the projection period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 60.45 billion |
| Market size value in 2031 | USD 330.05 billion |
| Growth Rate | 18.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Alternative Protein Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Alternative Protein Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Alternative Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Alternative Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Alternative Protein Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Alternative Protein Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Alternative Protein Market Report Snapshots
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