Alternative Protein Market to Garner $33.75 Billion By 2030, at 10.1% CAGR, Says The Brainy Insights

NEWARK, N.J., Aug. 29, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, 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.

Alternative proteins are commonly known proteins widely used these days by health-conscious people to boost and improve their health conditions. Increasingly several plant-based, animal-based, and insect-based proteins are being manufactured to be consumed by humans. These proteins help reduce the chances of adverse health effects such as diabetes, obesity, high blood pressure, and metabolic syndrome, which are caused due to imbalance in calorie intake. However, there is a lack of regulatory clarity on using insects to extract proteins. For instance, US federal law prohibits using insects by humans in any form. The increasing health consciousness among people increases the adoption of alternative proteins. The growing population is increasingly adopting vegan food, increasing the demand for alternative protein. Furthermore, the growing investment in new food ventures and increasing urbanization add impetus to the market's growth.

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Competitive Strategy

To enhance their market position in the global alternative protein market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In July 2021, ADM announced its agreement with Soja protein, a leading European non-GMO soy ingredients provider. This merger and agreement were planned to increase the large-scale production of alternative proteins.

Market Growth & Trends

Increasing awareness among the population regarding organic-based foods and beverages, coupled with rising concerns for improved health, has led to the growth of the alternative proteins market. In addition, the rising healthcare expenditure and increasing adoption of a healthy diet have propelled the market's growth. Furthermore, increasing awareness regarding health disorders due to the lack of proteins in the diet adds impetus to the market's growth. The growing demand for functional food products, like bakery alternatives, functional beverages, dairy, and cereals & snacks, will further increase the demand for alternative proteins as they are widely used in manufacturing functional food products to enhance their protein content. However, the outbreak of the Covid-19 pandemic affected the market as several manufacturing units were put on hold.

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Key Findings

• In 2021, the plant protein [soy, wheat, pea] segment dominated the market with the largest market share of 36% and market revenue of 5.1 billion.

The product type segment is divided into plant protein [soy, wheat, pea], insect protein [crickets, BSF], and microbial protein [algae protein, bacterial proteins]. In 2021, the plant protein [soy, wheat, pea] segment dominated the market with the largest market share of 36% and market revenue of 5.1 billion. The rising population of vegan people and vegetarian people drives the segment's growth. Furthermore, the increasing plant-based proteins launch impetus to the segment's growth.

• In 2021, the nutraceuticals segment accounted for the largest share of the market, with 48% and a market revenue of 6.8 billion.

The application segment is divided into food & beverages, animal feed and pet food, and nutraceuticals. In 2021, the nutraceuticals segment accounted for the largest share of the market, with 48% and a market revenue of 6.8 billion. The rising demand for food products with more nutrients drives the segment's growth.

Regional Segment Analysis of the Alternative Protein Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, North America emerged as the largest market for the global alternative protein market, with a market share of around 43% and 6.1 billion of the market revenue in 2021. The North American region's alternative protein market has been rapidly growing due to the increasing vegan population in the region. Furthermore, the recent development and improvements in the region's food processing industry add impetus to the market's growth. Changing lifestyle and increasing demand for organic food is driving the market growth in the region.

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Key players operating in the global alternative protein market are:

• 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

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global alternative protein market based on the below-mentioned segments:

Global Alternative Protein Market by Product Type:

• Plant Protein
• Soy
• Wheat
• Pea
• Insect Protein
• Crickets
• BSF
• Microbial Protein
• Algae Protein
• Bacterial Proteins               

Global Alternative Protein Market by Application:

• Food & Beverages
• Animal Feed and Pet Food
• Nutraceuticals

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About the report:

The global alternative protein 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, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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