Alternative Proteins Market Size to Reach USD 37.64 Billion in 2030 | Increasing Research and Development for Microbial Protein and Rising Demand for Edible Insects are Key Factors Driving Industry Demand, Says Emergen Research
VANCOUVER, BC, April 13, 2022 /PRNewswire/ -- Global alternative proteins market size reached USD 14.76 billion in 2021 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing research and development for microbial protein and rising demand for edible insects are major factors that are expected to continue to drive market revenue growth during the forecast period.
Drivers:
Increasing research and development for microbial protein is a significant factor driving global demand for alternative proteins as well as edible insects. Dried cells of microorganisms (algae, bacteria, actinomycetes, and fungi) used as meals and feed are together regarded as microbial protein. Microbial sources can substitute conventional protein sources, and the production of a microbial protein can be a possible solution to meet protein requirements of individuals. In addition, production of microbial protein is helpful to alleviate waste disposal problems, thereby providing eco-friendly and sustainable ways to reduce production costs.
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Restraints:
Numerous health issues associated with digestion and other hormonal issues are major factors restraining plant-based protein market growth worldwide. In addition, phytoestrogen occurs naturally in plants and is found in certain plant-based protein products that have estrogen-like characteristics that bind estrogen receptors in the body. Excessive consumption may disturb the body's average hormone balances, which is another restraining factor hindering market growth.
Growth Projections:
Global alternative protein market is expected to register a CAGR of 11.1% over the forecast period and its revenue is projected to increase from USD 14.76 billion in 2021 to USD 37.64 billion in 2030. Increase in global demand for food and higher yield than conventional farming drives market growth.
COVID-19 Impact Analysis:
The COVID-19 pandemic has led to the downsizing of various businesses, limiting growth of plant-based protein market. However, demand for plant-based protein products has not been affected due to increasing adoption of a healthy lifestyle and eating habits during the lockdown. Rising awareness for healthy eating habits has led to improved protein-rich diet, which helps develop muscle and strong immunity. This had limited the negative impact of the pandemic on market growth. However, market is expected to recuperate gradually as construction activities have resumed and thereby is expected to create growth opportunities.
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Current Trends and Innovations:
Rise in food manufacturers offering vegan products is expected to play an essential role in market revenue growth. Increasing demand for plant-based protein alternatives has led to an increase in numerous food manufacturers producing alternative protein products using plant sources at cost-competitive prices. This is expected to drive market revenue growth significantly.
Geographical Outlook:
Asia-Pacific is expected to register a significantly steady growth rate during the forecast period due to significant increase in per capita income. This has led people to increase protein intake in their regular diet. In addition, rapid growth of food processing industry in countries is expected to drive market revenue growth.
Strategic Initiatives:
Some major companies included in market report are Kerry Inc., DuPont de Nemours Inc., Royal Avebe UA, Corbion NV, Glanbia PLC, Cargill Incorporated, Ingredion Incorporated, The Archer Daniels Midland Company, Roquette Frères Le Romain, and Tate & Lyle PLC.
- In February 2022, The Archer Daniels Midland Company acquired a leading South African flavor distributor Comhan. The acquisition has established Archer Daniels Midland Company's position as a leading flavor distributor in South Africa. It has worked together with Comham for many years. After the formal acquisition, it will give new and current customers more direct access to ADM's extensive portfolio and network of experts.
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Emergen Research has segmented global alternative protein market on the basis of source, application, form, and region:
- Source Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
- Plant-based
- Insect-based
- Microbial-based
- Application Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
- Meat Substitutes
- Dairy Alternatives
- Bakery
- Nutrient Supplement
- Form Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
- Dry Form
- Wet Form
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- Regional Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
- North America
a. U.S.
b. Canada
c. Mexico - Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Benelux
g. Rest of Europe - Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC - Latin America
a. Brazil
b. Rest of LATAM - Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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