Global Alternative Protein Markets, 2022-2029 - Multi-Billion Opportunities in the Increasing Inclination Towards Vegan Diet

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May 20, 2022, 06:00 ET

DUBLIN, May 20, 2022 /PRNewswire/ -- The "Alternative Protein Market by Type, Application - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The Global Alternative Protein Market is expected to reach $36.61 billion by 2029, growing at a CAGR of 12.4% during the forecast period of 2022 to 2029.

This market is driven by the growing population and awareness about the benefits of alternative proteins, the increasing number of venture investments in alternative protein companies, the high nutritional value of edible insects, and the environmental sustainability benefits offered by alternative proteins.

Additionally, the increasing inclination towards a vegan diet provides significant growth opportunities for alternative proteins manufacturers. However, the high cost of alternative proteins and the significant preference for animal-based products hinder the growth of this market to a notable extent.

Based on type, the alternative proteins market is segmented into plant proteins, insect proteins, and microbial proteins. In 2022, the plant proteins segment is estimated to account for the largest share of the alternative protein market. The large share of this segment is mainly attributed to the growing demand from food & beverage manufacturers, the increasing vegan population, the rising number of plant-based product launches, and the large presence of plant protein manufacturers.

However, the insect proteins segment is expected to grow at the highest CAGR during 2022-2029. The high growth rate of this segment is driven by the growing demand for environmentally friendly protein-rich food and the rising number of investments in edible insect farming.

Based on application, the alternative protein market is segmented into plant protein-based applications, insect protein-based applications, and microbial protein-based applications. In 2022, the plant protein-based applications segment is estimated to account for the largest share of the alternative proteins market.

The large share of this segment is attributed to the growing vegetarian and vegan population, consumers' rising demand for clean-label products, and the increasing number of investments and expansions by plant-based product manufacturers.

In 2022, North America is estimated to account for the largest share of the alternative proteins market. However, Asia-Pacific is expected to record the highest CAGR during the forecast period.

The high market growth in Asia-Pacific is attributed to the increasing awareness regarding the importance of protein-rich diets, the increasing technological advancements in the food & beverages industry, rapid economic growth, and the wide availability of raw materials.

Key questions answered in the report

What are the high-growth market segments in terms of type, application, and countries?
What is the historical market for alternative proteins across the globe?
What are the market forecasts and estimates for the period of 2022-2029?
What are the major drivers, restraints, challenges, trends, and opportunities in the global alternative proteins market?
Who are the major players in various countries, and what shares of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global alternative proteins market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global alternative proteins market, and how do they compete with the other players?

Key Topics Covered:

1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders

2. Research Methodology
2.1. Research Process
2.2. Data Collection & Validation
2.3. Market Assessment
2.4. Assumptions for the Study
2.5. Limitations for the Study

3. Executive Summary
3.1. Introduction
3.2. Segment Analysis
3.2.1. Alternative Protein Market, by Type Analysis
3.2.1.1. Plant Protein, by Type
3.2.1.2. Insect Protein, by Type
3.2.1.3. Microbial Protein, by Type
3.2.2. Alternative Protein Market, by Application Analysis
3.2.2.1. Plant Protein Market, by Application
3.2.2.2. Insect Protein Market, by Application
3.2.2.3. Microbial Protein Market, by Application
3.2.3. Alternative Protein Market, Regional Analysis
3.2.4. Competitive Landscape & Market Competitors

4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Growing Population and Awareness About the Benefits of Alternative Protein
4.2.2. Growing Venture Investments in Alternative Protein Companies
4.2.3. High Nutritional Value of Edible Insects
4.2.4. Environmental Sustainability with Production and Consumption of Alternative Protein
4.3. Restraints
4.3.1. High Cost of Alternative Protein
4.3.2. Preference for Animal-Based Products
4.4. Opportunities
4.4.1. Increasing Inclination Towards Vegan Diet
4.5. Investment/Funding Scenario
4.6. Pricing Analysis
4.6.1. Introduction
4.6.2. Plant Protein
4.6.2.1. Soy Protein
4.6.2.2. Wheat Protein
4.6.2.3. Pea Protein
4.6.2.4. Canola Protein
4.6.2.5. Potato Protein
4.6.2.6. Rice Protein
4.6.2.7. Corn Protein
4.6.3. Insect Protein
4.6.3.1. Crickets
4.6.3.2. Black Soldier Fly
4.6.4. Microbial Protein
4.6.4.1. Algae Protein
4.6.4.2. Fungal Protein
4.6.4.2.1. Mycoprotein
4.6.4.2.2. Mushrooms Protein
4.6.4.3. Bacterial Protein
4.6.4.4. Yeast Protein
4.7. Value Chain Analysis

5. COVID-19 Impact Analysis on the Alternative Protein Market

6. Global Alternative Protein Market, by Type
6.1. Introduction
6.2. Plant Protein
6.2.1. Soy Protein
6.2.2. Wheat Protein
6.2.3. Pea Protein
6.2.4. Canola Protein
6.2.5. Potato Protein
6.2.6. Rice Protein
6.2.7. Corn Protein
6.2.8. Other Plant Protein
6.3. Insect Protein
6.3.1. Crickets
6.3.2. Black Soldier Fly
6.3.3. Other Insect Protein
6.4. Microbial Protein
6.4.1. Algae Protein
6.4.2. Fungal Protein
6.4.2.1. MycoProtein
6.4.2.2. Mushroom Protein
6.4.3. Bacterial Protein
6.4.4. Yeast Protein

7. Global Alternative Protein Market, by Application
7.1. Introduction
7.2. Plant Protein-based Applications
7.2.1. Food & Beverages
7.2.1.1. Meat, Poultry, and Seafood
7.2.1.2. Bakery
7.2.1.3. Meat Analogs
7.2.1.4. Dairy Alternatives
7.2.1.5. Cereals & Snacks
7.2.1.6. Beverages
7.2.1.7. Others
7.2.2. Animal Feed
7.2.3. Nutrition & Health Supplements
7.2.4. Pharmaceuticals
7.2.5. Others
7.3. Insect Protein-based Applications
7.3.1. Processed Whole Insects
7.3.2. Animal Feed and Pet Food
7.3.3. Processed Insect Powder
7.3.4. Insect Protein Bars and Shakes
7.3.5. Insect Baked Products and Snacks
7.3.6. Insect Confectioneries
7.3.7. Insect Beverages
7.3.8. Others
7.4. Microbial Protein-based Applications
7.4.1. Food & Beverage
7.4.2. Animal Feed
7.4.3. Nutraceuticals
7.4.4. Cosmetics
7.4.5. Others

8. Alternative Protein Market, by Geography
8.1. Introduction
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Europe
8.3.1. Germany
8.3.2. France
8.3.3. U.K.
8.3.4. Italy
8.3.5. Spain
8.3.6. Rest of Europe (RoE)
8.4. Asia-Pacific
8.4.1. China
8.4.2. Japan
8.4.3. India
8.4.4. Australia
8.4.5. Rest of Asia-Pacific (RoAPAC)
8.5. Latin America
8.6. Middle East & Africa

9. Competitive Landscape
9.1. Introduction
9.2. Key Growth Strategies
9.3. Competitive Benchmarking

10. Company Profiles