The Alternative Protein Market would exceed $193.75 billion by 2028, says Global Market Insights Inc.
The growth of the alternative protein market is driven by growing environmental concerns, mounting health consciousness among consumers, surging seafood consumption, and strong inclination toward healthy food supplements, says this report.
SELBYVILLE, Del., July 19, 2022 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the global Alternative Protein Market was estimated at USD 60.45 billion in 2021 and is expected to surpass a valuation of $193.75 billion by 2028, registering a CAGR of 18.5% from 2022 to 2028. The report provides a detailed analysis of the top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size & estimations, and major investment pockets.
Alternative proteins refer to alternatives to animal protein that are sourced from plants or via the use of food technology and provide a balanced nutritive diet for animals. They are less harmful to the environment, do not involve intensive animal farming, and result in tasty, nutritious food, and low carbon emissions. On account of its many beneficial properties, such as the ability to strengthen the immune system in animals and sustainable production, alternative protein has witnessed an upsurge in demand across the globe. Growing consumer preference for vegan food products and plant-based diets is likely to propel alternative protein market growth over the review timeline.
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Insect-based proteins are used extensively in food applications because of their sustainability benefits. As it requires minimal resources in terms of feed, land, and water, as well as has nutritional benefits, it is increasingly utilized in snacks in countries like Korea, Japan, and China, which is expected to foster product outlook. Supported by these factors, the insect-based source alternative protein market is slated to surpass a valuation of $12.45 billion by 2028.
Meanwhile, the plant-based protein market exceeded $44.5 billion in revenue in 2021 and is estimated to depict over 18% CAGR through the forecast period. The prominent sustainability of plant-sourced proteins, coupled with various health benefits of these proteins, is speculated to drive segmental growth in the upcoming years.
Key reasons for alternative protein market growth:
- Rising demand for insect-based proteins in Asian countries.
- Soaring popularity of plant-based proteins.
- Booming uptake in food & beverages industry in Europe.
- Increasing utilization in aquaculture feed.
2028 forecasts show the 'aquaculture' segment retaining its dominance:
With regards to application, the aquaculture animal feed segment is primed to cross $335 million in revenue by 2028. Aquaculture segment includes salmon, trout's, shrimps, crabs, and others, which need protein for supplementing growth & maintenance, metabolizing energy in fish, and improving digestibility. Thus, various advantages of product adoption in aquaculture feed are speculated to bolster segmental progress in the forthcoming years.
Europe to continue its top status in terms of revenue:
On the regional front, the Europe alternative protein market was valued at above $15.60 billion in 2021 and is set to expand at a CAGR of approximately 18% over 2022-2028 as a result of soaring demand for healthy food & beverages in the region due to shifting consumer inclination toward the adoption of healthy lifestyles. Additionally, positive consumer interest in dairy alternative products attributed to rising awareness regarding the health benefits of alternative protein sources is also anticipated to fuel market growth in the projected timeframe.
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Impact of COVID-19 pandemic on alternative protein market:
The coronavirus pandemic highlighted the need to find alternative protein sources to mitigate the potential risk of zoonoses, particularly to limit the spread of zoonotic vital infections through livestock. Since insect-based and plant-based foods are known to have both health and ecological benefits and enable better food security, they have gained massive prominence as being vital to establishing a more sustainable future. Subsequently, surging demand for alternative protein sources has been lucrative for market development in recent years.
Leading market players:
Major companies analyzed in the global alternative protein industry report include Innovafeed, Darling Ingredients, Lallemand Inc, Soja Protein, AB Mauri, Ingredion, Cargill Incorporation, AMCO Proteins, Royal DSM NV, Ynsect, Calysta Inc., Angel Yeast, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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