The market accounted for USD 8.26 billion in 2017 witnessing a CAGR of 7.4% during 2018-2023
NEW YORK, Jan. 22, 2020 /PRNewswire/ --
Protein Alternatives Market
The market accounted for USD 8.26 billion in 2017 witnessing a CAGR of 7.4% during 2018-2023 (forecast period). As a major shift in the consumer behavior of the global market, there is an increased interest in alternative protein sources, such as quinoa-, chia- and chickpeas-based protein.
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"HIGHER THE FLEXITARIAN POPULATION GROWTH = HIGHER THE ALTERNATIVE PROTEIN DEMAND"
Growing Significance about Nutrition Awareness, Health Concern, And Weight Management
The growing health concern, nutritional awareness, and weight management are leading the market demand for alternative protein. The obesity level has doubled since 1980, globally. In 2014, more than 1.9 billion adults were overweight, and about 600 million were obese. Hence, the European and North American markets observed a steep decline in meat consumption and other traditional proteins. Many food processing companies are adding protein substitutes in their product portfolio. For example, soy-based schnitzels have been introduced in many developed markets, which have registered around 20% higher sales in comparison to regular sales. In addition, few companies are producing alternative protein products, which are clean and GMO-free.
Developing Economies Are the Future Of The Alternative Protein Industry
By 2023, the global demand for alternative protein is expected to be 20 to 25% higher than the current levels. Asia-Pacific and the African region, along with Eastern Europe, are increasingly consuming alternative protein. These alternative protein products are derived from various sources, such as seeds, pulses, nuts, bacteria or mycoprotein, microalgae, and insect-based protein.
Notable Market Developments
In the North America alternative protein market, few meat producers are developing plant-based meats, as consumers' concern is shifting from regular to protein alternatives. For example, Tyson Foods launched plant-based meat protein for food manufacturers, which has a 5% share of its total sales. Other players, such as Rügenwalder Mühle and Maple Leaf Foods, are launching plant-based meat from soy, peas and algae proteins.
Understanding
Our report on global alternative protein market covers the following:
- Alternative protein market, trends & dynamics
- Latest News & Developments
- Porter's five forces analysis
- Investment Scope
- Deep-dive insights
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