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Protein Alternatives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 120 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4760174
UP TO OFF until Dec 31st 2023
The global protein alternatives market is projected to register a CAGR of 6.65% during the forecast period (2022 - 2027).

In the space of the alternative protein industry, COVID-19 is providing an unexpected boost. Although COVID-19 is not related to livestock animals, the pandemic increased widespread attention given to zoonotic viral infections, the risk of which can also be associated with livestock, paying way for alternative protein industry. Thus Growthwell, a Singapore-based plant-based protein firm, secured USD 8 million in funding in May 2020 from Singapore's sovereign fund Temasek and several institutional investors to set up a research & development center and launch a new product line with the Israeli start-up ChickP. Furthermore, Growthwell purchased a stake in Israeli food-tech ChickP to produce a new chickpea protein isolate, the first of its kind, targeted toward Asian-specific vegan products.

Changing dietary preferences among consumers is evident globally, and the low inclination toward meat and meat-based products is visible among European and North American consumers. The percentage of consumers becoming more flexitarian or vegan has paved great opportunities for manufacturers to introduce and innovate more in the plant protein segment.

Demand for alternative proteins is fueled by forces ranging from health concerns to climate action and the increasing awareness of ethical issues in factory farming. Today, alternative protein companies are growing strongly. New entrants are applying disruptive technologies such as synthetic biology, big data, AI, machine learning, robotics, and the Internet of Things, to gain a competitive edge in the market.

Key Market Trends

Growing Preference For Plant-Based Protein Products

Consumer interest in boosting protein intake is increasing with more attention being paid to the specific types of protein being consumed. With increasing population and welfare, the demand for protein as a food-nutritional component is rising sharply. The high protein trend is gaining traction and will continue to evoke interest in the upcoming years. The shift in consumer demand from animal protein to plant protein can clearly be witnessed with the rise of the alternative protein market. This gradual inclination toward a plant-based diet is largely associated with different factors, such as sustainability issues, health awareness, ethical or religious views, and environmental and animal rights. Consumers have become more aware of protein benefits in supporting an active lifestyle. The desire for clean labels, ease of digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan lifestyles, and concerns about sustainability among the general population are putting the spotlight on plant protein.

North America Holds the Largest Market Share

The United States dominates the North American protein alternatives market by more than 60%. While there is still a strong dominance of animal protein among the United States population, plant protein, such as soy, lentils, beans, among others, has been gaining high traction from the past few years. This is due to the high penetration of vegan protein-based products in the retail market and increased consumer awareness about the health benefits associated with it, along with weight management initiatiives. With the existing business opportunities in the protein alternatives market, many companies are strategical, including business expansion plans, specifically in the plant protein category.

Competitive Landscape

The global protein alternatives market is competitive; Cargill, ADM, Kerry Group, and DuPont dominate the market with major strategies, such as acquisitions, expansions, and new product launches. Cargill leads the market among the major players in the protein alternatives market. These companies, in order to retain their position within the market or gain an advantage over its competitors, have set their focus on research and development. In addition, these key players are now focusing on expanding their production facilities. Doing so would help them to cater to the additional demand that arises along with the growth in the market. In February 2020, Archer Daniel Midlands expanded the production of non-GMO soy protein concentrate at its facility in Europoort, Netherlands, to meet the growing demand for high-quality plant-based proteins in the European market.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Source
5.1.1 Plant Protein Soy Protein Wheat Protein Pea Protein Other Plant Proteins
5.1.2 Mycoprotein
5.1.3 Algal protein
5.1.4 Insect Protein
5.2 By Application
5.2.1 Food and Beverage Bakery Confectionery Plant-Based Dairy Products Beverages Other Food and Beverages
5.2.2 Dietary Supplements
5.2.3 Animal Feed and Pet Food
5.2.4 Personal Care and Cosmetics
5.3 Geography
5.3.1 North America United States Canada Mexico Rest of North America
5.3.2 Europe Spain United Kingdom Germany France Italy Russia Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia Rest of Asia-Pacific
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle East & Africa South Africa Saudi Arabia Rest of Middle East & Africa
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 The Archer Daniels Midland Company
6.4.2 Cargill Incorporated
6.4.3 Glanbia PLC
6.4.4 Ingredion Incorporated
6.4.5 DuPont de Nemours Inc.
6.4.6 Corbion NV
6.4.7 Kerry Inc.
6.4.8 Royal Avebe UA
6.4.10 Roquette Freres

Companies Mentioned

A selection of companies mentioned in this report includes:

  • The Archer Daniels Midland Company
  • Cargill Incorporated
  • Glanbia PLC
  • Ingredion Incorporated
  • DuPont de Nemours Inc.
  • Corbion NV
  • Kerry Inc.
  • Royal Avebe UA
  • Roquette Freres