The protein alternatives market size was $16,560 million in 2021, and is expected to reach $73,871.2 million by 2031, registering a CAGR of 16.2% from 2022 to 2031. Proteins derived from plants, insects, and microbes are frequently used in place of traditional animal-based proteins. Alternative proteins are non-meat proteins that can be found in a variety of organisms, including fungus, insects, and plants. Alternative proteins, such as meat analogues and various animal feed products, are used in meat-free diets in addition to dairy-free foods.
The protein alternatives market is expected to witness increased growth owing to surge in demand for animal nutrition. Protein alternatives are essential to the livestock business since these are fed to a variety of species, including cattle, fish, poultry, swine, pets, and horses. There has been a significant rise in demand for alternative protein sources for animal feed as a result of greater emphasis on lowering the overall cost of feed, which is predicted to drive the alternative protein market share. Alternative protein is a significant source for animal feed applications because of the rich mix of vitamins and amino acids present in plant-based proteins.
The North America protein alternatives market held a major share in 2021, and is projected to grow during the forecast period, owing to rise in vegan population, increase in number of investments in alternative protein products, surge in demand for healthy and nutritional products, and advancements in technology in the food industry, all of which contribute toward the growing emphasis on producing protein using sustainable methods
However, stringent regulatory compliances along with the inability to digest protein hamper the growth of the protein alternatives market. There is a lack of regulatory clarity for applications which involve edible insects in the food industry. In turn, this restricts the production of proteins derived from insects. Allergies to many alternative proteins, such as those made from plants and insects, also hamper the business. In addition, the expansion of the market is being restricted by the tight adherence to feeding regulations of the cattle industry. Although there are different types of alternative proteins available, not all of them are suitable for consumption by humans or the cattle industry. As a result, substantial financial resources are invested in the hunt for protein alternatives for different animal species.
The protein alternatives market is segmented on the basis of source, application, distribution channel, and region. On the basis of source, the market is classified into plant protein, mycoprotein, algal protein, and insect protein. On the basis of application, the market is divided into food & beverage, dietary replacers, animal feed, and others. On the basis of distribution channel, the market is categorized into hypermarkets and supermarkets, chemist or drugstore, specialty store, and online store. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. Some of the key players in the protein alternatives market industry include Armstrong Cricket Georgia, Aspire Food Group, Axiom Foods Inc, Burcon NutraScience Corporation, Entomo Farms, Glanbia PLC, , Protix B. V, Archer Daniels Midland Company. Bluebiotech International GmbH, Calysta, Inc., Cargill, Incorporated, Cellena Inc., JR Unique Foods Ltd., Kerry Group Plc, Plantible Foods, Inc., Roquette Frères, String Bio, MycoTechnology, Inc, Farbest Brands.
The protein alternatives market is expected to witness increased growth owing to surge in demand for animal nutrition. Protein alternatives are essential to the livestock business since these are fed to a variety of species, including cattle, fish, poultry, swine, pets, and horses. There has been a significant rise in demand for alternative protein sources for animal feed as a result of greater emphasis on lowering the overall cost of feed, which is predicted to drive the alternative protein market share. Alternative protein is a significant source for animal feed applications because of the rich mix of vitamins and amino acids present in plant-based proteins.
The North America protein alternatives market held a major share in 2021, and is projected to grow during the forecast period, owing to rise in vegan population, increase in number of investments in alternative protein products, surge in demand for healthy and nutritional products, and advancements in technology in the food industry, all of which contribute toward the growing emphasis on producing protein using sustainable methods
However, stringent regulatory compliances along with the inability to digest protein hamper the growth of the protein alternatives market. There is a lack of regulatory clarity for applications which involve edible insects in the food industry. In turn, this restricts the production of proteins derived from insects. Allergies to many alternative proteins, such as those made from plants and insects, also hamper the business. In addition, the expansion of the market is being restricted by the tight adherence to feeding regulations of the cattle industry. Although there are different types of alternative proteins available, not all of them are suitable for consumption by humans or the cattle industry. As a result, substantial financial resources are invested in the hunt for protein alternatives for different animal species.
The protein alternatives market is segmented on the basis of source, application, distribution channel, and region. On the basis of source, the market is classified into plant protein, mycoprotein, algal protein, and insect protein. On the basis of application, the market is divided into food & beverage, dietary replacers, animal feed, and others. On the basis of distribution channel, the market is categorized into hypermarkets and supermarkets, chemist or drugstore, specialty store, and online store. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. Some of the key players in the protein alternatives market industry include Armstrong Cricket Georgia, Aspire Food Group, Axiom Foods Inc, Burcon NutraScience Corporation, Entomo Farms, Glanbia PLC, , Protix B. V, Archer Daniels Midland Company. Bluebiotech International GmbH, Calysta, Inc., Cargill, Incorporated, Cellena Inc., JR Unique Foods Ltd., Kerry Group Plc, Plantible Foods, Inc., Roquette Frères, String Bio, MycoTechnology, Inc, Farbest Brands.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the protein alternatives market analysis from 2021 to 2031 to identify the prevailing protein alternatives market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the protein alternatives market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global protein alternatives market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Source
- Plant Protein
- Soy Protein
- Wheat Protein
- Pea Protein
- Others
- Mycoprotein
- Algae Protein
- Insect Protein
By Application
- Food and Beverages
- Dietary replacers
- Animal Feed
- Others
By Distribution Channel
- Hypermarket and Supermarket
- Chemist or Drugstore
- Specialty Store
- Online Store
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Armstrong Cricket Georgia
- Aspire Food Group
- Axiom Foods Inc
- Burcon Nutrascience Corporation
- Entomo Farms
- Glanbia PLC
- Protix B. V
- Archer Daniels Midland Company
- Bluebiotech International GmbH
- Calysta, Inc.
- Cargill, Incorporated
- Cellena Inc.
- JR Unique Foods Ltd.
- Plantible Foods, Inc.
- Roquette Freres
- String Bio
- Enterra Corporation
- Kerry Group Plc
- MycoTechnology, Inc
- Farbest Brands
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Value Chain Analysis
3.8. Market Share Analysis
3.9. Pricing Analysis
CHAPTER 4: PROTEIN ALTERNATIVES MARKET, BY SOURCE
4.1 Overview
4.1.1 Market size and forecast
4.2 Plant Protein
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.2.4 Plant Protein Protein Alternatives Market by Soy Protein
4.2.5 Plant Protein Protein Alternatives Market by Wheat Protein
4.2.6 Plant Protein Protein Alternatives Market by Pea Protein
4.2.7 Plant Protein Protein Alternatives Market by Others
4.3 Mycoprotein
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
4.4 Algae Protein
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market share analysis by country
4.5 Insect Protein
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market share analysis by country
CHAPTER 5: PROTEIN ALTERNATIVES MARKET, BY APPLICATION
5.1 Overview
5.1.1 Market size and forecast
5.2 Food and Beverages
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3 Dietary replacers
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
5.4 Animal Feed
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market share analysis by country
5.5 Others
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market share analysis by country
CHAPTER 6: PROTEIN ALTERNATIVES MARKET, BY DISTRIBUTION CHANNEL
6.1 Overview
6.1.1 Market size and forecast
6.2 Hypermarket and Supermarket
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3 Chemist or Drugstore
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country
6.4 Specialty Store
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market share analysis by country
6.5 Online Store
6.5.1 Key market trends, growth factors and opportunities
6.5.2 Market size and forecast, by region
6.5.3 Market share analysis by country
CHAPTER 7: PROTEIN ALTERNATIVES MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Source
7.2.2.1 North America Plant Protein Protein Alternatives Market by Soy Protein
7.2.2.2 North America Plant Protein Protein Alternatives Market by Wheat Protein
7.2.2.3 North America Plant Protein Protein Alternatives Market by Pea Protein
7.2.2.4 North America Plant Protein Protein Alternatives Market by Others
7.2.3 North America Market size and forecast, by Application
7.2.4 North America Market size and forecast, by Distribution Channel
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Source
7.2.5.1.3 Market size and forecast, by Application
7.2.5.1.4 Market size and forecast, by Distribution Channel
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Source
7.2.5.2.3 Market size and forecast, by Application
7.2.5.2.4 Market size and forecast, by Distribution Channel
7.2.5.3 Mexico
7.2.5.3.1 Key market trends, growth factors and opportunities
7.2.5.3.2 Market size and forecast, by Source
7.2.5.3.3 Market size and forecast, by Application
7.2.5.3.4 Market size and forecast, by Distribution Channel
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Source
7.3.2.1 Europe Plant Protein Protein Alternatives Market by Soy Protein
7.3.2.2 Europe Plant Protein Protein Alternatives Market by Wheat Protein
7.3.2.3 Europe Plant Protein Protein Alternatives Market by Pea Protein
7.3.2.4 Europe Plant Protein Protein Alternatives Market by Others
7.3.3 Europe Market size and forecast, by Application
7.3.4 Europe Market size and forecast, by Distribution Channel
7.3.5 Europe Market size and forecast, by country
7.3.5.1 Germany
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Source
7.3.5.1.3 Market size and forecast, by Application
7.3.5.1.4 Market size and forecast, by Distribution Channel
7.3.5.2 UK
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Source
7.3.5.2.3 Market size and forecast, by Application
7.3.5.2.4 Market size and forecast, by Distribution Channel
7.3.5.3 France
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Source
7.3.5.3.3 Market size and forecast, by Application
7.3.5.3.4 Market size and forecast, by Distribution Channel
7.3.5.4 Italy
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Source
7.3.5.4.3 Market size and forecast, by Application
7.3.5.4.4 Market size and forecast, by Distribution Channel
7.3.5.5 Spain
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Source
7.3.5.5.3 Market size and forecast, by Application
7.3.5.5.4 Market size and forecast, by Distribution Channel
7.3.5.6 Rest of Europe
7.3.5.6.1 Key market trends, growth factors and opportunities
7.3.5.6.2 Market size and forecast, by Source
7.3.5.6.3 Market size and forecast, by Application
7.3.5.6.4 Market size and forecast, by Distribution Channel
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Source
7.4.2.1 Asia-Pacific Plant Protein Protein Alternatives Market by Soy Protein
7.4.2.2 Asia-Pacific Plant Protein Protein Alternatives Market by Wheat Protein
7.4.2.3 Asia-Pacific Plant Protein Protein Alternatives Market by Pea Protein
7.4.2.4 Asia-Pacific Plant Protein Protein Alternatives Market by Others
7.4.3 Asia-Pacific Market size and forecast, by Application
7.4.4 Asia-Pacific Market size and forecast, by Distribution Channel
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Source
7.4.5.1.3 Market size and forecast, by Application
7.4.5.1.4 Market size and forecast, by Distribution Channel
7.4.5.2 Japan
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Source
7.4.5.2.3 Market size and forecast, by Application
7.4.5.2.4 Market size and forecast, by Distribution Channel
7.4.5.3 India
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Source
7.4.5.3.3 Market size and forecast, by Application
7.4.5.3.4 Market size and forecast, by Distribution Channel
7.4.5.4 Australia
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Source
7.4.5.4.3 Market size and forecast, by Application
7.4.5.4.4 Market size and forecast, by Distribution Channel
7.4.5.5 South Korea
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Source
7.4.5.5.3 Market size and forecast, by Application
7.4.5.5.4 Market size and forecast, by Distribution Channel
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Key market trends, growth factors and opportunities
7.4.5.6.2 Market size and forecast, by Source
7.4.5.6.3 Market size and forecast, by Application
7.4.5.6.4 Market size and forecast, by Distribution Channel
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Source
7.5.2.1 LAMEA Plant Protein Protein Alternatives Market by Soy Protein
7.5.2.2 LAMEA Plant Protein Protein Alternatives Market by Wheat Protein
7.5.2.3 LAMEA Plant Protein Protein Alternatives Market by Pea Protein
7.5.2.4 LAMEA Plant Protein Protein Alternatives Market by Others
7.5.3 LAMEA Market size and forecast, by Application
7.5.4 LAMEA Market size and forecast, by Distribution Channel
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Brazil
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Source
7.5.5.1.3 Market size and forecast, by Application
7.5.5.1.4 Market size and forecast, by Distribution Channel
7.5.5.2 Argentina
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Source
7.5.5.2.3 Market size and forecast, by Application
7.5.5.2.4 Market size and forecast, by Distribution Channel
7.5.5.3 UAE
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Source
7.5.5.3.3 Market size and forecast, by Application
7.5.5.3.4 Market size and forecast, by Distribution Channel
7.5.5.4 Saudi Arabia
7.5.5.4.1 Key market trends, growth factors and opportunities
7.5.5.4.2 Market size and forecast, by Source
7.5.5.4.3 Market size and forecast, by Application
7.5.5.4.4 Market size and forecast, by Distribution Channel
7.5.5.5 South Africa
7.5.5.5.1 Key market trends, growth factors and opportunities
7.5.5.5.2 Market size and forecast, by Source
7.5.5.5.3 Market size and forecast, by Application
7.5.5.5.4 Market size and forecast, by Distribution Channel
7.5.5.6 Rest of LAMEA
7.5.5.6.1 Key market trends, growth factors and opportunities
7.5.5.6.2 Market size and forecast, by Source
7.5.5.6.3 Market size and forecast, by Application
7.5.5.6.4 Market size and forecast, by Distribution Channel
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Armstrong Cricket Georgia
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Aspire Food Group
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Axiom Foods Inc
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 Burcon Nutrascience Corporation
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Entomo Farms
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Glanbia PLC
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Protix B. V
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Archer Daniels Midland Company
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Bluebiotech International GmbH
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Calysta, Inc.
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
9.11 Cargill, Incorporated
9.11.1 Company overview
9.11.2 Company snapshot
9.11.3 Operating business segments
9.11.4 Product portfolio
9.11.5 Business performance
9.11.6 Key strategic moves and developments
9.12 Cellena Inc.
9.12.1 Company overview
9.12.2 Company snapshot
9.12.3 Operating business segments
9.12.4 Product portfolio
9.12.5 Business performance
9.12.6 Key strategic moves and developments
9.13 JR Unique Foods Ltd.
9.13.1 Company overview
9.13.2 Company snapshot
9.13.3 Operating business segments
9.13.4 Product portfolio
9.13.5 Business performance
9.13.6 Key strategic moves and developments
9.14 Plantible Foods, Inc.
9.14.1 Company overview
9.14.2 Company snapshot
9.14.3 Operating business segments
9.14.4 Product portfolio
9.14.5 Business performance
9.14.6 Key strategic moves and developments
9.15 Roquette Freres
9.15.1 Company overview
9.15.2 Company snapshot
9.15.3 Operating business segments
9.15.4 Product portfolio
9.15.5 Business performance
9.15.6 Key strategic moves and developments
9.16 String Bio
9.16.1 Company overview
9.16.2 Company snapshot
9.16.3 Operating business segments
9.16.4 Product portfolio
9.16.5 Business performance
9.16.6 Key strategic moves and developments
9.17 Enterra Corporation
9.17.1 Company overview
9.17.2 Company snapshot
9.17.3 Operating business segments
9.17.4 Product portfolio
9.17.5 Business performance
9.17.6 Key strategic moves and developments
9.18 Kerry Group Plc
9.18.1 Company overview
9.18.2 Company snapshot
9.18.3 Operating business segments
9.18.4 Product portfolio
9.18.5 Business performance
9.18.6 Key strategic moves and developments
9.19 mycotechnology inc.
9.19.1 Company overview
9.19.2 Company snapshot
9.19.3 Operating business segments
9.19.4 Product portfolio
9.19.5 Business performance
9.19.6 Key strategic moves and developments
9.20 Farbest Brands
9.20.1 Company overview
9.20.2 Company snapshot
9.20.3 Operating business segments
9.20.4 Product portfolio
9.20.5 Business performance
9.20.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Protein Alternatives Market,' The protein alternatives market was valued at $16.6 billion in 2021, and is estimated to reach $73.9 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031.Protein alternatives are alternatives to protein derived from animals. Meat and other animal products have long been replaced by protein-rich vegetables like soybeans, peas, and almonds. The phrase 'protein alternative' can also refer to more recent innovations that mimic conventional animal-based foods including eggs, dairy, and other types of meat. The market for protein alternatives, which includes everything from plant-based eggs to cultured meats grown from animal cells in culture, has been receiving more and more attention from investors and consumers. If alternative proteins were utilised in place of currently produced animal products, animal exploitation and the environmental effects of food production would be decreased.
Key factors driving the growth of the Protein alternatives market include animal nutrition increase in demand for protein alternative, plant-based proteins supplying nutrition and taste, and rise in demand for edible insects. Growing financial investments in businesses producing plant-based proteins is a key factor driving the alternative protein market. For instance, the plant-based protein sector received seed finance of US$2.4 million from the Indian company Proeon. During the forecast period, investments like these in businesses that provide meat alternatives are anticipated to fuel the global market. Vegetarianism and veganism are other global market drivers. Numerous customers have adopted these lifestyles as a result of rising rates of obesity and other health problems, such as cardiovascular diseases. In the same projection period, this tendency is anticipated to fuel market expansion overall.
The market also offers growth opportunities to the key players in the market. The growing threat of climate change is the main opportunity in the global market for alternative proteins. The reduction of carbon emissions worldwide is urgently needed. The majority of climate harm is caused by livestock animals excreting methane gas. Changes in diet to one high in plant-based proteins can drastically cut these emissions.
The protein alternatives market is segmented on the basis of source, application, distribution channel, and region. On the basis of source, the market is classified into plant protein, mycoprotein, algal protein, and insect protein. On the basis of application, the market is bifurcated into food & beverage, dietary replacers, animal feed, and others. On the basis of distribution channel, the market is categorized into hypermarket/supermarket, chemist/drugstore, specialty store, and online store. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the Protein alternatives market include Armstrong Cricket Farm Georgia, Aspire Food Group, Axiom Foods Inc, Burcon NutraScience Corporation, Enterra Feed Corporation, Entomo Farms, Glanbia PLC, Now Foods, Pond Technologies Holdings Inc, Protix B.V, Archer Daniels Midland Company. Bluebiotech International GmbH, Calysta, Inc., Cargill, Incorporated, Cellena Inc., JR Unique Foods Ltd., Kerry Group Plc, Plantible Foods, Inc., Roquette Frères, String Bio, MycoTechnology, Inc, Farbest Brands.
Key Market Insights
On the basis of source, the plant protein segment was the highest revenue contributor to the market with $13862.3 million in 2021 and is estimated to reach $60171 million by 2031, with a CAGR of 15.9%.On the basis of application, the food & beverage segment was the highest revenue contributor to the market, with $9577.7 million in 2021, and is estimated to reach $40695.1 million by 2031, with a CAGR of 15.6%.
On the basis of distribution channel, the Hypermarket and Supermarket Protein alternatives segment was the highest revenue contributor to the market, with $9587.2 million in 2021, and is estimated to reach $38254.1 million by 2031, with a CAGR of 14.9%.
On the basis of region, North America was the highest revenue contributor, accounting for $5663.5 million in 2021, and is estimated to reach $24451.4 million by 2031, with a CAGR of 15.8%.
Companies Mentioned
- Armstrong Cricket Georgia
- Aspire Food Group
- Axiom Foods Inc.
- Burcon Nutrascience Corporation
- Entomo Farms
- Glanbia PLC
- Protix B.V
- Archer Daniels Midland Company
- Bluebiotech International GmbH
- Calysta, Inc.
- Cargill, Incorporated
- Cellena Inc.
- Jr Unique Foods Ltd.
- Plantible Foods, Inc.
- Roquette Freres
- String Bio
- Enterra Corporation
- Kerry Group PLC
- Mycotechnology, Inc.
- Farbest Brands
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 287 |
| Published | November 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 16560 million |
| Forecasted Market Value ( USD | $ 73871.2 million |
| Compound Annual Growth Rate | 16.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
