Alternative Protein Market: Type and Application
Author : Riya M | Published On : 25 Apr 2024
Meticulous Research®—a leading global market research company, published a research report titled, ‘Alternative Protein Market by Type (Plant protein [Soy, Wheat, Pea, Canola, Rice, Potato], Insect protein [Crickets, BSF], Microbial protein [Algae, Fungal]), Application (Food & Beverage, Animal Feed, Nutraceuticals), and Geography - Global Forecast to 2030’.
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According to this latest publication from Meticulous Research®, the alternative protein market is projected to reach $40.7 billion by 2030, at a CAGR of 13% from 2023–2030. The growth of the alternative protein market is mainly driven by rapid urbanization and growing consumer aspirations, increasing venture investments in the alternative protein industry, innovations in food technologies, the high nutritional value of edible insects, and the environmental sustainability of alternative protein production and consumption. However, the higher costs of alternative protein compared to conventional protein and consumers’ high preference for animal-based products restrain the growth of this market. Furthermore, consumers’ increasing inclination toward plant-based foods is expected to generate growth opportunities for the players operating in the alternative protein market.
The key players operating in the global alternative protein market are Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances, Inc. (IFF) (U.S.), Now Health Group, Inc. (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (A Part of Südzucker AG) (Germany), Glanbia Plc (Ireland), Sotexpro (France), Farbest-Tallman Foods Corporation (U.S.), CHS Inc. (U.S.), Ÿnsect (SAS) (France), Enterra Feed Corporation (Canada), Protix B.V. (Netherlands), Entomo Farms (Canada), Global Bugs Asia Co., Ltd. (Thailand), Aspire Food Group (U.S.), EnviroFlight, LLC (U.S.), Haocheng Mealworm Inc. (China), JR Unique Foods Ltd. (Thailand), Armstrong Cricket Farm Georgia (U.S.), Rocky Mountain Micro Ranch (U.S.), Cricket Lab Limited (U.K.), DIC Corporation (Japan), Cellena Inc. (U.S.), Taiwan Chlorella Manufacturing Company (Taiwan), Cyanotech Corporation (U.S.), Bluebiotech International GmbH (Germany), Pond Technologies Holdings Inc. (Canada), E.I.D.-Parry (India) Limited (India), Tianjin Norland Biotech Co., Ltd. (China), MycoTechnology Inc. (U.S.), Enough. (U.K.), Roquette Klötze Gmbh & Co. Kg (Germany), Yaeyama Shokusan Co., Ltd. (Japan), Unibio Group (Denmark), String Bio (India), Calysta, Inc. (U.S.), Angel Yeast Co., Ltd (China), and Lesaffre (France).
TOP 10 COMPANIES IN ALTERNATIVE PROTEIN MARKET >> https://meticulousblog.org/top-10-companies-in-alternative-protein-market/?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content=25-04-2024
The alternative protein market study presents historical market data in terms of value & volume (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by type, application, and geography.
Based on type, the alternative protein market is segmented into plant protein, insect protein, and microbial protein. In 2023, the plant protein segment is expected to account for the largest share of the alternative protein market. However, the insect protein segment is expected to grow at the highest CAGR during the forecast period of 2023–2030. The high growth rate of this segment is mainly driven by the growing demand for environmentally friendly protein-rich food and the rising investments in edible insect farming.
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Based on application, the plant protein market is segmented into food & beverage, animal feed, nutrition & health supplements, pharmaceuticals, and other plant protein-based applications. In 2023, the food & beverage segment is expected to account for the largest share of the global plant protein market. The large market share of this segment is mainly attributed to increasing consumer preference for plant-based foods and ingredients, the growing awareness and demand for protein-rich food products, the versatile functionality and compatibility of plant-based protein with vegetarian and vegan lifestyles, and the rise of clean-label trends. However, the nutrition & health supplements segment is expected to record a CAGR during the forecast period. The growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, and the increasing prevalence of diseases.
Based on region, the alternative protein market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global alternative protein market. The prominent position of North America in the alternative protein market is attributed to the increasing focus on producing protein using sustainable methods due to the rising environmental concerns and ethical aspects associated with animal protein, the increasing vegan population, the rising number of investments in alternative protein products, the increasing demand for healthy & nutritional products, and technological advancements in the food industry.
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