Alternative Protein Market projected to reach USD 22.4 Billion by 2034, driven by a compelling CAGR of 4.30% – By PMI

Covina, Feb. 26, 2024 (GLOBE NEWSWIRE) -- “According to the recent research study, the Alternative Protein Market size was valued at about USD 15.3 Billion in 2024 and expected to grow at CAGR of 4.30% to extend a value of USD 22.4 Billion by 2034.”

What is Alternative Protein?

Market Overview:

Alternative protein refers to protein sources derived from non-traditional sources other than animal meat, such as plants, fungi, algae, and cultivated meat. The concept of alternative protein arises from the need to address sustainability, environmental concerns, animal welfare issues, and the increasing global demand for protein-rich foods.

Alternative proteins offer several potential benefits compared to conventional animal-based proteins, including reduced environmental impact, lower greenhouse gas emissions, decreased land and water usage, improved animal welfare, and enhanced food security. As consumer awareness of these benefits grows and dietary preferences shift towards plant-based and alternative protein sources, the alternative protein market continues to expand and innovate to meet the evolving needs of consumers and address global food sustainability challenges.

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*Note: PMI Sample Report includes,

• Overview & introduction of market study
• Revenue and CAGR of market 
• Drivers & Restrains factors of market 
• Major key players in market 
• Regional analysis of the market with a detailed graph
• Detailed segmentation in tabular form of market 
• Recent development/news of market 
• Opportunities & Challenges of Market 

Top Leading Players in Alternative Protein Market:

• Cargill
• ADM
• Roquette Freres
• Ingredion Incorporated
• Kerry Group
• E.I. Dupont De Nemours and Company
• Now Foods
• Tate & Lyle Plc

Market Dynamics:

Driving Factors:

• Growing awareness of the environmental impact of conventional animal agriculture, including deforestation, greenhouse gas emissions, and water pollution, is driving consumer demand for more sustainable protein sources.
• Increasing consumer awareness of the health benefits associated with plant-based diets, including reduced risk of chronic diseases such as heart disease, diabetes, and certain cancers, is fueling demand for alternative protein products.
• Growing concerns about animal welfare and ethical treatment of animals in industrial farming systems are driving consumers to seek out cruelty-free protein options.
• Advances in food technology and biotechnology are enabling the development of new alternative protein products with improved taste, texture, and nutritional profiles. Innovations such as plant-based meat analogs, cultured meat, and protein-rich plant extracts are expanding the range of options available to consumers and driving market growth.
• As global population growth and urbanization increase demand for protein-rich foods, alternative protein sources offer a sustainable solution to address food security challenges.

Restrain Factors:

• Taste and Texture Challenges
• Supply Chain Constraints

Emerging Trends and Opportunities in Alternative Protein Market:

• There is a growing emphasis on plant-based protein innovation, with companies developing a wide range of plant-based alternatives to traditional animal-based products. Emerging trends include plant-based meats, dairy alternatives, egg substitutes, and seafood alternatives made from ingredients such as pea protein, soy protein, lentils, chickpeas, and mushrooms.
• Cultivated meat, also known as lab-grown meat or cell-based meat, represents a promising opportunity to produce real meat without the need for animal slaughter. Advances in cell culture technology and bioprocessing techniques are driving innovation in cultivated meat production, with companies developing cultured beef, chicken, pork, and seafood products that replicate the taste, texture, and nutritional composition of conventional meat.
• Fermentation-derived proteins, produced using microbial fermentation processes, offer a sustainable and scalable alternative protein source. Microbial fermentation platforms can produce proteins such as yeast-based protein, fungal protein, and algal protein with high yields and minimal environmental impact, addressing concerns related to land use, water consumption, and greenhouse gas emissions associated with traditional agriculture.
• Manufacturers are exploring opportunities to enhance the functional and nutritional properties of alternative protein products through fortification, formulation, and ingredient optimization. Emerging trends include the incorporation of vitamins, minerals, antioxidants, fibers, and omega-3 fatty acids into alternative protein products to improve their nutritional profile and health benefits.
• The market for alternative protein ingredients is expanding, with suppliers developing novel ingredients and formulations to meet the diverse needs of food manufacturers and consumers. Emerging ingredients include pea protein, rice protein, oat protein, hemp protein, algae protein, and insect protein, offering functional properties and nutritional benefits suitable for a variety of food applications.

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Challenges of Alternative Protein Market:

• Developing alternative protein products that meet consumer expectations for taste, texture, nutritional quality, and affordability requires significant investment in research and development, as well as expertise in food science, biotechnology, and culinary innovation.
• Overcoming technological challenges and achieving commercial viability can be time-consuming and resource-intensive for companies in the alternative protein sector.
• While alternative protein products are often marketed as more sustainable and environmentally friendly than conventional meat products, the sustainability claims of alternative proteins may vary depending on factors such as production methods, sourcing practices, and supply chain transparency.
• Ensuring credibility and transparency in sustainability claims is essential to maintaining consumer trust and confidence in alternative protein brands.

Detailed Segmentation:

Alternative Protein Market, By Source:

• • • Plant Protein
    • Mycoprotein
    • Algal Protein
    • Insect Protein

Alternative Protein Market, By Application:

• • • Food and Beverage
    • Dietary Supplements
    • Animal Feed and Pet Food
    • Personal Care and Cosmetics

Alternative Protein Market, By Region:

• • • North America
      • • U.S.
        • Canada
    • Europe
      • • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa

Regional Analysis:

Regional insights highlight the diverse market dynamics, regulatory landscapes, and growth drivers shaping the Alternative Protein Market across different geographic areas. Understanding regional nuances and market trends is essential for stakeholders to capitalize on emerging opportunities and drive market expansion in the Alternative Protein sector.

North America market is estimated to witness the fastest share over the forecast period as North American consumers are increasingly seeking out alternative protein options for health, environmental, and ethical reasons. Growing awareness of the health risks associated with excessive meat consumption, concerns about animal welfare, and a desire to reduce environmental impact are driving demand for plant-based and alternative protein products.

Report scope:

Key highlights of the Alternative Protein Market:

• The alternative protein market is experiencing rapid growth driven by increasing consumer demand for sustainable, ethical, and healthier protein options. This growth is fueled by concerns over environmental sustainability, animal welfare, and personal health.
• The market offers a wide range of alternative protein sources, including plant-based proteins (such as soy, pea, and wheat), cultivated meat, insect protein, algae-based protein, and fermentation-derived proteins. This diversity allows consumers to choose from a variety of options based on taste preferences, dietary restrictions, and sustainability concerns.
• Advances in food technology and biotechnology are driving innovation in the alternative protein market. Companies are leveraging novel production methods, including cellular agriculture, plant-based meat analogs, and fermentation processes, to create alternative protein products that closely mimic the taste, texture, and nutritional profile of conventional animal-based proteins.
• The alternative protein sector is attracting significant investment and funding from venture capital firms, private equity investors, and corporate partners. This influx of capital is fueling research and development efforts, scaling up production capabilities, and expanding market reach for alternative protein companies.
• Alternative protein products are becoming increasingly accessible and mainstream, with availability in retail outlets, supermarkets, restaurants, and foodservice establishments. Major food retailers and restaurant chains are adding plant-based options to their menus and shelves to meet the growing demand from consumers.

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