Alternative Protein Market Worth $36.61 Billion by 2029 -- Exclusive Report by Meticulous Research®

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Mar 22, 2022, 09:00 ET

REDDING, Calif., March 22, 2022 /PRNewswire/ -- According to a new market research report titled, "Alternative Protein Market by Type (Plant Proteins, Insect Proteins, Microbial Proteins), Application (Plant Protein-based Products, Insect Protein-based Products, Microbial Protein-based Products) - Global Forecasts to 2029", published by Meticulous Research®, the alternative protein market is expected to grow at a CAGR of 12.4% from 2022–2029 to reach $36.61 billion by 2029.

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The past decade has witnessed unprecedented growth in protein demand worldwide and awareness about the importance of protein-rich diets. Animal-derived protein replacement products, also known as alternative proteins, include plant-based proteins, insect-based proteins, and synthetic meat, which are increasingly competing for their market shares in overall protein consumption.

The demand for alternative protein is mainly fueled by consumers' perception of these proteins being healthier and more environmentally friendly. In response to demand from growing health-conscious consumers, the global trend in food industries is to translate nutritional information into consumer reality by developing food products using alternative protein ingredients that provide superior sensory appeal and nutritional and health benefits. As a result, the global alternative protein market is expected to grow at a CAGR of 12.4% from 2022 to 2029.

The key factors driving the growth of the overall alternative protein market are the increasing venture investments in companies operating in this sector, innovations in food technology, the high nutritional value of edible insects, and the environmental sustainability benefits of alternative proteins. In addition, the rising research and development of new products and increasing inclination towards veganism provide significant opportunities for the alternative protein market. However, the high cost of alternative proteins and the significant use of animal-derived products are expected to hinder the growth of this market to some extent.

Alternative Protein Market Overview

The alternative proteins market is segmented based on type, application, and geography.

Based on type, the alternative protein market is segmented into plant proteins, insect proteins, and microbial proteins. In 2022, the plant proteins segment is estimated to account for the largest share of the overall alternative protein market. The large share of this market is mainly attributed to the growing demand from food & beverage manufacturers, the increase in the vegan population, the rising number of plant-based product launches, and the large presence of plant protein manufacturers. However, the insect proteins segment is expected to grow at the highest CAGR of 27.3% during the forecast period of 2022–2029. This high growth rate of this segment is mainly driven by the growing demand for environmentally friendly protein-rich food and rising investments in edible insect farming.

Based on type, the plant protein market is further segmented into soy protein, wheat protein, pea protein, canola protein, potato protein, rice protein, corn protein, and others. In 2022, the soy protein segment is estimated to account for the largest share of the overall plant protein market. The large share of this segment is primarily attributed to its easy availability, lower price of soy protein, increased demand for meat protein alternatives, a wide range of applications in various products, and multiple health benefits. However, the pea protein segment is expected to register the highest CAGR of 15.7% during the forecast period. The high growth rate of this segment is mainly driven by its high nutritional content and allergen-free, gluten-free, and lactose-free properties.

Based on type, the insect protein market is segmented into crickets, black soldier fly (BSF), and others. In 2022, the crickets segment is estimated to account for the largest share of the overall insect protein market. This is attributed to the high nutritional value, ease of farming and processing of crickets, their incorporation into various food recipes and products, and the increasing demand for cricket-based products, such as protein powders, protein bars, and snacks. However, the black soldier fly segment is expected to register the highest CAGR of 30.8% during the forecast period. This high growth rate of this segment is driven by the rising demand from animal feed manufacturers, the increasing costs of fish and soy meals, and the increasing government support & approvals for BSF proteins.

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Further, the microbial proteins market is segmented into algae proteins, fungal proteins, bacterial proteins, and yeast proteins. In 2022, the algae proteins segment is estimated to account for the largest share of the overall microbial protein market. The large market share of this segment is mainly attributed to the growth of the dietary supplements industry, the rising preference for spirulina-sourced products, and the increasing number of products that include algae as ingredients. Additionally, this segment is expected to grow at the fastest CAGR during the forecast period. The high growth rate of this segment is driven by factors, such as the increasing vegetarian population, the rising incidences of diet-related diseases, such as malnutrition, the growth of the nutraceutical industry, and the increasing usage of chlorella in aquaculture diets.

Based on application, the overall alternative protein market is mainly segmented into plant protein-based applications, insect protein-based applications, and microbial protein-based applications. The plant protein-based applications segment is estimated to account for the largest share of the overall alternative protein market in 2022. The large share of this segment is mainly attributed to the growing vegetarian and vegan population, consumers' rising demand for clean-label products, and increasing investments and expansions by plant-based product manufacturers. However, the insect protein-based applications segment is expected to record a CAGR of 27.3% during the forecast period. The rapid growth of this segment is mainly attributed to the high nutritional value of insects, the increasing demand for novel food products, and the increasing acceptance amongst consumers towards the consumption of insect protein.

Based on geography, the global alternative protein market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the global alternative protein market. The prominent position of this region is attributed to the increasing focus on producing protein using sustainable methods due to the rising environmental concerns and ethical aspects associated with animal proteins, 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.

However, Asia-Pacific region is expected to record the highest CAGR of 12.1% during the forecast period. The high growth of this regional market is mainly attributed to the increasing awareness regarding the importance of protein-rich diets, the increasing technological advancements in the food & beverages industry, the fast-growing economy, and the wide availability of raw materials.

Impact of COVID-19 on Alternative Protein Market in Key Regions

North America witnessed favorable outcomes of COVID-19 for the alternative proteins industry, especially the U.S. The pandemic resulted in a sudden increase in plant-based substitutes in the U.S. and has led to many slaughterhouses closing shops. Also, retail chains in the U.S. have prolonged shelf and storage space for alternative protein-based products to cater to the growing demand. As of May 2020, this pandemic-driven panic buying escalated sales of some plant-based coronavirus quarantine foods.

Further, the outbreak of COVID and negative connotations with animal-based food boosted the European alternative proteins market. Numerous countries in the region witnessed the worst outcomes of COVID in Q1'2020. As a result, there is an increasing trend of veganism in Europe, which has pushed the growth of the alternative proteins industry.

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Similarly, demand for alternative protein-based foods is surging in Asia-Pacific with China driving the industry's growth. Even before the outbreak, China was already facing protein shortages due to the spread of African swine fever and its impact on pork supplies. As a result, the country has been viewed as a major growth market for faux-protein producers.

Key Players in Alternative Protein Market

The global alternative protein market is fragmented in nature, with several small and medium-sized companies and new players. These players have implemented various strategies to expand their product and services offerings and global footprints and augment their market shares.

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 (Ireland), International Flavors & Fragrances, Inc. (IFF) (U.S.), Now Foods (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.), Corbion NV (Netherlands), Sun Chlorella Corporation (Japan), Plantible Foods, Inc. (U.S.), Parabel Nutritional, Inc. (U.S.), Far East Bio-Tec Co., Ltd. (Taiwan), Far East Microalgae Industries, Co. Ltd. (Taiwan), 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).

Browse in-depth TOC on " Alternative Protein Market - Global Opportunity Analysis And Industry Forecasts (2022-2029) "
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Scope of the Report:

Alternative protein Market, by Type

Plant protein

Soy protein
Wheat protein
Pea protein
Canola protein
Potato protein
Rice protein
Corn protein
Other Plant protein

Insect protein

Crickets
Black Soldier Fly
Other Insect protein

Microbial protein

Algae protein
Fungal protein

Mycoprotein
Mushrooms protein

Bacterial protein
Yeast protein

Alternative protein Market, by Application

Plant Protein-based Applications

Foods and Beverages

Meat, Poultry, and Seafood
Bakery
Meat Analogs
Dairy Alternatives
Cereals & Snacks
Beverages
Others

Animal Feed
Nutrition & Health Supplements
Pharmaceuticals
Other Plant Protein-based Applications

Insect Protein-based Applications

Processed Whole Insects
Animal and Pet Feed
Processed Insect Powder
Insect Protein Bars and Shakes
Insect Baked Products and Snacks
Insect Confectionaries
Insect Beverages
Other Insect Protein-based Applications

Microbial Protein-based Applications

Food and Beverage
Animal Feed
Nutraceuticals
Cosmetics
Others

Alternative protein Market, by Geography

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Spain
Rest of Europe

Asia-Pacific (APAC)

China
Japan
India
Australia
Rest of Asia-Pacific

Latin America
Middle East & Africa

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Amidst this crisis, Meticulous Research^®is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

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