Alternative Proteins Market to Reach $47.05 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 14, 2024 /PRNewswire/ -- According to a new market research report titled, 'Alternative Proteins Market Size, Share, Forecast, & Trends Analysis by Type (Plant Protein [Soy, Pea, Potato], Insect Protein [Crickets, BSF], Microbial [Algae Protein, Fungal Proteins]), Application (Food & Beverage, Alternative Proteins) - Global Forecast to 2031', the alternative proteins market is projected to reach $47.05 billion by 2031, at a CAGR of 13.6% during the forecast period 2024–2031. In terms of volume, the alternative proteins market is projected to reach 13,536 thousand tons by 2031, at a CAGR of 9.3% during the forecast period of 2024–2031.

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A major shift in the consumer behavior of the global market is increasing interest in alternative proteins from plant-based to insects. Also, a growing number of people are turning to products that are less taxing on the environment; proteins have become an important consideration for many consumers. As a result, demand for nutritional products continues to soar globally; the alternative protein market has become increasingly mainstream. Additionally, the growing potential of insect and plant proteins in emerging economies such as southeast Asia, Latin America, and the Middle East & Africa, and increasing inclination towards a vegan diet, provides significant growth opportunities for protein ingredient manufacturers in the coming years.

In recent years, the global alternative proteins market has witnessed several product launches, expansions, mergers & acquisitions, and partnerships, agreements, and collaborations. The key players operating in the global alternative proteins 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.), 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).

The alternative proteins market study presents historical market data in terms of value & volume (2022 and 2023), estimated current data (2024), and forecasts for 2031. This market is segmented by type, application, and geography.

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Key Findings in the Global Alternative Proteins Market Study:

Based on type, the alternative proteins market is segmented into plant proteins, insect proteins, and microbial proteins. In 2024, the plant proteins segment is expected to account for the largest share of 83% of the alternative proteins market.

The plant proteins market is further segmented into soy proteins, wheat proteins, pea proteins, canola proteins, potato proteins, rice proteins, corn proteins, and other plant proteins. In 2024, the soy protein segment is expected to account for the largest share of 55% of the plant proteins market. The large share of this segment is 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 insect proteins segment is expected to grow at the highest CAGR during the forecast period of 2024–2031.

The insect proteins market is segmented into crickets, black soldier fly (BSF), and other insect proteins. In 2024, the crickets segment is expected to account for the largest share of 47.0% of the insect proteins market. The large share of this segment is attributed to its high nutritional value, the ease of farming and processing of crickets, the incorporation of crickets 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 during the forecast period.

The microbial proteins market is segmented into algae proteins, fungal proteins, and bacterial proteins. In 2024, the algae proteins segment is expected to account for the largest share of 70.0% of the microbial proteins 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. Moreover, 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.

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Geographically, the alternative proteins market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 38.3% of the alternative proteins market. The North America alternative proteins market is estimated to be worth USD 7.4 billion in 2024. The prominent position of North America in the alternative proteins 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 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, the Asia-Pacific alternative proteins market is expected to record the highest CAGR of 15.8% during the forecast period. The 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.

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Scope of the Report:

Alternative Proteins Market Assessment—by Type

• Plant Proteins
  • Soy Proteins
    • Soy Protein Concentrate
    • Soy Protein Isolate
    • Textured Soy Protein
    • Other Soy Proteins
  • Wheat Proteins
    • Vital Wheat Gluten
    • Wheat Protein Isolate
    • Hydrolyzed Wheat Protein
    • Textured Wheat Protein
  • Pea Proteins
    • Pea Protein Isolate
    • Pea Protein Concentrate
    • Textured Pea Protein
    • Pea Protein Hydrolysate
    • Pea Flour
    • Other Pea Proteins
  • Canola Proteins
    • Canola Protein Isolate
    • Canola Protein Concentrate
    • Other Canola Proteins
  • Potato Proteins
    • Potato Protein Concentrate
    • Potato Protein Isolate
  • Rice Proteins
    • Rice Protein Isolate
    • Rice Protein Concentrate
    • Rice Protein Hydrolysate
  • Corn Proteins
    • Corn Protein Isolate
    • Corn Protein Concentrate
    • Corn Protein Hydrolysate
  • Other Plant Proteins
• Insect Proteins
  • Crickets
  • Black Soldier Fly
  • Other Insect Proteins
• Microbial Proteins
  • Algae Proteins
  • Fungal Proteins
    • Mycoprotein
    • Mushroom Protein
    • Yeast Protein
  • Bacterial Proteins

Alternative Proteins Market Assessment—by Application

• Plant Protein-based Applications
  • Foods & Beverage
    • Meat, Poultry, and Seafood
    • Bakery
    • Meat Analogs
    • Dairy Alternatives
    • Cereals & Snacks
    • Beverages
    • Other Food & Beverage Applications
  • Animal Feed
  • Nutrition & Health Supplements
  • Pharmaceuticals
  • Other Plant Protein-based Applications
• Insect Protein-based Applications
  • Food & Beverage
    • Processed Whole Insects
    • Processed Insect Powder
    • Insect Protein Bars & Shakes
    • Insect Baked Products & Snacks
    • Insect Confectioneries
    • Insect Beverages
    • Other Food & Beverage Applications
  • Feed
    • Animal Feed
    • Aquaculture Feed
    • Pet Food
• Microbial Protein-based Applications
  • Nutraceuticals
  • Food & Beverage
  • Animal Feed
  • Cosmetics
  • Other Microbial Protein-based Applications

Alternative Proteins Market Assessment—by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
  • Peru
  • Ecuador
  • Rest of Latin America
• Middle East & Africa

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