Alternative Proteins: The Market at the Cusp of Multi-billion Dollar Growth

The global alternative protein industry is currently going through an unprecedented level of competition and disruption. This change can be attributed to the growing R&D, new product launches, venture investments, and inclination towards a vegan diet. In terms of value, the alternative protein market is expected to grow at a CAGR of 9.5% from 2019 to reach $17.9 billion by 2025. In terms of volume, the market is expected to grow at a CAGR of 5.2% from 2019 to reach 9,787.4 KMT by 2025.

Meticulous Research - leading global market research company published a research report titled "Alternative Protein Market by Stage/Type (Insect, Algae, Duckweed, Lab Meat, Pea, Rice, Potato, Corn, Soy, Wheat, Corn, Mycoprotein, Mushrooms), Application, and Geography - Global Forecast to 2025"

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FORTHCOMING CHALLENGES FOR SUSTAINABLE NUTRITION

The current world population of 7.6 billion is predicted to reach 9.8 billion by 2050 and 11.2 billion by 2100. This increasing population is marked by multiple unprecedented challenges at the human survival level. One of the most significant challenges faced by the world today is to ensure that the growing population has access to adequate, sustainable, and nutritious food, as consumers seek to ensure healthy lives for as long as possible--particularly as average lifespan continues to rise. There are rapid changes in diets and lifestyles that have occurred with growing industrialization, economic development, millennials, and globalization over the past decade. This is expected to have a significant impact on the health and nutritional status of the population, particularly in developing countries. In 2009, the FAO from the UN projected that food production would have to be increased by 70% to feed the world population by 2050. These factors would accelerate a dietary transition towards higher consumption of meat.

The high growth of the global alternative protein market is mainly attributed to growing urbanization with new consumer aspiration, rising venture investments in alternative protein companies, innovation in food technology, high nutritional value of edible insect, and environmental sustainability with production and consumption of alternative protein. Moreover, growing research & development and emerging economies provides significant growth opportunities to the stakeholders in this market. However, high cost of alternative protein and significant preference for animal-based products are expected to hamper the growth of this market to some extent.

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The global alternative protein market study presents historical market data in terms of both value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025-by stage (emerging alternative protein (insect, algae, duckweed, and lab meat), adolescent alternative protein (pea, rice, corn, potato, and others), and matured alternative protein (soy, wheat, canola, mushroom, mycoprotein, and others)); and application (plant protein based products, insect protein based, aquatic plant protein based products, microbial protein based, and cultured meat based products. The study also evaluates industry competitors and analyzes the market at regional and country level.

Based on application, plant-based protein products market commanded the largest share of the global market in 2018. The large share of this segment is mainly attributed to high consumer demand for sustainable products, knowledge of the health benefits of plant protein, increasing health concerns over animal products and ingredients, increasing vegan population, and rising meat prices and clean label trend. However, the edible insect-based products are expected to witness a significant growth, owing to high nutritional value of insects, increasing demand for novel food products, growing familiarity with insects-as-food, growing acceptance of insects and insect-based food among people, and environmental sustainability with production and consumption of edible insects.

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This research report analyzes major geographies and provides comprehensive analysis of North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, the Netherlands, Belgium, Denmark, Finland, and RoE), Asia-Pacific (China, India, Japan, Thailand, South Korea, Vietnam, and RoAPAC), Latin America (Brazil, Mexico, Argentina, and RoLATAM), and Middle East & Africa. North America commanded the largest share of the global alternative protein market in 2018, followed by Europe and Asia-Pacific. The large share of this region is mainly attributed to well-established food and feed industry, rising concerns over animal products and protein, increasing vegan population, growing preference to meat alternatives, and technological advancement in food industry. However, Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period, mainly due to increasing protein rich diet awareness, increasing health consciousness, growing technological advancements in food & beverages industry, growing economy, and increasing raw material availability. Also, factors such as adoption of emerging technologies for product innovation, collaboration between international and domestic food companies, and presence of large number of players support the growth of Asia Pacific market.

Considering the significant potential in the alternative protein space, major players across the globe are hedging against or preparing for the decline of demand for animal products by investing in other companies that are operating in alternative protein industry. Also, across the food value chain, companies are looking to generate growth through innovation and product development in alternative proteins, both within their legacy brands and by creating new product offerings. For example, in April 2019, Nestle launched plant-based burger in the U.S. under the Sweet Earth brand and in Europe, under the Garden Gourmet brand.

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The major players operating in the global alternative protein market are:

Insect Protein:

AgriProtein (South Africa), Ynsect (France), Enterra Feed Corporation (Canada), Protix (The Netherlands), Proti-Farm Holding NV (The Netherlands), Entomo Farms (Canada), Global Bugs Asia Co., Ltd. (Thailand), Aspire Food Group (U.S.), Tiny Farms(U.S.), EntoCube (Finland), EnviroFlight, LCC. (U.S.), Entofood Sdn Bhd. (Malaysia), Coalo Vally Farms (U.S.), Armstrong Cricket Farm Georgia (U.S.), and Rocky Mountain Micro Ranch (U.S.).

Aquatic Protein:

DIC Corporation (Japan), Cellana Inc. (U.S.), Taiwan Chlorella Manufacturing Company (China), Microalgaetech International Sdn Bhd (Malaysia), BlueBioTech Int. GmbH (Germany), Algatechologies Ltd. (Israel), Pond Technologies Inc. (Canada), E.I.D. - Parry (India) Limited (India), Tianjin Norland Biotech Co., Ltd (China), AlgaeCan Biotech Ltd. (Canada), Corbion NV (The Netherlands), Sun Chlorella Corporation (Japan), Parabel, Inc. (U.S.), and Plantible Foods, Inc. (U.S.).

Plant-based Protein:

Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frres Le Romain (France), Ingredion Inc (U.S.), Kerry Group (Ireland), E.I. Dupont de Nemours and Company (U.S.), Now foods (U.S.), Tate & Lyle Plc (U.K.), AXIOM Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (Germany), Glanbia Plc (Ireland), Sotexpro (France), Farbest Brands (U.S.), and CHS Inc. (U.S.).

LabMeat Protein:

Just, Inc. (U.S.), Mosa Meat (The Netherlands), Memphis Meats (U.S.), and MycoTechnology Inc. (U.S.)

Microbial Protein:

MycoTechnology Inc. (U.K.)

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Key questions answered in the report-

Which are the high growth market segments in terms of stage, application, and region/countries?
What was the historical market for alternative protein across the globe?
What are the market forecasts and estimates for the period 2018-2025?
What are the major drivers, restraints, opportunities, challenges, and trends in the global alternative protein market?
Who are the major players in the global alternative protein market?
How is the competitive landscape and who are the market leaders in the global alternative protein market?
What are the recent developments in the global alternative protein market?
What are the different strategies adopted by the major players in the global alternative protein market?
What are the geographical trends and high growth regions/ countries?
Who are the local emerging players in the global alternative protein market and how do they compete with the global players?

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