Protein Alternatives Market | How Top Companies Adapted after COVID-19 Hit Its Business
Protein alternatives are the substitutes for animal-based protein. Based on the source, the protein alternatives market is broadly classified into plant protein, mycoprotein, algal protein, and insect protein. The increasing awareness about the consumption of health benefits offered by vegan food is stimulating the demand of protein alternatives. One can expect that the protein alternatives market will grow at a substantial rate during the forecast period.
Covid-19 Scenario Analysis
Export-import is at halt.
The closure of industries due to lockdown has not only hampered the scale of production but also the growth rate.
Online sales have started to provide convenience to the consumers.
The outbreak had given opportunity to the companies to opt for certain strategies and plan their business accordingly.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The increasing concern of people toward a healthy lifestyle is boosting the growth of protein alternatives market. The increasing awareness about the vegan products is shifting the preference of people from animal protein to plant-based protein. The plant-based proteins are a healthy option for protein and provide similar benefits as the animal protein. Hence, they are widely used in the food & beverages industry. Along with this, increasing awareness about animal nutrition and rising number of pet grooming services have enabled the usage in animal feed. Alternative proteins like soy and pea protein are widely used in meat-free burgers and sausages. Also, plant-based proteins meet the standards of various food authorities. They have less chance of food-borne bacteria.
Also, increase in the number of e-commerce websites and the expansion of distribution channels has helped in creating transparency about the product.
New Product Launches to Flourish the Market
Key market players are introducing new products in the product line of alternative proteins so that the consumers get easily accustomed to. They are focusing on consumer satisfaction and brand loyalty and using this as a viable methodology to extend their global footprint. They are expanding their business through mergers & acquisitions, collaborations, and joint ventures. The investments in innovation & technology, continuous research & development, and product standardization are creating ample opportunities for the protein alternatives market.
North America has the highest share in the protein alternatives market, and is expected to increase during the forecast period, due to increasing demand for plant-based proteins and protein-rich diet.
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Key Benefits of the Report
This study presents the analytical depiction of the global protein alternatives market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global protein alternatives market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global protein alternatives market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global protein alternatives market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Protein Alternatives Market Research Report:
Which are the leading players active in the protein alternatives market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities of the market?
What future projections would help in taking further strategic steps?
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