Alternative Protein Market Rising Adoption Of High Protein Diet Foods

According to Precision Business Insights (PBI), the latest report, the global alternative protein market size was valued at USD 58.1 million in 2022 and is projected to grow at a 15.1% CAGR during the forecast period 2023 to 2029. The primary drivers of the expansion of the global alternative protein market include government regulations to boost algae products production, increased algae-based protein products, rising adoption of high protein diet foods and consumer preference to consume healthy foods.

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Source Segment to dominate the Alternative Protein market:
Based on source type, which is further categorised into plant-based, insect-based, and microbial based, and among these the microbial segment is expected to record the highest market share than the Alternative Protein market. The growing health awareness among consumers for consumption of high protein diet alongside the rising environmental concerns among the population is expected to increase the consumption of microbial-based protein. Microbial-based protein sources, such as bacteria, algae, yeast, and fungi, are tremendously used in food applications, and these proteins are widely used in dietary supplements as they are a healthy source of vitamins, carotenes, and carbohydrates which help in boosting the demand for the products and probably result in growth of the market.

North America Alternative Protein Market
North America is expected to become the world market of Alternative Protein worldwide and is expected to acquire the market in the coming years. Due to increasing consumers' interest on their health and fitness well-being, and moreover the consumers are very concerned about the ingredients used in the products they use. The Asia Pacific region is also expected to record a significant growth rate over the upcoming forecast period.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Alternative Protein market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In October 2022, ADM and Benson Hill have announced a strategic partnership to scale high-protein soy ingredients, which meet rapidly-growing demand for plant-based proteins.

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The global alternative protein market is segmented based on source, application, and geography.
Based On the Source:
• Plant-Based
• Insect-Based
• Microbial Based
• Others

Based On the Application:
• Food & Beverages
• Animal Feed
• Pet Food
• Equine
• Others

Based On the Geography:
• North America
• Europe
• Asia-Pacific
• South America
• MEA

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The global alternative protein market key players are Cargill Incorporated, Archer Daniels Midland, Dupont Danisco, Kerry Group, DSM, Axiom Foods, Ingredion Incorporated, Innovafeed, Hamlet Protein, AB Mauri, Calysta Inc and Angel Yeast.

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This release was published on openPR.