Press release
Alternative Protein Market Projected to Reach $36.61 Billion by 2029
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The report delves into the nuanced dynamics shaping the alternative proteins landscape, attributing market growth to several key factors. These include the expanding global population coupled with heightened awareness of the myriad benefits offered by alternative proteins, a surge in venture investments channeled into alternative protein companies, the intrinsic nutritional value of edible insects, and the sustainability credentials that alternative proteins bring to the table.
Moreover, the escalating adoption of vegan diets presents a pivotal growth avenue for manufacturers operating in the alternative proteins domain. However, challenges such as the elevated cost of alternative proteins and prevailing consumer preferences for animal-based products pose significant obstacles to market expansion.
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Key Market Segments:
Type: The alternative proteins market is segmented into plant proteins, insect proteins, and microbial proteins. While plant proteins currently dominate the market, the insect proteins segment is anticipated to register the highest growth rate during the forecast period, fueled by mounting demand for eco-friendly protein sources and increased investments in edible insect farming.
Application: Segments encompass plant protein-based applications, insect protein-based applications, and microbial protein-based applications. Plant protein-based applications presently command the largest market share, driven by burgeoning vegetarian and vegan populations, consumer demand for clean-label products, and substantial investments by plant-based product manufacturers. Conversely, insect protein-based applications are poised to witness the highest CAGR, propelled by the superior nutritional profile of insects and growing consumer acceptance of insect-based proteins.
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Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America currently leads the market, driven by a burgeoning emphasis on sustainable protein production, an escalating vegan demographic, increasing investments in alternative protein products, and technological innovations within the food industry. Meanwhile, Asia-Pacific is forecasted to exhibit the highest CAGR, buoyed by heightened awareness regarding protein-rich diets, technological advancements in the food and beverage sector, rapid economic growth, and abundant raw material availability.
Prominent Market Players:
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)
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CIN- U93000PN2013PTC149455
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