Alternative Protein Market Set to Exceed USD 62.65 Billion by 2030, Propelled by Shifting Dietary Preferences

The SNS Insider report reveals that the Alternative Protein Market, valued at USD 19.11 billion in 2022, is poised to reach USD 62.65 billion by 2030, exhibiting an impressive CAGR of 16% during the forecast period from 2023 to 2030.

The Alternative Protein Market, buoyed by a convergence of health, environmental, and technological factors, is poised for continued growth as consumers increasingly embrace alternative protein sources as part of a more sustainable and health-conscious lifestyle.

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Key Players:
Farbest brands, Mycotechnology, Kerry group plc, String Bio, Calysta inc, Cargill incorporated, Archer Daniels midland company, Glanbia Plc, Axiom foods, Armstrong cricket farm georgia, beneo GmbH, Roquette ferres, now foods, tate and lyle, Angel yeast co.

Market Report Scope
Alternative proteins, sourced from plants, fungi, and insects, represent a paradigm shift in the food industry, offering non-meat protein options to cater to diverse dietary needs. These proteins, found in plant-based alternatives, insect-derived products, and microbial sources, are increasingly replacing conventional animal-based proteins. Widely used in dairy-free and meat-free diets, alternative proteins are integral to the production of meat analogs and various animal feed products.
Consumer interest in health, ethical considerations, and the desire to reduce protein calorie intake are key factors fueling the demand for alternative proteins. Modern consumers are becoming more conscious of the importance of clean protein in their daily diets for energy, weight management, and overall health. The surge in clean protein consumption, coupled with the adoption of sustainably sourced proteins, is driving product demand, offering health benefits such as improved nutritional constitution and strengthened immune systems.
By Source
• Plant Protein
• Algae Protein
• Insect Protein
By Application
• Food and beverages  
• Dietary replacers
• Animal feed
By Distribution channel
• Chemist
• Supermarkets
• Online store

Market Analysis
The Alternative Protein Market is witnessing substantial growth, propelled by the intersection of health awareness and environmental concerns among consumers. The demand for alternative proteins is significantly driven by microbial-based sources such as bacteria, algae, yeast, and fungi, which find application in various functional foods and beverages. Microbial-based proteins not only serve as nutritive protein sources but are also rich in vitamins, carotenes, and carbohydrates, contributing to the overall market growth.
The increasing awareness of personal health and fitness, coupled with a growing demand for dietary supplements, is escalating the demand for microbial-based alternative proteins. Consumers are recognizing the health benefits, including immune system stimulation and improved digestion, leading to a surge in demand for microbial-based protein in food and beverage products.

Segmentation Analysis
• The alternative protein market is segmented into plant protein, insect protein, and microbial protein. The plant protein segment is expected to dominate, driven by growing demand from food and beverage manufacturers, ample availability of raw materials, and lower production costs. However, the insect protein segment is anticipated to grow at the highest CAGR, fueled by the rising demand for environmentally friendly protein-rich food and increased investments in edible insect farming.
• In terms of applications, plant protein-based applications are expected to hold the largest market share in 2023. This is attributed to the growing vegetarian and vegan population, increasing demand for clean-label products, and ongoing investments and expansions by plant-based product manufacturers. The insect protein-based applications segment is projected to record the highest CAGR, indicating a shift towards embracing alternative protein sources.

Growth Factors
• A pivotal growth factor for the alternative protein market is the escalating awareness among consumers regarding the importance of a high-protein diet for overall health and well-being. As individuals become more health-conscious, there is a growing demand for protein sources that not only provide essential nutrients but also align with ethical and environmental considerations. Consumers are increasingly recognizing the impact of dietary choices on personal health and the environment, resulting in a paradigm shift towards alternative proteins that offer a sustainable and health-focused option.
• Microbial-based protein sources, encompassing bacteria, algae, yeast, and fungi, play a crucial role in the market's growth. These proteins are not only nutritive but also versatile, finding applications in various functional foods and beverages. The adoption of microbial-based proteins is driven by their nutritional richness, serving as a healthy source of vitamins, carotenes, and carbohydrates. Widely used in dietary supplements, microbial-based proteins contribute to the market's expansion, reflecting the growing consumer preference for functional and health-enhancing food options.

Key Regional Development
North America holds the highest share in the Alternative Protein market, driven by increased awareness of health benefits and the growing trend of veganism in developed cities. APAC is emerging as a growing region, with the adaptation of alternative protein and rising awareness of the benefits. Technological advancements in the food and beverage industry are major factors propelling the adoption of alternative-based protein in this region.

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Key Takeaways
• Clean Protein Revolution: Growing consumer interest in clean protein for energy and weight management is a significant driver of the alternative protein market.
• Microbial-Based Protein Surge: The increasing awareness of personal health and fitness is escalating the demand for microbial-based alternative proteins, particularly in food and beverage products.
• Dominance of Plant Proteins: Plant protein-based applications lead the market, fueled by the growing vegetarian and vegan population and rising demand for clean-label products.

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Recent Developments
In June 2021: Green Rebel Foods introduced Asia's plant-based whole-cut steak, meeting the region's surging demand for vegan meat. These cholesterol-free steaks, with lower saturated fat levels, exemplify the industry's commitment to healthier alternatives.

Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Alternative Protein Market Segmentation, by Source
9. Alternative Protein Market Segmentation, by Application
10. Alternative Protein Market Segmentation, by Distribution Channel
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion

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