Alternative Proteins Market Set to Reach $33.72 Billion by 2031 Consumers Crave Change

Alternative Proteins Market worth $33.72 billion by 2030 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Alternative Proteins Market- by Product (Pea Protein, Soy Protein, Cultured Meat, Mycoprotein, Insect Protein, Whey Protein, Alternative Dairy and Others (Grains, Mushrooms, etc)), Application (Foods and Beverage, Animal Feed, Nutrition and Health Supplements and Others (Pharmaceuticals, etc)), Trends, Industry Competition Analysis, Revenue and Forecast To 2030."

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InsightAce Analytic forecasts a bright future for the global alternative protein market, estimating its value to reach US$33.72 billion by 2031. This projection reflects a compound annual growth rate (CAGR) of 10.63% from 2024 onwards, with the market starting from a US$13.82 billion valuation in 2021.

The driving force behind this growth is the rising consumer interest in protein alternatives to conventional animal sources. These alternatives encompass a diverse range derived from plants, insects, fungi, and even tissue cultures. Plant-based proteins, further categorized into soy, pea, wheat, and others, represent a significant portion of the market.

In recent years, there's been a captivating shift in consumer behavior towards alternative protein products like Beyond Meat and Impossible Burger. This trend is fueled by growing concerns about animal welfare and a desire to minimize environmental impact. As a consequence, the market has witnessed a surge in producers offering similar products, further catering to this evolving consumer demand.

Consumption patterns among millennials are changing significantly from those of previous generations, as seen by the growing tendency of them to embrace flexitarian and meat-free diets. Companies from farmers to retailers around the food value chain are already investing in these prospects.

The market for alternative proteins is expanding as a result of an increase in venture capital investments in these businesses, technological advancements in the food industry, the high nutritional content of edible insects, and the advantages of alternative proteins for environmental sustainability. Additionally, the market for alternative proteins is expected to grow due to increased product research and development and rising veganism. However, it is anticipated that the high price of alternative proteins and the widespread use of goods generated from animals will impede the expansion of this sector.

Over the coming years, North America is expected to dominate the market for alternative proteins. The growing emphasis on producing protein using sustainable methods as a result of growing environmental concerns and ethical issues related to animal protein, the rising demand for healthy & nutritional products, the growing vegan population, the increasing number of investments in alternative protein products, and technological advancements in the food industry are all factors that have helped North America take the lead in the global market for alternative proteins.

Additionally, during the forecast period, the Asia Pacific Alternative Proteins market is anticipated to expand rapidly. The fast-growing economy, the developments in food and beverage technology, the vast availability of raw materials, and the growing awareness of the necessity of diets high in protein are all major contributors to the high growth of this regional market.

Major market players operating in the Alternative Proteins market include
AlgaeCan Biotech Ltd., Algatechologies Ltd., Archer Daniels Midland Company, Cargill Incorporated, Cellana Inc., Cellular Revolution, Clear, Meat, CHS Inc., Coalo Vally Farms, Corbion NV, DIC Corporation, E.I. Dupont de Nemours and Company, Armstrong Cricket Farm Georgia, Aspire Food Group, AXIOM Foods Inc., BENEO GmbH, BlueBioTech Int. GmbH, Burcon NutraScience Corporation, E.I.D. - Parry, Enterra Feed Corporation, EntoCube, Entofood, Sdn Bhd., Entomo Farms, EnviroFlight LCC., Maple Leaf Foods, The Vegetarian Butcher, MycoTechnology Inc., Now foods, Parabel Inc.,

Plantible Foods Inc., Pond Technologies Inc., Farbest Brands, Glanbia Plc, Global Bugs, Asia Co. Ltd., Ingredion Inc, Aleph Farms Ltd. , Finless Foods Inc. , Avant Meats, Company Limited, Balletic Foods, BlueNalu, Inc., Beyond Meat, Impossible Food Inc., Proti-Farm Holding NV, Protix, Rocky Mountain Micro Ranch, Roquette Frères Le Romain, Sotexpro, Sun Chlorella Corporation, Taiwan Chlorella Manufacturing Company, Gardein Protein International (Pinnacle Foods),

Morningstar Farms, Quorn Foods, Amy's Kitchen, Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Biotech Foods SL, Future Meat Technologies Ltd., Appleton Meats, Higher Steaks, Tate & Lyle Plc, Tianjin Norland Biotech Co. Ltd, Tiny Farms, Ynsect, Novel Farms, Inc., Fork & Goode, New Age Meats, ORF Genetics, Lab Farm Foods, Mosa Meat, Memphis Meats,

Peace of Meat, Wild Earth, Turtle Tree Labs, Integriculture Inc, Shiok Meats Pte. Ltd., Supermeat , Just, Inc., The Better Meat Co., Biofood Systems LTD., Lightlife Foods, Field Roast, Naturli' Foods A/S, Schouten, Sweet Earth Foods and Impossible Foods among others.

Recent collaborations and agreements in the market:
• In February 2022, Kerry Inc. announced a deal to buy 92 per cent of c-LEcta GmbH's shares, with management keeping the remaining assets. c-LEcta GmbH has established itself as a prominent pioneer in the pharmaceutical sector with a strong portfolio of tailored bioactive compounds for food, beverage, and a variety of customer industries. This acquisition will help Kerry Inc. continue to invest in the creation of cutting-edge, environmentally friendly technologies.

• In April 2021, in Singapore, Archer Daniels Midland opened a brand-new, cutting-edge research facility that will be entirely devoted to studying plant-based proteins. In order to address the rising demand from the food and beverage industry in the Asia Pacific area, the company will be able to enhance the commercial production of an alternative protein with the aid of the new facility.

• In April 2021, the start-up Bflike, developed by BOX NV, is a new technology leader in the quickly growing categories of fish and meat substitutes. Cargill invested in this company. The cooperation agreement combines Cargill's food ingredient solutions with Bflike's technology and recipes to give retailers and food producers the chance to promote scrumptious and reasonably priced plant-based goods.

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Market Segments
Global Alternative Proteins Market, by Product, 2022-2030 (Value US$ Mn)
• Pea Protein
• Soy Protein
• Cultured Meat
• Mycoprotein
• Insect Protein
• Whey Protein
• Alternative Dairy
• Others (grains, mushrooms, etc)

Global Alternative Proteins Market, by Application, 2022-2030 (Value US$ Mn)
• Foods and Beverage
• Animal Feed
• Nutrition and Health Supplements
• Others (Pharmaceuticals, etc)

Global Alternative Proteins Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America Alternative Proteins Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada

Europe Alternative Proteins Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

Asia Pacific Alternative Proteins Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand

Latin America Alternative Proteins Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa Alternative Proteins Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:
 To receive a comprehensive analysis of the prospects for the global Alternative Proteins market
 To receive an industry overview and future trends of the Alternative Proteins market
 To analyze the Alternative Proteins market drivers and challenges
 To get information on the Alternative Proteins market value (US$Mn) forecast to 2030
 Significant investments, mergers & acquisitions in the Alternative Proteins market industry

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