Protein Alternatives Market Drivers Shaping Future Growth, Revenue $73.9 Billion By 2031 : CAGR 16.2%

Global protein alternatives industry size was valued at $16.6 billion in 2021, and is estimated to reach $73.9 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031.

The rise in the consumption of clean proteins as well as growing awareness of consumers and adoption of proteins from sustainably derived sources drive the growth of the global protein alternatives market.

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Due to the rise in demand for edible insects, the cigarette protein alternative industry is anticipated to experience significant expansion. The market for protein alternatives is expanding as a result of rise in income levels and urbanization increase in awareness among consumers regarding the harmful health effects of meat & meat products. Furthermore, the growth of the protein alternatives market is greatly influenced by the growth in R&D in food technology and the regular launch of the new product

Protein alternative product demand is projected to be fueled by an increase in the consumption of clean proteins as well as by growth in consumer awareness and adoption of proteins from sustainably derived sources. Consumer awareness of the value of clean protein in a daily diet for sustaining energy and managing weight is expected to have a beneficial effect on the protein alternatives market growth. The protein alternatives have several health advantages, including improving the nutritional makeup of the body and boosting the immune system, which is projected to foster the growth of the market for protein replacements in food applications and promote protein alternatives market demand.

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The protein alternatives market forecast is segmented on the basis of source, application, distribution channel, and region.

The rise in the consumption of clean proteins as well as growing awareness of consumers and adoption of proteins from sustainably derived sources drive the growth of the global protein alternatives market. However, stringent regulatory compliances along with the inability to digest protein restrict the market growth. Moreover, growing R&D in food technology and the regular launch of the new product by key players present new opportunities in the coming years.

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global protein alternatives market, and is likely to dominate the market during the forecast period. Consumers in North America are worried about the additives used in food. In addition, the increased consumer focus on preventive healthcare and the rise in demand for nutrient-dense components propel the sales of alternative protein, particularly in the U.S. and Canada. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% from 2022 to 2031.

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Leading Market Players: -

Armstrong Cricket Georgia,
Aspire Food Group,
Axiom Foods Inc,
Burcon Nutrascience Corporation,
Entomo Farms,
Glanbia PLC,
Protix B.V,
Archer Daniels Midland Company,
Bluebiotech International GmbH,
Calysta, Inc.,
Cargill,
Incorporated,
Cellena Inc.,
JR Unique Foods Ltd.,
Plantible Foods, Inc.,
Roquette Freres,
String Bio,
Enterra Corporation,
Kerry Group Plc,
MycoTechnology, Inc,
Farbest Brands

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