Global Protein Alternatives Market Report and Forecast 2024-2032

Global Protein Alternatives Market Outlook

The global protein alternatives market is expected to grow in the forecast period of 2024-2032 at a CAGR of 6.8%, driven by the rising health consciousness among consumers.

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North America Accounts for a Significant Share of the Global Market for Protein Alternatives

North America is a significant regional market for the global protein alternatives industry owing to the rising demand for plant-based protein like soy, lentils, beans, and wheat, amongst others. Furthermore, North America’s protein alternatives industry is at its peak due to the significant increase in vegan population, rise in demand for healthy and nutritional products, along with weight management.

Protein Alternatives Industry in the Asia Pacific to Witness a Robust Growth

The Asia Pacific is expected to witness growth in upcoming years as they have started to incorporate more protein in their daily diets. People have become more health conscious and companies have started programmes and campaigns to educate customers about the benefits of alternative proteins. These factors have accelerated the growth of the protein alternatives industry in the Asia Pacific region. The rising technological advancement in the food and beverages industry has also aided the growth of the market.

Effect of COVID-19 on the Global Market for Protein Alternatives

The outbreak of the COVID-19 pandemic has provided lucrative growth opportunities to the protein alternatives industry. It has been found that coronavirus disease has been having an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. Protein alternatives can reduce the effect of such comorbidities as there is an abundance of macronutrients, micronutrients, and antioxidants present in them. Although COVID-19 has not affected the livestock, the pandemic increased the attention given to viral infections associated with livestock, leading to a higher demand for protein alternatives. Such factors kept the protein alternatives industry afloat during the pandemic, despite the initial disruptions in supply chain.

Protein Alternatives: Market Segmentation

Protein alternatives are non-meat and non-dairy proteins. They encompass everything from algae to re-engineered plant-based legumes and a variety of meat substitutes like lab-grown meat, plant-based meat, single-cell proteins from yeast or algae, and edible insects. These alternative proteins emphasise healthier eating and smaller environmental footprint without sacrificing the taste.

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The major sources of protein alternatives are as follow:

• Plant Protein
  • Soy Protein 
  • Wheat Protein 
  • Pea Protein 
  • Others 
• Mycoprotein 
• Algal Protein 
• Insect Protein 

The market can be broadly categorised on the basis of its application into:

• Food and Beverage
• Dietary Supplements
• Animal Feed and Pet Food
• Personal Care and Cosmetics
• Others

The EMR report looks into the regional markets of protein alternatives like North America, Europe, the Asia Pacific, Latin America and the Middle East and Africa.

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Shift in the Customer Preferences Aiding the Market Growth of Protein Alternatives

The protein alternatives industry is witnessing a healthy growth due to the rapid shift of consumer preferences from animal protein to plant protein. Various factors like sustainability issues, health awareness, ethical or religious views, and environmental and animal rights are responsible for this growing inclination toward a plant-based diet. Meat and dairy-based products contain amino acids, which are associated with health issues like high cholesterol levels, further driving consumers towards seeking out protein alternatives. Such factors have aided the growth of the market in the historical period. 

Growing urbanisation with a new customer base, innovation in food technology, growing venture investments in alternative protein companies, environmental concerns with consumption of animal protein, the high nutritional value of edible insects, and the rising inclination towards vegan diet are some of the factors propelling the growth of the protein alternatives industry. However, the high cost of alternative proteins might hinder the growth of the protein alternative industry.

Key Industry Players in the Global Protein Alternatives Market

The report presents a detailed analysis of the following key players in the global protein alternatives market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Archer Daniels Midland Company
• Cargill Incorporated
• Glanbia PLC
• Ingredion Incorporated
• DuPont de Nemours Inc.
• Kerry Group
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report