Protein Alternatives Market Outlook 2031
The global protein alternatives market size was valued at USD 19.29 Billion in 2022 and is anticipated to reach USD 74.51 Billion by 2031, expanding at a significant CAGR of 16.2% during forecast period, 2023–2031. Growth of the market is attributed to rapid urbanization, increasing overall efficiency & productivity for enterprises, increasing intolerance towards animal protein.
From a variety of meat substitutes, algae, and re-engineered plant-based legumes the alternative proteins are obtained. Plant-based meat, lab-grown meat, and single-cell proteins are obtained from algae, yeast, and edible insects.
The Covid-19 pandemic affected the protein alternatives market. Lockdown across the globe, reduction in demand of the protein, supply chain disorders, and decreasing supply of materials required to make proteins, forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Protein Alternatives Market Trends, Drivers, Restraints, and Opportunities
- Changing customer preference towards vegan protein is projected to boost the market.
- Increasing usages of protein alternatives in confectionery is the major factor fueling the market.
- Lack of awareness about the protein alternatives is projected to restrict the market expansion during the forecast period.
- High price of the products is anticipated to hamper the market growth in the coming years.
- R&D investment and technological advancement in protein alternatives market is projected to offer lucrative opportunities for the market players
Scope of Protein Alternatives Market Report
The report on the protein alternatives market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Protein Alternatives Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023-2031
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Segmentation
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Source (Insect Protein, Plant Protein [Pea Protein, Dry Protein, Wheat Protein, and Others], Algal Protein, and Mycoprotein), Application (Personal Care & Cosmetics, Food & Beverage [Beverages, Bakery, Plant-based Dairy Products, Confectionery, Others], Pet Food, Dietary Supplements, and Animal Feed)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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Royal Avebe UA; Corbion NV; Ingredion Inc.; Cargill, Inc.; DuPont de Nemours Inc.; The Archer Daniels Midland Company; Glanbia PLC; and Kerry Inc.
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Protein Alternatives Market Segment Insights
Source Segment Analysis
On the basis of sources, the protein alternatives market is fragmented into insect protein, plant protein, algal protein, and mycoprotein. The plant protein segment is sub-segmented into pea protein, dry protein, wheat protein, and others.
The plant protein segment accounts for a key share of the market. Growth of the market is attributed to incorporation of plant protein in processed food and increasing research & development activities in protein alternatives.
However, the algal protein segment is anticipated to expand at a rapid pace during the forecast period due to increasing per capita income, rising awareness among consumers, and increasing plant-based diets.
Application Segment Analysis
Based on applications, the market is divided into personal care & cosmetics, food & beverage, pet food, dietary supplements, and animal feed. The food & beverages segment is sub-segmented into beverages, bakery, plant-based dairy products, confectionery, others.
The food & beverages segment accounts for a significant share of the market. Growth of the market is attributed to strict environmental regulations, rapidly growing population, and rapid innovations in protein alternatives.
The personal care & cosmetics segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising investment by private sectors, increasing penetration of vegan protein products in retail market, and rising number of small & medium industry.
Regional Outlook
On the basis of region, the protein alternatives market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is estimated to expand at a high CAGR during the forecast period due to factors such as presence of major market players and rapid economic growth in region.
The market of North America is estimated to hold major market share due to rapidly growing number of working people, strict environmental regulations, increasing adoption of soy protein from end-user industry, and rapid industrialization.
Segments
The protein alternatives market has been segmented on the basis of
Sources
- Insect Protein
- Plant Protein
- Pea Protein
- Dry Protein
- Wheat Protein
- Others
- Algal Protein
- Mycoprotein
Applications
- Personal Care & Cosmetics
- Food & Beverage
- Beverages
- Bakery
- Plant-based Dairy Products
- Confectionery
- Others
- Pet Food
- Dietary Supplements
- Animal Feed
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Royal Avebe UA
- Corbion NV
- Ingredion Inc.
- Cargill, Inc.
- DuPont de Nemours Inc.
- The Archer Daniels Midland Company
- Glanbia PLC
- Kerry Inc.
Competitive Landscape
Key players competing in the protein alternatives market include Royal Avebe UA; Corbion NV; Ingredion Inc.; Cargill, Inc.; DuPont de Nemours Inc.; The Archer Daniels Midland Company; Glanbia PLC; and Kerry Inc.
Some of these players are using several market strategies such as product launches, capacity expansion, merger, acquisitions, collaborations, and partnerships to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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