Alternative Protein Market Size Worth $270 Billion By 2031: IndustryARC

The Global Alternative Protein market size is predicted to reach $270 billion by 2031, growing at a CAGR of 17.6% during the forecast period 2024-2031 according to the latest market research report published by IndustryARC. The primary factors influencing the market growth are the increasing consumption of organic and eco-friendly food products, increased investment in animal nutrition products, rising uses of Alternative Protein for therapeutic uses, rising number of vegans across the globe, Growing Health Consciousness, finds IndustryARC in its recent report, titled “Alternative Protein Market – By Source (Insect-Based, Microbial-Based, Plant-Based, Others), By Application (Food & Beverage, Cattle, Aquaculture, Animal Feed, Pet Food, Equine, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2031.”

Request Sample Research Report: https://www.industryarc.com/pdfdownload.php?id=501480

Throughout the forecast period, the Asia-Pacific region is expected to witness the most significant Compound Annual Growth Rate (CAGR). The remarkable expansion in this regional market can be chiefly credited to various factors. These include increasing awareness about the importance of protein-rich diets, continuous technological advancements in the food and beverages industry, a rapidly growing economy, and the abundant availability of raw materials.

● The Asia Pacific region exhibits the most rapid growth rate

The Alternative Protein market in the Asia Pacific region is poised for rapid growth, driven by increasing population and urbanisation. The Asia Pacific region is home to a large and rapidly growing population, especially in urban areas. As urbanization increases, so does the demand for diverse protein sources, creating a fertile ground for alternative proteins. Further, Economic growth in the region has led to an expanding middle class with changing dietary preferences. As disposable incomes rise, consumers are looking for healthier and sustainable protein alternatives, fueling the demand for plant-based and cultured meat products.

● Diversification of Offerings

For those committed to a vegetarian or vegan lifestyle, a diverse range of plant-based proteins, such as tofu, tempeh, and seitan, along with innovative meat substitutes, provides a rich and satisfying array of choices. Different regions have unique culinary traditions and preferences. The diversification of alternative protein offerings involves tailoring products to suit various cultural tastes. For example, creating plant-based alternatives that align with the flavors of Asian, Mediterranean, or Latin American cuisines. While soy and pea proteins are common, the diversification trend involves exploring alternative protein sources such as mycoprotein, algae, and even emerging technologies like air-based protein. This variety allows for a more resilient and adaptable market.

● Rising Tech Acceleration

Cellular Agriculture is at the forefront of cultured or lab-grown meat production. Cellular agriculture involves growing real animal cells outside of an animal, reducing the environmental impact of traditional livestock farming driving market growth. Further, Bioreactors play a crucial role in the large-scale production of cultured meat. They provide a controlled environment for cell growth, allowing for efficient and scalable manufacturing. Also, precision fermentation techniques involve leveraging microorganisms like bacteria or yeast to produce specific proteins. This method allows for the creation of alternative proteins in a more controlled and resource-efficient manner.

● Consumer Acceptance and Perception may stymie industry growth.

Some consumers view alternative protein products as highly processed. Overcoming the perception that these products are artificial or heavily processed requires effective communication about the ingredients, nutritional benefits, and sustainable practices involved in their production. Further, food is often tied to cultural and personal experiences. Convincing individuals to shift from traditional dishes with deep cultural roots to alternative protein options can be a formidable challenge.

The demand for alternative proteins in animal feed is driven by the need to make livestock farming more sustainable. Plant-based and alternative protein sources can significantly reduce the environmental impact associated with traditional animal feed production, such as deforestation and excessive water usage. Producing alternative proteins for animal feed can be more resource-efficient. Utilizing crops directly for feed instead of funneling them through animals can lead to higher efficiency in terms of land use, water consumption, and energy.

Alternative proteins offer an opportunity for more targeted and personalized nutrition in healthcare. Tailoring protein sources to specific dietary needs, such as plant-based options for certain health conditions, allows for a more individualized approach to patient care. Healthcare institutions are increasingly recognizing the importance of sustainability and ethical sourcing in their operations. Choosing alternative proteins that are environmentally friendly and ethically produced aligns with the values of many healthcare organizations. For patients managing chronic conditions like cardiovascular disease, alternative proteins can offer heart-healthy options. Plant-based proteins, for example, are often associated with lower levels of saturated fat, making them suitable for individuals with heart health concerns.

 Growing Government Initiatives to Boost Algae Production

Algae have the ability to sequester carbon dioxide, making them an eco-friendly alternative. Government initiatives that promote algae production align with global efforts to combat climate change and reduce greenhouse gas emissions. Algae are rich in protein, making them a valuable source for alternative protein production. Government support for algae production can lead to increased availability of protein-rich algae-based products, contributing to diversified and nutritionally balanced diets. Algae are not only valuable for protein production but also for biofuel and bioproducts development. Government initiatives that encourage research and innovation in algae applications contribute to a more sustainable and diversified bioeconomy.

● Alternative Protein Market Size and Forecast 

● Alternative Protein Market Trends

● Alternative Protein Market Analysis by Product Type

● CAGR of the market during the forecast period 2024-2031

● Value Chain analysis of key stake holders

● Detailed analysis of market drivers and opportunities during the forecast period

● Alternative Protein Market size estimation and forecast

● Analysis and predictions on end users’ behavior and upcoming trends 

● Competitive landscape and Vendor market analysis including offerings, developments, and financials

● Comprehensive analysis of challenges and constraints in the Alternative Protein Market

● The alternative protein industry experienced a significant boost during the COVID-19 pandemic. The pandemic raised awareness about zoonotic viral infections, which are also associated with livestock. Opting for an alternative protein-based diet can help mitigate the effects of viral infections, as alternative proteins are rich in macronutrients, micronutrients, and antioxidants. Both manufacturers and consumers have witnessed an unprecedented surge in demand for certain products like meat analogs and plant-based milk. Moreover, the COVID-19 pandemic also gave rise to exemplary practices in the alternative protein industry. Governments relaxed some competition law requirements specifically for plant-based protein products and insect protein. As an example, the FDA eased its guidelines for the sale of plant-based meat products.

● The supply chain disruption due to the Russia-Ukraine war has impeded the Alternative Protein Market growth. If the conflict escalates and affects trade routes or infrastructure, it could disrupt the supply chains of alternative protein ingredients or finished products. This disruption may result in shortages, price fluctuations, or delays in the availability of alternative protein products.

 

The Alternative Protein Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

● Cargill, Inc.

● Roquettte Freres

● Kerry Group

● Calysta, Inc.

● Axiom Foods, Inc.

● Angel Yeast Co. Ltd.

● Burcon NutraScience Co.

● Global Bugs Asia Co. Ltd.

● Cellena, Inc.

● Aspire Food Group 

Protein Supplements Market - Protein Supplements Market size was estimated at $18.9 Billion in 2020, projected to grow at a CAGR of 8.9% during the forecast period 2021-2026. The increased proclivity of younger generations, particularly millennials, for balanced meals, high-protein diets and healthy consumption is one of the main factors driving the protein supplement industry's rise.

Hydrolyzed Protein Market - The Hydrolyzed Protein Market Size is estimated to reach $5,725 million by 2027 and it is poised to grow at a CAGR of 5.1% over the forecast period of 2022-2027. Hydrolyzed protein is a solution that is derived from the hydrolysis of a protein into its component’s amino acids and peptides. The common way of performing this activity is through prolonged heating with hydrochloric acid, sometimes with an enzyme such as the basic proteases.

Protein Ingredients Market - Protein Ingredients Market size was valued at $ 35.69 Billion by 2020, and is anticipated to grow at a CAGR of 7.8% during the forecast period 2021-2026. The Protein Ingredients Market growth rate is attributed to the growing consumer demand for plant-based protein alternatives with growing consumer interest in foods that promote health and well-being are anticipated to bring new opportunities.

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

 

Mr. Venkat Reddy

IndustryARC

Email: [email protected]

USA: (+1) 970-236-3677

Web: https://www.industryarc.com

Follow us on:LinkedIn | Facebook | Twitter