“The Alternative Proteins Market is expected to grow at a high CAGR of 14.5% during the forecasting period (2021-2028)”.
Alternative proteins are the protein source that is obtained from a plant source. These proteins are associated with meat-free and dairy-free diets. The proteins are generally classified into plant-based, insect-based and lab-grown meat. They are the products that replicate animal agriculture products and offer consumers products that save similar texture, taste and look to animal-based meat products but with lower sustainability impact.
Alternative proteins provide a substantial amount of protein but require significantly less natural inputs to produce the most common protein source, fish and meat. Continuous innovation in food technology is accelerating and creating protein production opportunities with the capability to disrupt the incumbent industry. Alternative proteins offer better nutritional profiles than meat and promise significant advantages in reducing pressure on dwindling natural resources and cutting down the ongoing emission.
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The global alternative protein market is majorly driven by increasing intolerance towards animal protein and increasing consumer interest in non-meat-based protein options worldwide. Continuous developmental innovation in food technology has refined alternative proteins, thus aspiring consumers to shift their belief to alternative proteins.
Increasing incidences of intolerance towards animal protein and increasing consumer interest in non-meat based protein options across the globe
The growing demand for protein-rich food and reduced meat consumption in economically developed countries creates lucrative opportunities for the alternative market to proliferate in the forecast period. The rising number of non-meat consumers has increased the vegan population’s percentage in developing and developed countries, creating a significant market for alternative protein in recent times.
As per the reports, since 2018, plant-based food sales rose 17%, and the user number is further expected to grow at a higher rate in the forecast period. Currently, the market for alternative protein is nearly $2.2 billion compared to the global meat market, which is approximately $1.7 trillion, making alternative proteins’ growth rate marginal to the overall meat market.
Continuous developmental innovation in food technology has refined alternative proteins, thus aspiring consumers to shift their belief to alternative proteins.
Since the past few decades, a sudden change in consumer preference is witnessed towards adopting a more nutritional diet and focusing towards a more sustainable lifestyle and low dependency on animal proteins. It leads to creating lucrative opportunities for the key players to bring the latest innovation in the food tech market, which focused on bringing improved products coupled with higher nutritional efficiency at a cheaper cost.
A significant percentage change of the millennial population in many western countries has been observed regarding their changing behavioral pattern and shift from conventional animal-based products to organic plant-based food products. This convention is turned out to be an ideal food solution creating a market for the product to grow in recent times.
Food & Beverages
Animal Feed & Pet Food
Personal Care and Cosmetics
The Middle East and Africa
The alternative proteins market is highly fragmented with the presence of global companies. Some of the key players contributing to the market’s growth include Cargill, Inc, Kerry Group, DuPont de Nemours, Inc, Wilmar International Limited, Agriprotein Holdings Ltd, Ingredion Incorporated, DSM, Emsland Group, Cosucra Group, Batory Foods and among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the growth of the alternative proteins market globally. However, many key players focused on this market prefer to expand or collaborate with other firms to build their system’s revenue.
Sai Kiran Sales Manager at DataM Intelligence Email: [email protected] Tel: +1 877 441 4866 Website: www.datamintelligence.com