REDDING, Calif., March 31, 2021 /PRNewswire/ -- According to a new market research report titled "Alternative Protein Market by Stage/Type (Emerging Alternative Protein, Adolescent Alternative Protein, Matured Alternative Protein), Application (Plant-Based Products, Insect-Based Products, Microbial Products) -Global Forecast to 2027," published by Meticulous Research®, the alternative proteins market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027.
A major shift in the global market's consumer behavior is increasing interest in alternative protein sources from plant-based to insects. Also, a growing number of people are turning to products that are less taxing on the environment. Proteins have become an important consideration for many consumers. As a result, demand for nutritional products continues to soar globally. Additionally, the growing potential of insect and plant proteins; emerging economies such as Southeast Asia, Latin America, and the Middle East & Africa; and increasing inclination towards vegan diet provides significant growth opportunities for protein ingredient manufacturers.
The global alternative proteins market is mainly segmented based on stage/type, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
COVID-19 Impact on Alternative Protein Investment
Before the outbreak, plant-based food makers were attracting investment from venture capital firms and major established meat supply companies. Investments in alternative-protein manufacturing companies have risen in recent years, as numerous start-ups sell plant-based proteins. Nestle, Cargill, and Tyson Foods have all been developing plant-based meat brands alongside their more traditional meat products. And even after the pandemic hit, some plant-based meat manufacturing companies announced new investments. For instance, Impossible Foods raised USD 500 million in funding to develop new plant-based meat alternatives in lamb, goat, and fish.
Further, alternative protein investment surged in Q2 or Q3 2020. For instance, as of April 2020, Canada-based Eat Beyond Global is moving forward to invest in early-stage plant-based food start-ups and food tech companies. According to the State of the Industry, Good Food Institute annual report released on 18thMarch 2021, in 2020, the alternative protein industry raised USD 3.1 billion in investment, which is three times more than 2019. A total USD 5.9 billion investment was raised by alternative protein companies over the past decade, out of which more than half came in 2020. Plant-based meat, egg, and dairy companies received USD 2.1 billion investments in 2020.
Thus, growth in capital investments, which support the growth of alternative protein markets and increase the focus of alternative plant-based product manufacturers to build a portfolio of investments in plant-based products and lab-grown meat protein space, drives the growth of the global alternative protein market.
Key Findings in the Global Alternative Proteins Market Study:
Based on stage/type, the alternative protein market is segmented into emerging alternative proteins, adolescent alternative proteins, and matured alternative proteins. In 2020, the matured alternative proteins segment accounted for the largest share of the overall alternative protein market. These proteins provide an adequate quantity of essential amino acids and are less expensive than other proteins. Also, factors such as increased demand for plant-based products and their wide availability further stimulate market growth. However, the emerging alternative proteins segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the alternative proteins market is segmented into plant protein-based products, insect protein-based products, and microbial protein-based products. The plant protein-based products segment accounted for the largest share of the overall alternative proteins market in 2020. This segment's large share is mainly attributed to the growing vegetarian and vegan population, growing demand for clean label products, and increasing investment and expansion plans implemented by plant-based product manufacturers.
Geographically, North America accounted for the largest share of the overall alternative protein market in 2020. This region's large share is mainly attributed to its well-established food and feed industry, rising concerns over animal products and protein, increasing vegan population, growing preference to meat alternatives, and technological advancements in the food industry. Followed by North America, the European region has commanded the second-largest share in the global alternative protein market. Demand for alternative proteins in Europe is majorly driven by growing innovation, increasing number of people switching to veganism, the presence of a large number of alternative protein manufacturers, and concerns regarding animal welfare. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
The key players operating in the global alternative proteins market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres (France), Ingredion Incorporated (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), Now Foods (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Beneo GmbH (Germany), Glanbia Plc (Ireland), Sotexpro (France), CHS Inc (U.S.), AgriProtein (South Africa), Ynsect (France), Enterra Feed Corporation (Canada), Protix B.V. (Netherlands), Proti-Farm Holding NV (Netherlands), Entomo Farms (Canada), Global Bugs Asia Co., Ltd. (Thailand), Aspire Food Group (U.S.), Tiny Farms (U.S.), EntoCube (Finland), EnviroFlight, Corporation (U.S.), Haocheng Mealworm Inc. (China), JR Unique Foods Ltd. (Thailand), Armstrong Cricket Farm Georgia (U.S.), Rocky Mountain Micro Ranch (U.S.), DIC Corporation (Japan), Cellena Inc. (U.S.), Taiwan Chlorella Manufacturing Company (Taiwan), Cyanotech Corporation (U.S.), Bluebiotech International GmbH (Germany), Algatechnologies Ltd. (Israel), Pond Technologies Inc. (Canada), EID Parry (India), Tianjin Norland Biotech Co., Ltd. (China), MycoTechnology Inc. (U.S.), 3Fbio Ltd. (U.K.), Algaecan Biotech Ltd. (Canada), Corbion NV (Netherlands), Sun Chlorella Corporation (Japan), Parabel Inc. (U.S.), Plantible Foods, Inc. (U.S.), Mycotechnology Inc. (U.S.), 3Fbio Ltd. (U.K.), Febico (Taiwan), Far East Microalgae Industries, Co. Ltd. (Taiwan), Roquette Klötze Gmbh & Co. Kg (Germany), and Yaeyama Shokusan Co., Ltd. (Japan) among others.
Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
Protein Ingredients Market by Type (Animal Protein, Plant Protein, Insect Protein, Microbial Protein), Form (Dry, Liquid), and Application (Food & Beverage, Animal Feed, Nutritional Supplements, Pharmaceuticals, Cosmetics)—Global Forecast to 2027
Meat Substitute Market by Product Type (Tofu, TVP, Burger Patties, Sausages, Meatballs, Nuggets), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) - Global Forecast To 2027
Dairy Alternatives Market by Product Type (Plant Milk, Cheese, Yogurt, Butter, Ice Cream), Source (Almond Protein, Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) - Global Forecast To 2027
Plant Based Food Market by Product Type (Dairy Alternatives, Meat Substitute, Plant-Based Eggs, Confectionery), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) - Global Forecast to 2027
Plant Based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein) and Application (Foods and Beverage, Animal Feed, Nutrition and Health Supplements, Pharmaceuticals) - Global Forecast to 2025
Edible Insects Market by Product (Whole Insect, Insect Powder, Insect Meal, Insect Oil) Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages) - Global Forecast to 2027
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.