The rise in the consumption of clean proteins as well as growing awareness of consumers and adoption of proteins from sustainably derived sources drive the growth of the global protein alternatives market.
PORTLAND, Ore., Jan. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Protein Alternatives Market by Source (Plant Protein, Mycoprotein, Algae Protein, Insect Protein), by Application (Food and Beverages, Dietary replacers, Animal Feed, Others), by Distribution Channel (Hypermarket and Supermarket, Chemist or Drugstore, Specialty Store, Online Store): Global Opportunity Analysis and Industry Forecast, 2021- 2031". According to the report, the global protein alternatives industry generated $16.6 billion in 2021, and is anticipated to generate $73.9 billion by 2031, witnessing a CAGR of 16.2% from 2022 to 2031.
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Prime determinants of growth
The rise in the consumption of clean proteins as well as growing awareness of consumers and adoption of proteins from sustainably derived sources drive the growth of the global protein alternatives market. However, stringent regulatory compliances along with the inability to digest protein restrict the market growth. Moreover, growing R&D in food technology and the regular launch of the new product by key players present new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic had a positive impact on the global protein alternatives market.
- The pandemic raised awareness of zoonotic viral illnesses, which can also be a problem for cattle. Because protein alternative is so rich in macronutrients, micronutrients, and antioxidants, they can help lessen the symptoms of viral infections. From a manufacturing and distribution perspective, this business has had to deal with previously unheard-of levels of demand from both producers and customers, especially for a few products like meat alternatives and plant-based milk.
The plant protein segment to maintain its leadership status throughout the forecast period
Based on source, the plant protein segment held the highest market share in 2021, accounting for more than four-fifths of the global protein alternatives market, and is estimated to maintain its leadership status throughout the forecast period. Consumption of plant-based proteins helps improve digestion and metabolism. Global demand for plant-based protein is driven by rise in health consciousness and the significance of plant proteins for a stronger immune system. However, the mycoprotein segment is projected to manifest the highest CAGR of 20.3% from 2022 to 2031.
The food & beverage segment to maintain its leadership status throughout the forecast period
Based on application, the food & beverage segment held the highest market share in 2021, accounting for nearly three-fifths of the global protein alternatives market, and is estimated to maintain its leadership status throughout the forecast period. Protein alternatives products, such as insect, plant-based and others, are widely consumed in the food & beverages industry. The large share of this segment is mainly attributed to increase in consumer preference for plant-based food and ingredients, surge in awareness and demand for protein-rich food products, versatile functionality and compatibility of plant-based protein with vegetarian and vegan lifestyles, and surge in adoption of clean-label trends. However, the others segment is projected to manifest the highest CAGR of 18.4% from 2022 to 2031.
The hypermarkets and supermarkets segment to maintain its lead position during the forecast period
Based on distribution channel, the hypermarkets and supermarkets segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global protein alternatives market, and is projected to maintain its lead position during the forecast period. This is attributed to the fact that the hypermarkets and supermarkets usually span over a large area and display a wide range of brands in one particular store. In addition, they are especially located near dietary supplements areas for convenience and easy accessibility. However, the online store segment is expected to portray the largest CAGR of 19.5% from 2022 to 2031.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global protein alternatives market, and is likely to dominate the market during the forecast period. Consumers in North America are worried about the additives used in food. In addition, the increased consumer focus on preventive healthcare and the rise in demand for nutrient-dense components propel the sales of alternative protein, particularly in the U.S. and Canada. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% from 2022 to 2031.
Leading Market Players: -
- Armstrong Cricket Georgia,
- Aspire Food Group,
- Axiom Foods Inc,
- Burcon Nutrascience Corporation,
- Entomo Farms,
- Glanbia PLC,
- Protix B.V,
- Archer Daniels Midland Company,
- Bluebiotech International GmbH,
- Calysta, Inc.,
- Cellena Inc.,
- JR Unique Foods Ltd.,
- Plantible Foods, Inc.,
- Roquette Freres,
- String Bio,
- Enterra Corporation,
- Kerry Group Plc,
- MycoTechnology, Inc,
- Farbest Brands
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3kqEEyy
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