USD 14.2 billion
Report ID:
SQMIG30I2161 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|Tables:
64
|Figures:
74
Alternative Protein Market size was valued at USD 71.63 Billion in 2023 and is poised to grow from USD 84.88 Billion in 2024 to USD 391.11 Billion by 2032, growing at a CAGR of 18.5% during the forecast period (2025-2032).
Protein is the body's fundamental building block and an essential macronutrient. The FAO (Food and Agriculture Organization) recommends that men, women, and children consume roughly 0.75 grams of protein per kilogram of body weight regularly. People's growing awareness necessitates a higher protein intake. Dairy protein, plant-based protein, animal-based protein, insect-based protein, and microbial protein are all examples of protein sources. The dairy business controls the largest protein market, accounting for a significant portion of the total. However, the development of alternative protein sources is mainly done to replace the extensively utilized dairy and meat protein sources.
This is being driven by the new vegan diet concept and health-conscious individuals. Soybean, pea protein, rice protein, cultured meat protein, mycoprotein, and algal spirulina as algae-based protein are all sources of vegan protein. In addition, crickets have accounts based on insects, according to the BSF (black soldier flies). All of these protein types can be utilized in a variety of businesses. Dairy is an expensive source of protein for animal feed and other industrial applications, and animal feed demand is at an all-time high, expanding exponentially year after year. As a result, an alternative protein supply is required to match the demand. This encourages investment in non-traditional protein sources.
US Alternative Protein Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 14.2 billion
Largest Segment
Cereals & Snacks
Fastest Growth
Cereals & Snacks
Growth Rate
9.80% CAGR
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Global Alternative Protein Market is segmented by Source, Nature, Form, Production Process, and Region. Based on Source, the market is segmented into Plant Protein, Insect Protein, and Microbial Protein. Based on Nature, the market is segmented into Conventional, and Organic. Based on Form, the market is segmented into Dry, and Liquid. Based on Production Process of Traders, the market is segmented into Plant Protein Production Process, Insect Protein Production Process, and Microbial Protein Production Process. Based on Production Process, the market is segmented into Food & Beverages, Animal Feed, and Pet Food. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Alternative Protein Market Analysis by Type
Food and beverage makers account for a large portion of the plant-based protein market. The growing vegan population, the expanding variety of plant-based goods, and the large presence of plant protein manufacturers are some of the primary drivers driving plant protein sources' market dominance. However, for the projected period of 2024–2031, the insect-based protein sector is expected to grow at the fastest CAGR. The growing demand for environmentally friendly protein-rich meals, as well as growing investments in edible insect farming, are driving this segment's rapid rise.
Soy protein, pea protein, rice protein, maize protein, and other plant proteins are also available. The soy protein sector is expected to account for the largest alternative protein market share in 2021. The easy availability, low price of soy protein, rapid demand for meat protein replacements, and many health benefits are all factors that contribute to this segment's growth. Pea protein demand, on the other hand, is increasing and is expected to expand at the fastest rate throughout the projected period.
Crickets, black soldier flies (BSF), and other insects make up the insect protein market. Crickets are expected to account for the largest share of the insect Protein market by 2031. The high dietary value of crickets, the benefits of raising and processing insects, and the incorporation of crickets into different culinary dishes and products account for a large percentage of this phase. The black soldier fly segment, on the other hand, is expected to have the highest CAGR throughout the projection period.
Algae Protein, fungal Protein, bacterial Protein, and Yeast Protein make up the microbial Protein industry. The algal Protein phase is expected to account for the largest share of the microbial Protein market by 2031.
Alternative Protein Market Analysis by Application
Food & beverage, animal feed, nutrition & fitness dietary supplements, and pharmaceuticals make up the plant protein market. The food & beverage category is predicted to account for the largest alternative protein market share of the overall market for plant-based protein components in 2023. Growing customer demand for plant-based ingredients and elements, growing awareness and demand for protein-rich food products, the flexible capability and compatibility of plant-based Proteins with vegetarian and vegan lifestyles, and the rise of clean-label trends are all factors contributing to this segment's large share. During the projection period, the nutrition & fitness dietary supplements phase is expected to have the largest CAGR.
Processed whole insects, processed insect powder, animal feed, and puppy meal products, insect protein bars, protein shakes, insect baked goods and snacks, insect confectioneries, and insect beverages make up the alternative protein industry. The growing desire for environmentally friendly opportunity protein sources, the availability of entire bugs, the rise in consumption of insect-based meals, the high dietary value of insects, and the growing demand for environment-friendly opportunity protein sources This allows the insect-based protein supplement to expand.
Food & beverage, animal feed, nutraceuticals, cosmetics, and other industries are all represented in the microbial protein industry. The nutraceutical application phase is anticipated to account for the majority of the microbial-protein market share. The widespread usage of microbial protein in health dietary supplements, as well as the increased dietary value of these products when microbial protein constituents are included Through the forecast period, microbial protein is expected to have the highest CAGR.
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North America accounted for the largest alternative protein market share in 2023. North America's prominent position in the alternative protein industry can be ascribed to a growing realization of the importance of producing protein using sustainable ways in light of rising environmental concerns and moral concerns about animal protein. The burgeoning vegan population, more investment in alternative protein goods, and increased demand for healthier products have all resulted in technological advancements in the food sector that encourage alternative protein.
Asia-Pacific, on the other hand, is expected to register the fastest CAGR over the projection period. The rapid rise of the local market can be linked to a growing awareness of the need for protein-rich diets, increased technological advancements in the food and beverage industry, a rapidly developing economy, and a large supply of raw materials.
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Alternative Protein Market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Cargill Inc., Ingredion Incorporated, Tate & Lyle Plc, and Ÿnsect (SAS) among others who are driving the market.
Alternative Protein Market Top Player’s Company Profiles
Alternative Protein Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, soy protein is expected to account for the largest share of the plant protein market in 2021. Other protein sources like Crickets and black soldier flies (BSF) make up the insect protein market. Crickets are expected to account for the largest share of the insect protein market during the forecast period. The food & beverage category is predicted to account for the largest share of the overall market for plant-based protein components in 2021. North America accounted for the highest share of the alternative Protein market in 2021. Asia-Pacific, on the other hand, is expected to have the largest CAGR over the projection period.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 71.63 Billion |
Market size value in 2032 | USD 391.11 Billion |
Growth Rate | 18.5% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Market Size by Region
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For the Alternative Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Alternative Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Alternative Protein Market:
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Report ID: SQMIG30I2161
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