Alternative Protein Market: Consumers' focus on sustainability and increased health concerns aid market expansion - Witness the Evolving Trends with ChemView's Report
Category: Food & Beverages Published Date : July 2022 ID: CVC-00172 Format: PDF Pages: 289
Alternative Protein Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Alternative Protein Market was worth US$ 73.5 Bn and is expected to grow at a CAGR of 20.8% over the forecast period. The market is expected to hit US$ 333.3 Bn by 2030 end.
The increased need for nutritional demands for the cattle sector and people can be related to the growth of the alternative protein market.
Non-meat proteins derived from plants, fungi, and insects are examples of alternative proteins. Alternative proteins, such as meat analogs and different animal feed products, are employed in dairy-free dishes and meat-free diets.
Consumers have expressed a strong interest in health, ethical issues, and low protein calorie consumption to maintain a healthy lifestyle regularly.
CONSUMERS’ FOCUS ON SUSTAINABILITY AND INCREASED HEALTH CONCERNS DRIVE THE MARKET
Alternative protein is significant in the livestock industry since it is used to feed a variety of species, including cattle, aquaculture, poultry, swine, pet food, and horse. The increased emphasis on decreasing the total cost of feed has resulted in increased demand for alternative protein sources for animal feed, which is likely to drive the alternative protein market share. Because of the high amino acid and vitamin content of plant-based proteins, alternative protein is a valuable source for animal feed.
Consumers’ focus on sustainability, increased health concerns, and a desire for exceptional flavor in meat analogs are a few of the factors driving demand for meat analogs, which is predicted to affect the growth of the alternative protein industry favorably.
ALLERGIES RELATED TO ALTERNATIVE PROTEINS AND STRINGENT GOVERNMENTAL REGULATIONS HAMPER THE MARKET GROWTH
Allergies to alternative proteins, such as plant-based and insect-based proteins, impede market expansion. Furthermore, strict feed regulatory compliances for the livestock industry hinder market expansion.
Despite the availability of a wide range of proteins on the market, not all are safe for use in the cattle business or by people. It results in significant investments in the hunt for alternative proteins for various animal species. Even though the lactose-intolerant population is requesting alternative proteins, most customers are still getting used to the taste of the proteins. All of these issues are limiting the market’s expansion.
The COVID-19 epidemic has caused several enterprises to downsize, slowing the growth of the Alternative proteins sector. However, demand for Alternative protein products has not been reduced because of the increased adoption of a healthy lifestyle and eating habits during the shutdown. Rising knowledge of good eating practices has resulted in a more protein-rich diet, which aids in muscle development and immunity. It limits the negative impact of the pandemic on market growth.
Why is it predicted that microbial-based protein type Alternative Protein would rise at the quickest CAGR?
In 2021, microbial-based protein accounted for 40.0% of the market. Bacteria, algae, yeast, and fungus are all microbial protein sources commonly employed in food applications.
These are commonly utilized in dietary supplements because they are a good source of vitamins, carotenes, and carbs, which should increase the demand for microbial-based protein. Microbial-based proteins are nutritious protein sources employed in various functional foods and drinks, which is projected to drive the growth of the alternative protein market.
Why is the Animal Feed segment expected to expand the fastest during the forecast period?
Animal feed accounts for 55.0% of the market in 2021 and is predicted to be the greatest contributor to the alternative protein industry. It is due to the demand for the unique nutritional needs of animals.
Protein alternatives for animals are in high demand, from plant-based pet food to alternative proteins for aquaculture. Alternative protein manufacturers focus on generating breed and species-specific proteins to get better outcomes.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The global alternative protein market for food applications is highly fragmented, with numerous multinational corporations and regional players. Market participants are concentrating on cooperating for tactics such as collaborations, product launches, mergers and acquisitions, and acquisitions for applications such as food and animal feed.
Some of the key developments that have taken place in the Alternative Protein Market include:
A list of some of the key suppliers present in the market are:
Market Segments Covered in Report
By Region and Country:
Global Alternative Protein Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Source, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|