The Alternative Protein Market Journey from US$ 76.3 Billion in 2023 to US$ 423 Billion by 2033, Transforming Food Choices in Europe, USA

The alternative protein market is expanding significantly as more customers look for sustainable and ethical food options. The market is expected to grow further as a result of developments in plant-based proteins, cultured meat, and insect-based products. Adopting these substitutes encourages resource preservation and responds to the increasing worldwide demand for sources of protein.

The alternative protein market is estimated to secure a valuation of US$ 76.3 billion in 2023 and is predicted to reach US$ 423 billion by 2033. The market is estimated to capture a CAGR of 19% during the forecast period.

Check out our sample study on the expanding market for alternative proteins to learn more about the future of sustainable nutrition:
https://www.futuremarketinsights.com/reports/sample/rep-gb-15387

Which Top Sectors Are Progressing in the Global Market?

Several sectors significantly progressing in the global market are, as follows:

  • Plant-based Meat:By introducing and innovating plant-based alternatives, the industry for plant-based meats plays a significant role in the global market. Plant-based chicken nuggets, burgers, and other options are being created by businesses like Impossible Foods and Beyond Meat. By incorporating texture, taste, and cooking techniques, these businesses replicate the flavour and texture of traditional animal-based meat.
  • Plant-based Dairy:Dairy goods made from plants include ice cream, yoghurt, milk, and cheese. The soy, almond, oat, hemp, and other plant-based milk industries innovate and create milk. Companies like Califia Farms, Oatly, and Miyoko’s Creamery are enhancing the flavour of their products to draw in customers.
  • Cultured Meat:Cultured meat produce meat products without traditional animal agriculture. This sector is rapidly advancing, with companies such as JUST, Memphis Meats, and Mosa Meat developing a significant role in the global market. Cultured meat reduces the environmental impact by producing meat and addressing concerns about animal welfare.
  • Alternative Seafood:The alternative seafood sector is rapidly growing, and concerns about overfishing, declining ecosystems, and destructive fishing practices. Companies such as New Wave Foods, Good Catch, and BlueNalu are a few seafood alternatives providing crab, fish, and shrimp. They add traditional food methods and offer sustainability by adding taste and texture.

Through their inventions, cutting-edge technology, and production of numerous flavour food ingredients, these sectors are actively and significantly increasing the global market.

Key Takeaways:

  • The alternative protein industry is estimated to secure a CAGR of 19% with a valuation of US$ 423 billion during the forecast period.
  • The United States is anticipated to capture a share of 13.4% during the forecast period.
  • Japan is capturing a share of 2.9% in the global market by 2033.
  • By capturing a share of 2.7%, Germany significantly drives the global market during the forecast period.
  • Australia is securing a share of 2.6% in the global market by 2033.
  • During the forecast period, China is registering a CAGR of 5.3% in the global market.

 How Key Players are Adopting Strategic Innovations to Drive the Global Market?

The number of key competitors operating globally has led to a significant market fragmentation. These players are using their million dollars to fund R&D projects. The major players are developing cutting-edge and distinctive items to meet consumer demands.

Key players are putting a lot of work into creating distinctive items by studying the market. To push the market to new heights, they are implementing a variety of marketing strategies, including mergers, collaborations, product launches, and agreements.

Improve your market understanding to take advantage of the potential presented by our comprehensive alternative protein market report:
https://www.futuremarketinsights.com/checkout/15387

Recent Developments in the Global Market are:

In 2021, Royal DSM NV announced its completion of the acquisition with Vestkorn Miling. This acquisition expanded the company’s portfolio in alternative protein in Europe.

Alternative Protein Market by Category

By Source:

  • Insect-based
  • Microbial-based
    • Bacteria
    • Yeast
    • Algae
    • Fungi
    • Others
  • Plant-based Alternative Protein
    • Soy Protein Isolates
    • Soy Protein Concentrates
    • Fermented Soy Protein
    • Duckweed Protein
    • Others
  • Other Alternative Protein Sources

By Application:

  • Food & Beverage
  • Cattle
  • Aquaculture
  • Animal Feed
  • Pet Food
  • Equine
  • Other Applications

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Get a Customizable Report to Explore Plant-based and Alternative Protein Sources, Diverse Applications, and Regional Trends:
https://www.futuremarketinsights.com/customization-available/rep-gb-15387  

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

 Contact Us:

Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

 

About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these