The alternative protein market is growing dramatically as more consumers search for ethical and sustainable eating options. The market is anticipated to expand due to advancements in insect-based products, cultured meat, and plant-based proteins. By using these alternatives, we can meet the growing global need for protein sources while also promoting resource conservation.
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.
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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.
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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
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