The alternative protein market is seeing impressive growth as more and more consumers look for ethical and sustainable food solutions. The market is expected to grow due to developments in plant-based proteins, cultured meat, and insect-based products. Accepting these substitutes meets the growing need for protein sources worldwide and encourages resource conservation.
It is projected that the market for alternative proteins will be valued US$ 76.3 billion in 2023 and US$ 423 billion by 2033. Over the course of the projected period, the market is anticipated to grow at a CAGR of 19%.
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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: The plant-based meat sector plays a vital role in the global market by launching and innovating plant-based substitutes. Companies such as Impossible Foods and Beyond Meat are developing plant-based chicken nuggets, burgers, and other alternatives. These companies offer the experience of traditional animal-based meat by adding texture, taste, and cooking methods.
- Plant-based Dairy:Plant-based dairy produce products include cheese, milk, yogurt, and ice cream. The plant-based dairy sector innovates and produces milk, including soy, almond, oats, hemp, and others. These companies that are adding flavor to attract consumers are Califia Farms, Oatly, and Miyoko’s Creamery.
- 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 market 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.
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.
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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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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