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.
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.
These sectors are aggressively expanding the global market significantly through their innovations, advanced technologies, and various flavor food ingredients development.
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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 market is highly fragmented by the number of essential players present globally. These players are investing their million-dollar amount in research and development activities. The key players are innovating advanced and unique products to satisfy consumers’ requirements.
Key players are significantly focusing on developing unique products by taking their efforts by analyzing the market. They are adopting various marketing methodologies to drive the market to another height: 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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