The alternative protein market is experiencing remarkable growth as consumers increasingly seek sustainable and ethical food options. With advancements in plant-based proteins, cultured meat, and insect-based products, the market is projected to expand further. Embracing these alternatives promotes resource conservation and addresses the rising global demand for protein sources.
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?
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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.
Key Points:
- Plant-Based Meat: Companies like Impossible Foods and Beyond Meat are driving innovation in plant-based meat substitutes, offering alternatives with texture, taste, and cooking methods reminiscent of traditional animal-based meat.
- Plant-Based Dairy: Innovations in plant-based dairy by companies like Califia Farms, Oatly, and Miyoko’s Creamery include a variety of products such as cheese, milk, yogurt, and ice cream, appealing to consumers with added flavor.
- Cultured Meat: Advancements in cultured meat production by companies like JUST, Memphis Meats, and Mosa Meat are reducing environmental impact and addressing concerns about animal welfare.
- Alternative Seafood: Companies like New Wave Foods, Good Catch, and BlueNalu are meeting the demand for sustainable seafood alternatives, providing crab, fish, and shrimp through traditional food methods.
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:
- Market Valuation: The alternative protein market is estimated to reach a valuation of US$ 423 billion by 2033, with a projected CAGR of 19% during the forecast period.
- Global Presence: The United States is expected to capture a share of 13.4%, while Japan, Germany, and Australia are set to secure shares of 2.9%, 2.7%, and 2.6%, respectively, in the global market by 2033. China is registering a CAGR of 5.3% during the forecast period.
The alternative protein market is witnessing remarkable growth as consumers increasingly prioritize sustainable and ethical food choices. Advancements in plant-based proteins, cultured meat, and insect-based products are driving this expansion, addressing the rising global demand for protein sources while promoting resource conservation.
Key Players’ Strategies:
Key competitors are adopting strategic innovations, investing in R&D projects, and implementing marketing strategies such as mergers, collaborations, product launches, and agreements to meet consumer demands and drive market growth.
Market Segmentation:
- By Source: Insect-based, Microbial-based, Plant-based Alternative Protein (including Soy Protein Isolates, Soy Protein Concentrates, Fermented Soy Protein, Duckweed Protein, and Others), and Other Alternative Protein Sources.
- By Application: Food & Beverage, Cattle, Aquaculture, Animal Feed, Pet Food, Equine, and Other Applications.
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
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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Recent Developments:
- In 2021, Royal DSM NV completed the acquisition of Vestkorn Miling, expanding its alternative protein portfolio 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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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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