Global Alternative Protein Market Size To Worth USD 32.68 Billion By 2033 | CAGR Of 8.12%
Category: Food & BeveragesGlobal Alternative Protein Market Size To Worth USD 32.68 Billion By 2033
According to a research report published by Spherical Insights & Consulting, The Global Alternative Protein Market Size is to grow from USD 14.97 Billion in 2023 to USD 32.68 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.12% during the projected period.
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Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the report on "Global Alternative Protein Market Size, Share, and COVID-19 Impact Analysis, By Source (Plant-Based, Microbial-Based, Insect-Based, and Others), By Application (Animal Feed, Food and Beverages, Nutraceuticals, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/alternative-protein-market
Alternative protein is a well-known protein that many health-conscious people use to supplement and improve their health. These proteins are frequently used to replace animal-based proteins such as meat, eggs, and other sources, allowing consumers to eat vegan foods on a regular basis. Consumer interest in health, ethical considerations, and a minimum protein calorie intake are expected to drive growth in the market for alternative proteins. Growing consumer demand for plant-based and vegan products is expected to drive market revenue growth. The demand for meat alternatives has increased as people become more aware of the negative effects of eating meat and using meat-containing products. This is expected to boost market revenue growth and drive demand for substitute protein products. Growing the research and development of microbial proteins is expected to hasten the growth of market revenue. In addition, governments and regulatory agencies around the world are pushing the alternative protein market more and more. However, the market's expansion is constrained by consumers' strong preference for animal-based products and the higher costs of alternative protein compared to conventional protein.
The plant-based segment is anticipated to hold the greatest share of the global alternative protein market during the projected timeframe.
Based on the source, the global alternative protein market is divided into plant-based, microbial-based, insect-based, and others. Among these, the plant-based segment is anticipated to hold the greatest share of the global alternative protein market during the projected timeframe. Demand for plant-based alternative protein sources is expected to rise due to growing health concerns associated with eating meat and the growing desire for vegan and plant-based products. Moreover, the plant-based proteins' perceived value as functional and therapeutic constituents is raised by the pharmaceutical industry's interest in them, which broadens their application scope.
The animal feed segment is predicted to grow at the highest pace in the alternative protein market during the estimated period.
Based on the application, the global alternative protein market is divided into animal feed, food and beverages, nutraceuticals, and others. Among these, the animal feed segment is predicted to grow at the highest pace in the alternative protein market during the estimated period. The growing concern among livestock producers and pet owners regarding the environmental effects of traditional animal-based protein sources, such as meat and fishmeal, is one significant factor.
North America is expected to hold the largest share of the global alternative protein market over the forecast period.
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North America is expected to hold the largest share of the global alternative protein market over the forecast period. North America leads the alternative protein market due to several factors, including growing environmental concerns, ethical concerns about the consumption of animal protein, the rise in veganism, the number of investments made in alternative protein products, the demand for wholesome, nutritious foods, and the increased emphasis on sustainable protein production brought about by technological advancements in the food industry.
Asia Pacific is predicted to grow at the fastest pace in the global Alternative Protein market during the projected timeframe. Consumer interest in sustainable and ethical consumption is driving the need for alternative protein sources. For instance, the growing local demand for plant-based meat alternatives like Omnipork demonstrates consumers' growing propensity to make ethical and environmentally friendly food choices. Furthermore, China holds the largest market share in the region for alternative proteins. The nation's rapid urbanization and large population have created a huge demand for alternative protein products, which in turn has created a huge market for them.
Major vendors in the Global Alternative Protein Market include Cargill Inc., ADM, Impossible Foods Inc., Lightlife Foods, Inc., Ingredion Inc., International Flavors & Fragrances, Inc., Glanbia plc, Emsland Group, Kerry Group, Axiom Foods Inc., Bunge Limited, SunOpta Inc., Tate & Lyle PLC, Louis Dreyfus Company LLC., AGT Food and Ingredients, Glanbia plc, and Others.
Recent Developments
- In August 2022, in response to the growing demand for plant-based proteins, ADM announced that it has expanded its soy ingredients in collaboration with Benson Hill, an agricultural technology company. ADM was granted exclusive rights in North America to manufacture and distribute its patented ingredients, which are sourced from Benson Hill's Ultra-High Protein soybeans, as part of the agreement. Through the collaboration, less-processed proteins made possible by Benson Hill genetics and innovative ingredients with significant benefits for water and carbon sustainability were scaled up. The collaboration seeks to open up opportunities for the commercial production of higher-value alternative protein products.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Alternative Protein Market based on the below-mentioned segments:
Global Alternative Protein Market, By Source
- Plant-Based
- Microbial-Based
- Insect-Based
- Others
Global Alternative Protein Market, By Application
- Animal Feed
- Food and Beverages
- Nutraceuticals
- Others
Global Alternative Protein Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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