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North American dominates the global protein alternative market, whereas the Asia Pacific region is expected to grow further in the forthcoming years. Protein alternatives include non-meat and non-dairy products. Plant-based protein such as soy protein, wheat protein, and pea protein are gaining identification. People are increasingly shifting from animal-based protein to plant-based protein. People have started to incorporate more protein into their diets. Animal-based protein also contains amino acids, which are harmful to human health and cause health problems like cholesterol. People are becoming more health and environment conscious. The alarming increase in population and the need to feed them has also developed a need for the development of alternatives to cater to the protein needs of the masses. Due to technological advancement and companies adopting these technologies, they started programs and campaigns to inform customers about the benefits of protein alternatives, which have significantly benefited the industry. Significant increase in vegan population, sustainability issues, ethical or religious views, environmental and animal rights, rise in demand for healthy and nutritional products, along with weight management, are some factors fueling the demand for protein alternatives. Urbanisation has led to the formation of a new customer base and growing venture investments in alternative protein companies.
The rising competition among the key players also provides an impetus to market growth. Archer Daniels Midland Company (NYSE: ADM) is a leading protein alternative company. In April 2021, the company opened its new cutting-edge, plant-based innovation lab in Singapore. To meet the growing food and beverage demand in the Asia Pacific region, the lab will develop next-generation, advanced and nutritious products. The new lab will feature a combination of experts in protein and texturing ingredients, along with flavour specialists.
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The major players in the global protein alternative industry are Archer Daniels Midland Company, Cargill Incorporated, Glanbia PLC, Ingredion Incorporated, DuPont de Nemours Inc., and Kerry Group, amongst others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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