Global Protein Alternative Market to Grow at a CAGR of 6.8% in the Forecast Period of 2022-2027, Driven by the Shift from Animal-Based Protein to Plant-Based Protein

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.

Market Analysis by Sources, Application, and Regions:

• Based on sources, the industry can be divided into plant protein, mycoprotein, algal protein, and insect protein. Plant protein can be further divided into soy protein, wheat protein, and pea protein, amongst others.
• It finds wide applications in food and beverage, dietary supplements, animal feed and pet food, and personal care and cosmetics, amongst others.
• The regional markets for protein alternatives include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Switching from animal-based protein to plant-based protein is driving the growth of the protein alternative market.
• Significant increase in the vegan population, rise in demand for healthy and nutritional products, and weight management boost the demand for protein alternatives.
• People are trying to eat a balanced diet, incorporating more protein content fuels the demand for protein alternatives.
• The rise in people’s consciousness towards the environment and human health also propels the market growth.

Key Offerings of the report:

• The EMR report gives an overview of the global protein alternative market for the periods (2017-2021) and (2022-2027).
• The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for the sources, applications, and major regions of the protein alternative market.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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