Global Alternative Proteins Market Report and Forecast 2024-2032

Global Alternative Proteins Market Outlook

The global market size for alternative proteins reached a value of more than 19.06 MMT in 2023. The global alternative proteins market is expected to grow at a CAGR of 13.4% in the forecast period of 2024-2032, reaching a projected value of 59.11 MMT by 2032.

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News and Developments in the Market

• In March 2022, Glanbia Nutritionals announced revolutionary new protein solutions intended to resolve several manufacturing and sensory challenges that plague protein extrusion within the snack and cereal categories.

• In December 2021, Darling Ingredients Inc. announced its acquisition of Valley Proteins as it entered a definitive contract to acquire all Valley Proteins shares for approximately $1.1 billion cash. Valley Proteins manages 18 renderings and employed cooking oil facilities all over the southeast, southern, and mid-Atlantic regions of the United States.

• In November 2021, DuPont announced a series of actions enhancing its strategy as a leading multi-industrial corporation dedicated to market-leading high-margin, high-growth businesses with complementary technologies as well as financial characteristics.

• In February 2020, Cargill, a global leader in food and agriculture, announced new private label plant-based patties and ground products.

Key Trends in the Market

Alternative protein sources include everything from algae to re-engineered plant-based legumes as well as a variety of substitutes for meat. It comprises food products made from fungi (mushrooms), plants (for instance, legumes, nuts, and grains), algae, cultured (lab-grown) meat, and insects.

• The surging number of venture investments in alternative protein companies is likely to aid the sales of the alternative proteins market across the globe.

• The growing food industry is expected to fuel the market growth of alternative protein across the globe. This is because the surging demand for protein has brought rapid innovations which are led by the food industry in alternative protein types which is further expected to improve the nutritional content.

• Alternative proteins have lower carbon emissions along with fewer concerns about the ethics and environmental concerns of intensive animal farming. The tasty, nutritious, as well as healthy nature of these proteins are some of the advantages boosting the market growth during the forecast period.

• The environmental sustainability and the high nutritional value of edible insects are aiding the market growth of alternative proteins globally.

• The surging research and development of innovative products along with the growing inclination toward veganism offer substantial market prospects for the growth of alternative protein.

Market Analysis

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Based on source, the global alternative proteins market can be segmented into plant based, fermentation, and cellular agriculture, among others. On the basis of ingredients, the market is bifurcated into bulk ingredients and specialty ingredients. Based on the end-uses, the market is divided into food and beverage, aquaculture, and animal feed, among others. According to distribution channel, it can be segmented into B2B and B2C. The regional markets for the alternative proteins market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global alternative proteins market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• E.I. Dupont De Nemours and Company

• Greenleaf Foods SPC

• Glanbia Plc

• Archer Daniels Midland Company

• Darling Ingredients

• Cargill Incorporated

• Kerry Group

• Calysta

• Others

Market Share by Source

The plant based segment is expected to witness substantial growth in the alternative proteins market share on account of the increasing demand from food and beverage producers and the rise in the vegan population.

The growing number of plant-based product launches coupled with the large presence of plant protein producers are expected to boost the market growth of alternative protein over the coming years. The increase in veganism in various regions coupled with surging awareness among customers about the harmful health effects of meat and meat products is further expected to influence the market growth of alternative protein.

Market Share by Region

Geographically, the North America region is augmenting the alternative proteins market as consumers are concerned regarding the ingredients used in food products in the region. The health impacts and sustainability are playing a significant role when choosing alternative proteins, and influencing the market demand across the region. The rising demand for nutritious ingredients coupled with growing customer attention toward preventive healthcare is driving the sales of alternative proteins, especially in Canada and the United States.

Meanwhile, the Asia Pacific region is expected to fuel the market growth of alternative proteins on account of the vast agriculture sector. Additionally, sourcing proteins from organic food components is easier in the region. With the rise in the lactose intolerant population in the region, the alternative proteins market is likely to grow during the forecast period, especially in countries like India and China. The growing research and development activities and the rise in start-ups innovating various types of alternative proteins are expected to boost the regional market growth.

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Competitive Landscape

• E.I. Dupont De Nemours and Company is a leading multi-industry specialty company with a vast global businesses associated with developing agricultural products, technologies, and speciality products.

• Greenleaf Foods SPC is dedicated to forming the future of plant-based foods. The leading plant-based protein brand incorporates light life foods and field roast. The company is changing plant-based protein with a huge range of delightful as well as advanced products that cater to customers interested in adding protein to their diets.

• Glanbia Plc is a global leader in performance along with lifestyle nutrition, with a family of nine brands. The company aims to encourage people all around the globe to attain their performance as well as healthy lifestyle goals.

• Archer Daniels Midland Company is the world’s largest nutrition company. The company is leading both human and animal nutrition. It transforms crops into ingredients as well as solutions for foods, beverages, and supplements for people worldwide with a portfolio of solutions and services for livestock, pets, and aquaculture.

Other market players include Darling Ingredients, Cargill Incorporated, Kerry Group, and Calysta, among others.

Key Highlights of the Report