(MENAFN- GlobeNewsWire - Nasdaq) The growing concentration on plant-dependent proteins is driving market growth.
New York, USA, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global protein alternatives market size was USD 14.95 billion in 2023, estimated at USD 16.09 billion in 2024, and is expected to reach around USD 29.63 billion by 2032, expanding at a CAGR of 7.9% from 2024 to 2032.
What are Protein Alternatives?
Protein alternatives are plant-dependent and food technology options to animal protein. They involve food commodities rendered from plants, for instance, grain, legumes, nuts, fungi such as mushrooms, algae, insects, and even cultured meat. Worldwide, the growing demand for animal protein is pushing livestock production, which causes important problems of growing greenhouse gas discharge and growing influence on land and water usage, which causes material insufficiency. It also possesses elevated demand for animal feed, which is again resource-dense.
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Key Takeaways from the Report:
The market is expected to exhibit a CAGR of 7.9%. The market for protein alternatives is expanding due to health-aware consumers who are turning to dietary learning, health contemplation, and ecological worries. The protein alternatives market analysis is primarily based on source, application and region. Based on the source, the plant proteins segment dominated the market. North America dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
Protein Alternatives Market Dynamics:
Growth Drivers:
Growing Attraction of Contemporary and Existing Consumers : The protein alternatives market size is expanding due to the firms providing a broad gamut of protein options that allure both contemporary and prevailing consumers by initiating contemporary expressions and progressive technologies for many applications involving food and beverage and animal feed. For instance, in September 2020, Nestlé Purina initiated Purina Beyond Nature's Protein, a pet food commodity that uses an optional source of protein to maximize the planet's assets. The inventive line embraces insect protein together with protein issued from fava beans and millets. Growing Funding by Governments : Growing funding by governments is offering necessary fiscal reinforcement and resources for research, advancement, and commercialization of inventive commodities. Governments are identifying the significance of sustainable food methodologies to confront ecological worries, improve food security, encourage public health, and administer a sizeable amount of capital to encourage a sustainable protein sector.
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Trends and Opportunities:
Growing Health Consciousness of Consumers : Health-aware consumers are resorting to plant-dependent commodities that have lesser degrees of saturated fat and cholesterol that coincide with dietary directives for lessening the probability of detrimental illnesses. For instance, in 2021, a worldwide survey carried out by the National Science Foundation declared that 88% of food industry proponents anticipated a surge in demand for plant-dependent commodities, which suggests that the protein alternatives market demand is expanding. Expansion of Production Plants : The market is notably propelled by the augmentation of production plants by critical market contenders, which eases growing production invention and potential. For instance, in June 2024, Brevel, Ltd., a microalgae protein firm, unfurled a contemporary commercial production plant that shows off a sizeable area of 27,000 square feet and is armed with the potential to initiate hundreds of tons of microalgae protein powder to encounter the escalating demand within the sector.
Competitive Analysis:
The market is coming across with speedy and zestful evolution portrayed by fierce contention among many firms. Global market contenders are influencing strong research and development potential, progressive manufacturing techniques, and sweeping issuance frameworks to sustain competitive advantage.
Major Players Operating in the Protein Alternatives Market are:
ADM AGT Food and Ingredients Inc. Axiom Foods, Inc. Bunge Cargill, Incorporated DSM Emsland Group Glanbia plc Impossible Foods Inc. Ingredients International Flavors & Fragrances Inc. Kerry Group plc.
Regional Insights:
North America : A notable move towards veganism and plant-dependent diets is pushing the market forward. For instance, in 2022, the aggregate of American consumers ensuring a thoroughly vegan diet rose by 500%, reaching an aggregate of 6% of the population. This move mirrors an escalating consumer consciousness and elevated demand for varied and exceptional protein alternatives. Asia Pacific : The Region's outstanding rise in funding and innovation within the sector is expected to drive the Asia Pacific protein alternatives market with the highest CAGR during the forecast period.
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Protein Alternatives Market Segmentation:
By Source Outlook:
Plant Proteins Cereals Wheat HMEC/HMMA Wheat Protein Hydrolyzed Wheat Protein Textured Wheat Protein Wheat Protein Concentrates Wheat Protein Isolates
Rice Hydrolyzed Rice Protein Rice Protein Concentrates Rice Protein Isolates Others
Oats Hydrolyzed Oat Protein Oat Protein Concentrates Oat Protein Isolates Others
Legumes Soy HMEC/HMMA Soy Protein Hydrolyzed Soy Protein Soy Protein Concentrates Soy Protein Isolates Textured Soy Protein
Pea HMEC/HMMA Pea Protein Hydrolyzed Pea Protein Pea Protein Concentrates Pea Protein Isolates Textured Pea Protein
Lupine Chickpea Others
Roots Potato Potato Protein Concentrate Potato Protein Isolate
Maca Others
Ancient Grains Amaranth Ancient Wheat Chia Millet Quinoa Sorghum Others
Nuts & Seeds Canola Canola Protein Isolates Hydrolyzed Canola Protein Others
Almond Flaxseeds Others
Microbe-based Protein Algae Bacteria Fungi Yeast Insect Protein Coleoptera Diptera Hemiptera Hymenoptera Lepidoptera Orthoptera Others
By Application Outlook:
Food & Beverages Bakery & Confectionary Beverages Breakfast Cereals Dairy Alternatives (cheese, desserts, snacks, others) Dietary Supplements/Weight Management Meat Alternatives & Extenders Snacks Sports Nutrition Others
Animal Feed Clinical Nutrition Infant Formulations Others
By Regional Outlook:
North America Europe Germany France UK Italy Spain Netherlands Russia Rest of Europe
Asia Pacific China Japan India Malaysia South Korea Indonesia Australia Rest of Asia Pacific
Middle East & Africa Saudi Arabia UAE Israel South Africa Rest of the Middle East & Africa
Latin America Mexico Brazil Argentina Rest of Latin America
Browse PMR's Protein Alternatives Market Report Coverage from Different Publications:
The global protein alternatives market size is expected to reach USD 29.63 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period.
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