Home > Food & Beverages > Proteins > Alternative Proteins > Alternative Protein Market
Alternative Protein Market size for Food Application is anticipated to witness more than 17.5% CAGR from 2023 to 2032, driven by the influx of plant-based trends and the rising innovations in plant-based alternatives, such as sausages, burgers, and dairy substitutes.
The growing popularity of cellular agriculture, comprising the development of cultured and lab-grown meat has compelled multiple companies to focus on R&D activities to address the mounting sustainability concerns related to traditional livestock farming. The hefty investments and fundings in the alternative protein sector from venture capitalists and major food corporations for scaling up of the production capabilities will also prove favorable for the alternative protein market for food application expansion. To cite an instance, in September 2023, UK Research and Innovation (UKRI) disclosed plans to invest £15 million for creating a new hub for sustainable protein research in a bid to scale up the production of high-quality plant-based, fermented and cultivated meat.
Report Attribute | Details |
---|---|
Base Year: | 2022 |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 17.5% |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 295 |
Tables, Charts & Figures: | 271 |
Segments covered: | Source and Application |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
The rising consumer awareness regarding the environmental impacts of traditional livestock farming will play ideal role in the adoption of alternative protein products on account of their lower environmental footprint. On the contrary, the growing concerns of allergies associated with the consumption of different alternative proteins may hinder the alternative protein market for food application growth to some extent.
The COVID-19 pandemic positively influenced the market growth due to the increased focus on personal health and well-being, pushing individuals to explore alternative protein sources compared to traditional animal products. The limitations in traditional meat supply chains led to disruptions in production and distribution, further contributing to the adoption of alternative proteins as more resilient and sustainable options with potentially shorter and controllable supply chains. The surging preference for online platforms to purchase plant-based and alternative protein products for home cooking driven by restrictions on dining out also added to the product demand in the pandemic.
The rising government support in recognizing the potential benefits of alternative proteins for sustainability through funding and regulatory frameworks to encourage the development and sale of products will contribute to the industry growth. To cite an instance, in November 2023, the German Government, in its 2024 budget, allocated €38m for promoting precision-fermented, cultivated as well as plant-based meat and dairy alternatives. The growing collaborations of several government agencies with research institutions and universities for advancing in alternative proteins and their potential impacts on health and environment will also influence the product uptake.
Based on source, the plant-based segment is projected to observe over 17.5% CAGR through 2032, due to the surging emphasis on healthy lifestyles driven by the rising burden of lifestyle and chronic disorders.
The meat analogs application segment in the alternative protein market for food application is expected to garner significant revenue by 2032.
Asia Pacific alternative protein market for food application is estimated to record over 18.5% CAGR between 2023 and 2032. The higher consumer spending on healthy and protein-fortified products along with the strong focus on active & healthy lifestyles and exercises is driving the rising intake of human nutrition supplements in the region. The growing interest in seafood alternatives is also compelling several companies to introduce plant-based and cell-based seafood products for addressing concerns related to overfishing and environmental sustainability, adding to the regional market expansion. For instance, in June 2023, Nestlé introduced plant-based alternatives containing soy, wheat and peas to white fish, such as breaded fish fillets, nuggets and fingers for the Asian market.
Major companies operating in the food alternative protein industry are engaging in various growth-driven strategies to gain competitive edges. For instance, Cargill, a pioneer in producing transformative, innovative, sustainable solutions for the animal production industry, is leading the way for patent applications of plant-based meat in par with Nestlé and DSM-Firmenich.
Some of the other major alternative protein for food application providers include:
Click here to Buy Section of this Report
Market, By Source
Market, By Application
The above information has been provided for the following regions and countries: