Alternative Protein Market Analysis

Alternative Protein Market Analysis for Food Application

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 rapidly expanding vegan population base worldwide coupled with the increasing cases of lactose intolerance is surging the demand for plant-based alternative protein products. As per the American College of Gastroenterology, nearly 15% of adult Caucasians and around 85% of adult African Americans in the U.S. are lactose intolerant.
   
• The growing concerns regarding the environmental impacts of conventional animal agriculture, including water usage, deforestation, and greenhouse gas emissions are urging individuals to seek more sustainable food options.
   
• The rising innovations in plant-based proteins to render lower environmental footprint is further making way for numerous growth opportunities for the industry players, adding to the market growth. For instance, in March 2023, Cargill partnered with Cubiq Foods, a well-known Spanish food tech start-up for accelerating healthier, more sustainable and better-tasting plant-based food solutions in Europe.
   

The meat analogs application segment in the alternative protein market for food application is expected to garner significant revenue by 2032.

• The higher intake of meat and meat products is resulting in the growing incidences of animal-borne diseases, shifting the attention of health-conscious consumers toward meat analogs, subsequently adding to the demand for alternative proteins. According to a UN report published in July 2022, the diseases spread from animals to people witnessed 63% jump in Africa in the last decade.
   
• The surging advancements in food technology, including ingredient formulations and processing techniques are making way for the launch of alternative proteins with texture, improved taste, and nutritional profiles, further enhancing the overall appeal of meat analogs. To illustrate, in March 2023, Kerry unveiled its game-changing solution for plant-based meat alternatives, SucculencePB, for re-creating the taste of meat.
   

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.