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Meticulous Research® – a leading global market research company, published a research report titled “Alternative Protein Market by Stage/Type (Emerging Alternative Protein, Adolescent Alternative Protein, Matured Alternative Protein), Application (Plant-Based Products, Insect Based Products, Microbial Products) -Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the global alternative proteins market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027. This market is majorly driven by factors such as growing urbanization, growing venture investments in alternative protein companies, innovation in food technology, high nutritional value of edible insects, and environmental sustainability with production & consumption of alternative protein. Moreover, new product launches and increasing inclination towards a vegan diet further support this market's growth. However, the high cost of alternative proteins and significant preference for animal-based products hinders this market's growth to some extent. On the other hand, increasing soy-free and gluten-free trend poses a challenge to the global alternative proteins market.
The global alternative proteins market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on type, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on stage/type, the global alternative proteins market is segmented into emerging alternative proteins, adolescent alternative proteins, and matured alternative proteins. In 2020, the matured alternative proteins segment accounted for the largest share of the overall alternative protein market. The leading position of this segment is mainly attributed to higher consumer acceptance level, presence of a large number of manufactures, lower cost than other alternative proteins, increased demand for plant-based products, easy availability of raw materials, and large number of applications in various industries. However, the emerging alternative proteins segment is expected to grow at the highest CAGR during the forecast period. This segment's rapid growth is mainly attributed to the growing demand for environment-friendly protein-rich food, rising investment in novel protein farming, and altering attitudes towards insects and single-cell protein as food.
Based on application, the global alternative proteins market is mainly segmented into plant protein-based products, insect protein-based products, and microbial protein-based products. The plant protein-based products segment accounted for the largest share of the overall alternative proteins market in 2020. This segment's large share is mainly attributed to the growing vegetarian and vegan population, growing demand for clean label products, and increasing investment and expansion plans implemented by plant-based product manufacturers. However, the edible insect protein-based products segment is expected to witness rapid growth during the forecast period due to the high nutritional value of insects, increasing demand for novel food products, and environmental sustainability with the production and consumption of insects.
Geographically, North America accounted for the largest share of the overall alternative protein market in 2020. Some of the major drivers for the growth of this market include the deep-rooted food and animal feed industry, rising concerns over animal products and proteins, increasing vegan population, growing preference for meat alternatives, increased investments in alternative protein products, increasing demand for healthy & nutritional products, and technological advancement in the food industry. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
The key players operating in the global alternative proteins market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres (France), Ingredion Incorporated (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), Now Foods (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Beneo GmbH (Germany), Glanbia Plc (Ireland), Sotexpro (France), CHS Inc (U.S.), AgriProtein (South Africa), Ynsect (France), Enterra Feed Corporation (Canada), Protix B.V. (Netherlands), Proti-Farm Holding NV (Netherlands), Entomo Farms (Canada), Global Bugs Asia Co., Ltd. (Thailand), Aspire Food Group (U.S.), Tiny Farms (U.S.), EntoCube (Finland), EnviroFlight, Corporation (U.S.), Haocheng Mealworm Inc. (China), JR Unique Foods Ltd. (Thailand), Armstrong Cricket Farm Georgia (U.S.), Rocky Mountain Micro Ranch (U.S.), DIC Corporation (Japan), Cellena Inc. (U.S.), Taiwan Chlorella Manufacturing Company (Taiwan), Cyanotech Corporation (U.S.), Bluebiotech International GmbH (Germany), Algatechnologies Ltd. (Israel), Pond Technologies Inc. (Canada), EID Parry (India), Tianjin Norland Biotech Co., Ltd. (China), MycoTechnology Inc. (U.S.), 3Fbio Ltd. (U.K.), Algaecan Biotech Ltd. (Canada), Corbion NV (Netherlands), Sun Chlorella Corporation (Japan), Parabel Inc. (U.S.), Plantible Foods, Inc. (U.S.), Mycotechnology Inc. (U.S.), 3Fbio Ltd. (U.K.), Febico (Taiwan), Far East Microalgae Industries, Co. Ltd. (Taiwan), Roquette Klötze Gmbh & Co. Kg (Germany), and Yaeyama Shokusan Co., Ltd. (Japan).
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Key questions answered in the report-
- Which key segments in terms of the stage/type, application, and countries are offering major traction for the vendors in this market?
- What was the historical market growth for alternative protein across the globe?
- What is the current market size for the alternative proteins market? Also, what is the market forecasts for the period of 2020-2027?
- What are the major drivers, restraints, challenges, trends, and opportunities in the global alternative proteins market?
- Who are the major players in the global market, and how do their strategic moves in this industry change the market landscape and competitive scenario?
- Who are the major players in various countries, and what share of the market do they hold?
- How is the competitive landscape?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global alternative proteins market, and how do they compete with the other players?
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