Significant Growth Driven by Urbanization, Technological Innovations, and Shifting Consumer Preferences
Meticulous Research®, a leading global market research firm, has unveiled its latest report, ‘Alternative Protein Market Size, Share, Forecast, & Trends Analysis by Type (Plant Protein [Soy, Pea, Potato], Insect Protein [Crickets, BSF], Microbial [Algae Protein, Fungal Protein]), Application (Food & Beverage, Animal Feed) – Global Forecast to 2031.’ The report predicts the global alternative protein market will achieve a substantial milestone, reaching $47.05 billion by 2031, with a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031. In terms of volume, the market is anticipated to grow at a CAGR of 9.3%, reaching 13,536 thousand tons by 2031.
Market Growth Drivers
The expansion of the alternative protein market is fueled by several key factors:
- Rapid Urbanization and Evolving Consumer Preferences: Increasing urban populations and shifting consumer aspirations towards healthier, sustainable food options are propelling the demand for alternative proteins.
- Rising Venture Investments: A surge in venture capital investments within the alternative protein sector is accelerating innovation and product development.
- Technological Advancements in Food Production: Innovations in food technology are enhancing the production efficiency and quality of alternative protein products.
- Nutritional Value of Edible Insects: Edible insects, recognized for their high nutritional content, are gaining traction as a sustainable protein source.
- Environmental Sustainability: The eco-friendly production and consumption of alternative proteins are becoming increasingly important amid growing environmental concerns.
Despite these drivers, the market faces challenges, such as the higher costs associated with alternative proteins compared to traditional animal-based proteins and a persistent consumer preference for conventional meat products. However, the rising inclination towards plant-based foods presents a significant growth opportunity for market participants.
Key Market Segments
The report provides an in-depth analysis of the alternative protein market, segmented by type, application, and geography.
- Type: The market is divided into plant protein, insect protein, and microbial protein. The plant protein segment is expected to dominate the market in 2024. However, the insect protein segment is projected to experience the fastest growth, with a remarkable CAGR of 29.0% during the forecast period, driven by the increasing demand for environmentally sustainable protein sources and investments in insect farming.
- Application: The food & beverage segment is expected to capture the largest share of 60.6% of the global plant protein market in 2024. This dominance is attributed to the growing consumer preference for plant-based foods, rising awareness of protein-rich diets, and the versatile nature of plant proteins. Additionally, the nutrition & health supplements segment is anticipated to grow at a CAGR of 11.8%, driven by health trends, lifestyle changes, and the increasing prevalence of diseases.
Regional Insights
North America is expected to lead the global alternative protein market, accounting for 38.3% of the total market share in 2024. The region’s market value is estimated at $7.4 billion, bolstered by a rising focus on sustainable protein production, growing vegan populations, increased investments, and advancements in food technology.
Key Players in the Alternative Protein Market
The global alternative protein market is highly competitive, with major players driving innovation and market growth. Notable companies include:
- Archer-Daniels-Midland Company (U.S.)
- Cargill, Incorporated (U.S.)
- Roquette Frères (France)
- Ingredion Incorporated (U.S.)
- Kerry Group plc (Ireland)
- International Flavors & Fragrances, Inc. (IFF) (U.S.)
- Now Health Group, Inc. (U.S.)
- Tate & Lyle Plc (U.K.)
- Axiom Foods Inc. (U.S.)
- Ÿnsect (SAS) (France)
- Protix B.V. (Netherlands)
- MycoTechnology Inc. (U.S.)
- Cellena Inc. (U.S.)
- Enough (U.K.)
- Calysta, Inc. (U.S.)
Market Outlook and Future Prospects
The alternative protein market is on a robust growth trajectory, driven by technological advancements, evolving consumer preferences, and a global shift towards sustainability. The report offers comprehensive insights into market trends, competitive dynamics, and regional opportunities for stakeholders.
For more detailed information and to download the sample report, visit Meticulous Research®.
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