According to a new market 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,” published by Meticulous Research®, the alternative proteins market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027.
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A major shift in the global market’s consumer behavior is increasing interest in alternative protein sources from plant-based to insects. Also, a growing number of people are turning to products that are less taxing on the environment. Proteins have become an important consideration for many consumers. As a result, demand for nutritional products continues to soar globally. Additionally, the growing potential of insect and plant proteins; emerging economies such as Southeast Asia, Latin America, and the Middle East & Africa; and increasing inclination towards vegan diet provides significant growth opportunities for protein ingredient manufacturers.
The global alternative proteins market is mainly segmented based on stage/type, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
COVID-19 Impact on Alternative Protein Investment
Before the outbreak, plant-based food makers were attracting investment from venture capital firms and major established meat supply companies. Investments in alternative-protein manufacturing companies have risen in recent years, as numerous start-ups sell plant-based proteins. Nestle, Cargill, and Tyson Foods have all been developing plant-based meat brands alongside their more traditional meat products. And even after the pandemic hit, some plant-based meat manufacturing companies announced new investments. For instance, Impossible Foods raised USD 500 million in funding to develop new plant-based meat alternatives in lamb, goat, and fish.
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Further, alternative protein investment surged in Q2 or Q3 2020. For instance, as of April 2020, Canada-based Eat Beyond Global is moving forward to invest in early-stage plant-based food start-ups and food tech companies. According to the State of the Industry, Good Food Institute annual report released on 18th March 2021, in 2020, the alternative protein industry raised USD 3.1 billion in investment, which is three times more than 2019. A total USD 5.9 billion investment was raised by alternative protein companies over the past decade, out of which more than half came in 2020. Plant-based meat, egg, and dairy companies received USD 2.1 billion investments in 2020.
Thus, growth in capital investments, which support the growth of alternative protein markets and increase the focus of alternative plant-based product manufacturers to build a portfolio of investments in plant-based products and lab-grown meat protein space, drives the growth of the global alternative protein market.
Key Findings in the Global Alternative Proteins Market Study:
Based on stage/type, the alternative protein 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. These proteins provide an adequate quantity of essential amino acids and are less expensive than other proteins. Also, factors such as increased demand for plant-based products and their wide availability further stimulate market growth. However, the emerging alternative proteins segment is expected to grow at the highest CAGR during the forecast period.
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Based on application, the alternative proteins market is 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.
Geographically, North America accounted for the largest share of the overall alternative protein market in 2020. This region’s large share is mainly attributed to its well-established food and feed industry, rising concerns over animal products and protein, increasing vegan population, growing preference to meat alternatives, and technological advancements in the food industry. Followed by North America, the European region has commanded the second-largest share in the global alternative protein market. Demand for alternative proteins in Europe is majorly driven by growing innovation, increasing number of people switching to veganism, the presence of a large number of alternative protein manufacturers, and concerns regarding animal welfare. 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) among others.
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Scope of the report
Alternative Protein Market, by Stage/Type
- Emerging Alternative Proteins
- Insect Proteins
- Algae Proteins
- Duckweed Proteins
- Adolescent Alternative Proteins
- Pea Proteins
- Rice Proteins
- Corn Proteins
- Potato Proteins
- Mature Alternative Proteins
- Soy Proteins
- Wheat Proteins
- Canola Proteins
- Mushrooms Proteins
Alternative Protein Market, by Application
- Insect Protein-based Products
- Value-added Whole Insects
- Animal and Pet Feed Products
- Value-added Insect Powder
- Insect Protein Bars and Protein Shakes
- Insect Baked Products and Snacks
- Insect Confectionaries
- Insect Beverages
- Plant Protein-based Products
- Foods and Beverages
- Animal Feed
- Nutrition & Health Supplements
- Microbial Protein-based Products
- Food and Beverage
- Animal Feed
Alternative Protein Market, by Geography
- North America
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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