Alternative Proteins Market Outlook

According to the report by Expert Market Research (EMR), the global alternative proteins market size reached a value of more than 19.06 MMT in 2023. Aided by the increasing consumer awareness of sustainability, the market is projected to grow at a CAGR of 13.4% in the forecast period of 2024-2032, reaching a value of around 59.11 MMT by 2032.

Alternative proteins are non-traditional sources of protein that are developed to meet the growing global demand for sustainable, ethical, and health-conscious food options. These proteins provide essential nutrients similar to conventional animal-based proteins but are derived from plants, insects, fungi, algae, and cultured cells. The market for alternative proteins is expanding rapidly, driven by environmental concerns, animal welfare issues, and the increasing interest in healthier diets.

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The global alternative proteins market is experiencing remarkable growth, driven by increasing consumer awareness of sustainability, health consciousness, technological advancements, and changing dietary preferences. As concerns about the environmental impact of traditional animal agriculture, ethical considerations regarding animal welfare, and the pursuit of healthier lifestyles intensify, alternative proteins are becoming a pivotal segment in the global food industry. Several key trends are shaping the landscape of this market, reflecting broader shifts in consumer behaviour, technological innovations, and regulatory landscapes.

One of the most significant alternative proteins market trends is the rising consumer demand for plant-based proteins. This demand is fuelled by a growing awareness of the environmental and health benefits associated with plant-based diets. Products derived from soy, peas, rice, hemp, and other plant sources are gaining traction due to their versatility and nutritional benefits. The plant-based protein segment is characterised by continuous innovation, with manufacturers developing a wide range of meat analogues, dairy alternatives, and protein supplements that closely mimic the taste, texture, and nutritional profile of animal-based products. This trend is particularly evident in the proliferation of plant-based burgers, sausages, and milk alternatives that appeal to both vegetarians and flexitarians.

Insect protein is another emerging trend within the alternative proteins market, driven by its high nutritional value and minimal environmental footprint. Insects such as crickets and mealworms are highly efficient at converting feed into protein and require significantly less land, water, and energy compared to traditional livestock. As a result, insect protein is being explored as a sustainable solution to meet the global protein demand. Edible insect products, including protein bars, snacks, and powders, are gaining acceptance, particularly in regions with a cultural history of insect consumption. Additionally, the use of insect protein in animal feed is gaining momentum as a sustainable alternative to conventional feed ingredients.

Fungal proteins, particularly mycoprotein, are also gaining popularity due to their meat-like texture and high protein content. Mycoprotein, produced through the fermentation of fungi, is the key ingredient in products like Quorn. This type of protein offers a sustainable and nutritious alternative to meat, appealing to consumers seeking high-quality, plant-based protein sources. The growth of fungal proteins is supported by advances in fermentation technology and increased investment in research and development.

The advent of cell-based or cultured meat represents a groundbreaking trend aiding the global alternative proteins market growth. Lab-grown meat, produced by culturing animal cells in a controlled environment, aims to replicate the taste, texture, and nutritional profile of conventional meat without the ethical and environmental issues associated with livestock farming. Although still in the early stages of commercialisation, cell-based meat has the potential to revolutionise the food industry. Several startups and established food companies are investing heavily in the development of cultured meat, with a focus on scaling production, reducing costs, and gaining regulatory approval. The promise of cell-based meat lies in its ability to provide a sustainable protein source that can meet the growing global demand for meat without the associated environmental degradation and animal welfare concerns.

Sustainability is a driving force revolutionising the global alternative proteins market development. Consumers are increasingly aware of the environmental impact of their food choices and are seeking products that align with their values. This shift is reflected in the growing popularity of eco-friendly packaging, transparent supply chains, and certifications that verify the sustainability of protein products. Companies are responding by adopting sustainable sourcing practices, reducing their carbon footprint, and promoting the environmental benefits of their products. The emphasis on sustainability is also influencing investment decisions, with venture capital and private equity firms increasingly funding startups and companies that prioritise sustainable protein solutions.

Health and nutrition are also significant factors driving the global alternative proteins market expansion. Many alternative proteins offer nutritional benefits such as high protein content, essential amino acids, fibre, vitamins, and minerals. Consumers are becoming more health-conscious and are looking for protein sources that support their dietary goals, whether it be muscle building, weight management, or overall wellness. Plant-based proteins, in particular, are associated with various health benefits, including lower cholesterol levels, improved heart health, and reduced risk of chronic diseases. As a result, the market is witnessing a surge in the development of protein-enriched products that cater to specific health needs.

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Technological advancements and innovation are at the core of the evolving alternative proteins market. Advances in food technology, biotechnology, and fermentation processes are enabling the production of high-quality, scalable, and cost-effective alternative proteins. These innovations are not only improving the taste, texture, and nutritional profile of protein products but also enhancing their market appeal. The use of precision fermentation, for example, allows for the production of proteins with specific functional properties, such as improved solubility and stability, which are critical for food formulation. Additionally, the integration of artificial intelligence and machine learning in research and development is accelerating the discovery of new protein sources and the optimisation of production processes.

The global alternative proteins market is also witnessing a growing interest from major food companies and investors. Established food companies are expanding their product portfolios to include alternative proteins, either through in-house development or strategic acquisitions and partnerships. This trend is driving significant investment in the sector, facilitating research, development, and commercialisation of new protein products. The entry of large food companies into the alternative protein market is helping to scale production, improve distribution, and increase consumer acceptance.

Market Segmentation

The global alternative proteins market can be divided based on source, ingredient, end use, distribution channel, and region.

Market Breakup by Source

• Plant-Based
• Fermentation
• Cellular Agriculture
• Others

Market Breakup by Ingredient

• Bulk Ingredients
• Speciality Ingredients

Market Breakup by End Use

• Food and Beverage
• Aquaculture
• Animal Feed
• Others

Market Breakup by Distribution Channel

• B2B
• B2C

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global alternative proteins market. Some of the major players explored in the report by Expert Market Research are as follows:

• I. Dupont De Nemours and Company
• Greenleaf Foods SPC
• Glanbia Plc
• Archer Daniels Midland Company
• Darling Ingredients
• Cargill Incorporated
• Kerry Group
• Calysta
• Others

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