REDDING,
Calif., May 14, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Alternative Proteins
Market Size, Share, Forecast, & Trends Analysis by Type (Plant
Protein [Soy, Pea, Potato], Insect Protein [Crickets, BSF],
Microbial [Algae Protein, Fungal Proteins]), Application (Food
& Beverage, Alternative Proteins) - Global Forecast to
2031', the alternative proteins market is projected to reach
$47.05 billion by 2031, at a CAGR of 13.6% during the
forecast period 2024–2031. In terms of volume, the alternative
proteins market is projected to reach 13,536 thousand tons
by 2031, at a CAGR of 9.3% during the forecast period of
2024–2031.
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A major shift in the consumer behavior of the global market is
increasing interest in alternative proteins 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; the alternative
protein market has become increasingly mainstream. Additionally,
the growing potential of insect and plant proteins in emerging
economies such as southeast Asia,
Latin America, and the
Middle East & Africa, and increasing inclination towards a
vegan diet, provides significant growth opportunities for protein
ingredient manufacturers in the coming years.
In recent years, the global alternative proteins market has
witnessed several product launches, expansions, mergers &
acquisitions, and partnerships, agreements, and collaborations. The
key players operating in the global alternative proteins market are
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.), Burcon NutraScience
Corporation (Canada), BENEO GmbH
(A Part of Südzucker AG) (Germany), Glanbia Plc (Ireland), Sotexpro (France), Farbest-Tallman Foods Corporation
(U.S.), CHS Inc. (U.S.), Ÿnsect (SAS) (France), Enterra Feed Corporation
(Canada), Protix B.V.
(Netherlands), Entomo Farms
(Canada), Global Bugs Asia Co.,
Ltd. (Thailand), Aspire Food Group
(U.S.), EnviroFlight, LLC (U.S.), Haocheng Mealworm Inc.
(China), JR Unique Foods Ltd.
(Thailand), Armstrong Cricket Farm
Georgia (U.S.), Rocky Mountain Micro Ranch (U.S.), Cricket Lab
Limited (U.K.), DIC Corporation (Japan), Cellena Inc. (U.S.), Taiwan Chlorella
Manufacturing Company (Taiwan),
Cyanotech Corporation (U.S.), Bluebiotech International GmbH
(Germany), Pond Technologies
Holdings Inc. (Canada),
E.I.D.-Parry (India) Limited
(India), Tianjin Norland Biotech
Co., Ltd. (China), MycoTechnology
Inc. (U.S.), Enough. (U.K.), Corbion NV (Netherlands), Sun Chlorella Corporation
(Japan), Plantible Foods, Inc.
(U.S.), Parabel Nutritional, Inc. (U.S.), Far East Bio-Tec Co.,
Ltd. (Taiwan), Far East Microalgae
Industries, Co. Ltd. (Taiwan),
Roquette Klötze Gmbh & Co. Kg (Germany), Yaeyama Shokusan Co., Ltd.
(Japan), Unibio Group
(Denmark), String Bio
(India), Calysta, Inc. (U.S.),
Angel Yeast Co., Ltd (China), and
Lesaffre (France).
The alternative proteins market study presents historical market
data in terms of value & volume (2022 and 2023), estimated
current data (2024), and forecasts for 2031. This market is
segmented by type, application, and geography.
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Key Findings in the Global Alternative Proteins Market
Study:
Based on type, the alternative proteins market is segmented into
plant proteins, insect proteins, and microbial proteins. In 2024,
the plant proteins segment is expected to account for the largest
share of 83% of the alternative proteins market.
The plant proteins market is further segmented into soy
proteins, wheat proteins, pea proteins, canola proteins, potato
proteins, rice proteins, corn proteins, and other plant proteins.
In 2024, the soy protein segment is expected to account for the
largest share of 55% of the plant proteins market. The large
share of this segment is attributed to its easy availability, lower
price of soy protein, increased demand for meat protein
alternatives, a wide range of applications in various products, and
multiple health benefits. However, the insect proteins segment is
expected to grow at the highest CAGR during the forecast period of
2024–2031.
The insect proteins market is segmented into crickets, black
soldier fly (BSF), and other insect proteins. In 2024, the crickets
segment is expected to account for the largest share of
47.0% of the insect proteins market. The large share of this
segment is attributed to its high nutritional value, the ease of
farming and processing of crickets, the incorporation of crickets
into various food recipes and products, and the increasing demand
for cricket-based products, such as protein powders, protein bars,
and snacks. However, the black soldier fly segment is expected to
register the highest CAGR during the forecast period.
The microbial proteins market is segmented into algae proteins,
fungal proteins, and bacterial proteins. In 2024, the algae
proteins segment is expected to account for the largest share of
70.0% of the microbial proteins market. The large market
share of this segment is mainly attributed to the growth of the
dietary supplements industry, the rising preference for
spirulina-sourced products, and the increasing number of products
that include algae as ingredients. Moreover, this segment is
expected to grow at the fastest CAGR during the forecast
period. The high growth rate of this segment is driven by factors
such as the increasing vegetarian population, the rising incidences
of diet-related diseases, such as malnutrition, the growth of the
nutraceutical industry, and the increasing usage of chlorella in
aquaculture diets.
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Geographically, the alternative proteins market is segmented
into North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
North America is expected to
account for the largest share of 38.3% of the alternative
proteins market. The North America
alternative proteins market is estimated to be worth
USD 7.4 billion in 2024. The
prominent position of North
America in the alternative proteins market is attributed to
the increasing focus on producing protein using sustainable methods
due to the rising environmental concerns and ethical aspects
associated with animal proteins, the increasing vegan population,
the rising number of investments in alternative protein products,
the increasing demand for healthy & nutritional products, and
technological advancements in the food industry.
However, the Asia-Pacific
alternative proteins market is expected to record the highest CAGR
of 15.8% during the forecast period. The growth of this
regional market is mainly attributed to the increasing awareness
regarding the importance of protein-rich diets, the increasing
technological advancements in the food & beverages industry,
the fast-growing economy, and the wide availability of raw
materials.
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Scope of the Report:
Alternative Proteins Market Assessment—by Type
- Plant Proteins
- Soy Proteins
- Soy Protein Concentrate
- Soy Protein Isolate
- Textured Soy Protein
- Other Soy Proteins
- Wheat Proteins
- Vital Wheat Gluten
- Wheat Protein Isolate
- Hydrolyzed Wheat Protein
- Textured Wheat Protein
- Pea Proteins
- Pea Protein Isolate
- Pea Protein Concentrate
- Textured Pea Protein
- Pea Protein Hydrolysate
- Pea Flour
- Other Pea Proteins
- Canola Proteins
- Canola Protein Isolate
- Canola Protein Concentrate
- Other Canola Proteins
- Potato Proteins
- Potato Protein Concentrate
- Potato Protein Isolate
- Rice Proteins
- Rice Protein Isolate
- Rice Protein Concentrate
- Rice Protein Hydrolysate
- Corn Proteins
- Corn Protein Isolate
- Corn Protein Concentrate
- Corn Protein Hydrolysate
- Other Plant Proteins
- Insect Proteins
- Crickets
- Black Soldier Fly
- Other Insect Proteins
- Microbial Proteins
- Algae Proteins
- Fungal Proteins
- Mycoprotein
- Mushroom Protein
- Yeast Protein
- Bacterial Proteins
Alternative Proteins Market Assessment—by
Application
- Plant Protein-based Applications
- Foods & Beverage
- Meat, Poultry, and Seafood
- Bakery
- Meat Analogs
- Dairy Alternatives
- Cereals & Snacks
- Beverages
- Other Food & Beverage Applications
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Other Plant Protein-based Applications
- Insect Protein-based Applications
- Food & Beverage
- Processed Whole Insects
- Processed Insect Powder
- Insect Protein Bars & Shakes
- Insect Baked Products & Snacks
- Insect Confectioneries
- Insect Beverages
- Other Food & Beverage Applications
- Feed
- Animal Feed
- Aquaculture Feed
- Pet Food
- Microbial Protein-based Applications
- Nutraceuticals
- Food & Beverage
- Animal Feed
- Cosmetics
- Other Microbial Protein-based Applications
Alternative Proteins Market Assessment—by
Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Ecuador
- Rest of Latin America
- Middle East & Africa
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