$36.61 Billion Alternative Protein Markets
Global Forecast to 2029: Environmental Sustainability with Production and Consumption of Alternative Protein
The Global Alternative Protein Market is expected to reach $36.61 billion by 2029, growing at a CAGR of 12.4% during the forecast period of 2022 to 2029.
Photo by Sam Moghadam Khamseh on Unsplash
This market is driven by the growing population and awareness about the benefits of alternative proteins, the increasing number of venture investments in alternative protein companies, the high nutritional value of edible insects, and the environmental sustainability benefits offered by alternative proteins.
Additionally, the increasing inclination towards a vegan diet provides significant growth opportunities for alternative proteins manufacturers. However, the high cost of alternative proteins and the significant preference for animal-based products hinder the growth of this market to a notable extent.
Based on type, the alternative proteins market is segmented into plant proteins, insect proteins, and microbial proteins. In 2022, the plant proteins segment is estimated to account for the largest share of the alternative protein market. The large share of this segment is mainly attributed to the growing demand from food & beverage manufacturers, the increasing vegan population, the rising number of plant-based product launches, and the large presence of plant protein manufacturers.
However, the insect proteins segment is expected to grow at the highest CAGR during 2022-2029. The high growth rate of this segment is driven by the growing demand for environmentally friendly protein-rich food and the rising number of investments in edible insect farming.
Based on application, the alternative protein market is segmented into plant protein-based applications, insect protein-based applications, and microbial protein-based applications. In 2022, the plant protein-based applications segment is estimated to account for the largest share of the alternative proteins market.
The large share of this segment is attributed to the growing vegetarian and vegan population, consumers' rising demand for clean-label products, and the increasing number of investments and expansions by plant-based product manufacturers.
In 2022, North America is estimated to account for the largest share of the alternative proteins market. However, Asia-Pacific is expected to record the highest CAGR during the forecast period.
The high market growth in Asia-Pacific is attributed to the increasing awareness regarding the importance of protein-rich diets, the increasing technological advancements in the food & beverages industry, rapid economic growth, and the wide availability of raw materials.
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