A recently published study by FMI expects the global alternative protein market to augment at a 21% CAGR from 2022 to 2032. By the end of the forecast period, alternative protein market is expected to garner a market value of US$ 496.56 Billion by 2032. Alternative protein is gaining prominence in the livestock industry and food & beverage industry owing to the nutrition it provides, Innovations and launches of different proteins is increasing the sales of alternative proteins.
From 2016 to 2021, the global pet snacks and treats market registered a CAGR of 14% by accumulating a market value of US$ 61 Billion in 2021. The COVID-19 pandemic played a key role in increasing the importance of building immunity. Thus, most people invested in organic and clean protein to stay healthy. In addition, demand for meeting dietary requirements of animals is escalating the demand for alternative proteins.
North America, Asia Pacific and Europe are the major contributors to the alternative protein market owing to different reasons. Most people suffer from lactose intolerance or food allergies. Thus, consumers are investing in alternative protein. International players and start-ups are launching different protein products to cater to a larger consumer base.
Key Takeaways from the Market Study
- By source, microbial-based protein is expected to possess 40% market share for alternative protein market in the forecast period 2022-2032.
- By application, animal feed is expected to procure 55% market share for alternative proteins
- North America is expected to possess 40% of market share for alternative proteins
- Asia Pacific is expected to procure 18% market share for alternative proteins
- Europe is expected to possess 25% market share for alternative protein market in the assessment period.
“Alternative protein manufacturers are focusing on innovation and sustainability. This has led to production of cleaner and nutritious protein, thus, increasing sales of the same.” states an FMI analyst.
Key players in the global alternative protein industry are Cargill Incorporation, Royal DSM NV, AMCO Proteins, Puris, Axiom Foods, Darling Ingredients, Innovafeed, Lallemand Inc, Hamlet Protein, Archer Daniel Midland Company, AB Mauri, Soja Protein, Ingredion, Ynsect, Angel Yeast, and Calysta Inc.
- Cargill Incorporation, a key player has introduced pea protein in the Asia market. The pea protein comprises of non-GMO features and has low allergenic. The protein is highly versatile and can be used in different food preparation.
- Royal DSM NV launched CanolaPRO, a plant-based protein source from canola (rapeseed). The protein is gluten-free, non-dairy, Non-GMO and offers a mouthfeel texture.
More Insights Available
FMI, in its new offering, presents an unbiased analysis of the global alternative protein market, presenting historical analysis from 2016 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Source (Insect-based, Microbial-based, Plant-based, others) by application (Food & beverages, Cattle, Aquaculture, Animal Feed, Pet food, Equine, Others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Information Source: https://www.futuremarketinsights.com/reports/alternative-protein-market