The alternative protein global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Alternative Protein Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
alternative protein market size has grown rapidly in recent years. It
will grow from $71.73 billion in 2023 to $85.65 billion in 2024 at a
compound annual growth rate (CAGR) of 19.4%. The growth in the historic
period can be attributed to health and wellness trends, environmental
concerns, ethical and animal welfare concerns, cultural and religious
preferences, innovation and product development.
The alternative protein market size is expected to see rapid growth in the next few years. It will grow to $162.13 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to policy and regulatory support, global population growth, investment and funding inflows, changing consumer preferences, climate change mitigation. Major trends in the forecast period include diversification of protein sources, mainstream adoption in foodservice, premiumization and innovation, global expansion and market accessibility, nutritional enhancement and fortification.
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Scope Of Alternative Protein Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Alternative Protein Market Overview
Market Drivers -
The
increasing demand for plant-based proteins is expected to propel the
growth of the alternative protein market going forward. Plant-based
protein refers to proteins derived from plants rather than animal
sources. These proteins are present in several plant-based foods and are
frequently consumed by people who follow vegetarian, vegan, or
plant-based diets. Plant-based proteins are used in alternative protein
products as substitutes for traditional animal-based proteins, offering a
sustainable and cruelty-free option. Additionally, plant-based proteins
offer benefits such as lower saturated fat, high fiber content, reduced
environmental impact, and ethical considerations compared to
animal-based proteins. For instance, in April 2023, according to the
Good Food Institute, a US-based non-profit organization, the global
retail sales of plant-based meat and seafood in 2022 amounted to $6.1
billion, indicating an 8% growth in revenue and a 5% increase in weight.
Additionally, the collective sales of plant-based milk, cheese, and
yogurt reached $21.6 billion globally, marking a 7% rise from the
previous year. Therefore, the increasing demand for plant-based proteins
is driving the growth of the alternative protein market.
Market Trends -
Major
companies operating in the alternative protein market are developing
new products, such as plant-based meat, to gain a competitive edge in
the market. Plant-based meat refers to food products that mimic the
taste, texture, and nutritional profile of traditional animal meat but
are entirely derived from plant-based sources. For instance, in January
2023, Final Foods Inc., a US-based food and technology company, launched
a plant-based meat product line designed for gourmet chefs and the food
service industry. This innovative range offers protein-rich vegan
alternatives in slices and large cuts, allowing for versatile culinary
applications such as grilling, stewing, sautéing, and stir-frying.
Crafted with a unique extrusion cooking process using pea protein and
natural ingredients, Final Foods' vegan meat distinguishes itself by its
commitment to replicating the taste of meat while providing a more
natural and creative alternative for chefs. Notably, the company is
pioneering a sustainable production model, utilizing small-scale micro
factories to support local markets.
The alternative protein market covered in this report is segmented –
1) By Source: Plant-Based, Insect-Based, Microbial-Based, Other Sources
2) By Form: Dry, Liquid
3) By Application: Food And Beverage, Cattle, Aquaculture, Animal Feed, Pet Food, Equine, Other Applications
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Regional Insights -
North
America was the largest region in the alternative protein market in
2023. Asia-Pacific is expected to be the fastest-growing region in the
forecast period. The regions covered in the alternative protein market
report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies -
Major
companies operating in the alternative protein market are Cargill
Incorporated, Archer-Daniels-Midland Company, CHS Inc., International
Flavors & Fragrances Inc., Kerry Group plc, Ingredion Incorporated,
DIC Corporation, Glanbia Plc, Roquette Freres SA, Tate & Lyle Plc,
Corbion NV, Now Health Group Inc., Farbest Farms Inc., Ynsect SAS, BENEO
GmbH, Cyanotech Corporation, MycoTechnology Inc., Enterra Feed
Corporation, Sotexpro, Axiom Foods Inc., Protix B.V., EnviroFlight LLC,
Entomo Farms, Aspire Food Group, Pond Technologies Holdings Inc.
Table of Contents
1. Executive Summary
2. Alternative Protein Market Report Structure
3. Alternative Protein Market Trends And Strategies
4. Alternative Protein Market – Macro Economic Scenario
5. Alternative Protein Market Size And Growth
…..
27. Alternative Protein Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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