Report Overview
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The global alternative protein market size was USD 3.9996 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Per our research, the market is expected to reach USD 5.4835 billion in 2028, exhibiting a CAGR of 5.4% during the forecast period. The sudden rise in CAGR is attributable to the alternative protein market growth and demand returning to pre-pandemic levels once the pandemic is over.
Any source of protein that is not sourced from animals is referred to as an alternative protein. This comprises proteins derived from plants and proteins from various sources, like fungi, bacteria, and algae. They are becoming more popular as consumers seek more environmentally friendly and sustainable solutions. Because they often contain less saturated fat and cholesterol than animal-based proteins, they are also frequently perceived as healthier.
They come in a wide variety, each with a special set of advantages that can be found in them. Check out the various alternative proteins available if you're looking for a more sustainable option or want to try something new.
COVID-19 Impact: Lockdown Restrictions, Closure of Restaurants and Foodservice Outlets Hampered the Market Growth
The covid-19 epidemic has impacted the market in various ways. First off, fewer people are cooking at home due to the limits on travel and gathering, which has resulted in a decline in the market for items containing alternative proteins. Second, since restaurants and other food service establishments are big consumers of these products, their closure has also had an effect. Last but not least, the economic slowdown brought on by COVID-19 has resulted in reduced disposable income, which means that individuals are less inclined to buy products containing Alternative Proteins. Despite these obstacles, it is anticipated that the market will expand in the years to come as people become more aware of their advantages.
Latest Trends
"Plant-Based Meat Boosts the Market Expansion"
Plant-based meat is the newest alternative protein fad. The taste and texture of this novel plant-based meat are identical to conventional meat. It offers a healthier alternative for those who want to cut back on or give up meat entirely. Additionally, plant-based meat is less harmful to the environment than traditional meat. It produces less land and water utilization and produces less greenhouse gas emissions.
Segmentation
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- By Type Analysis
The alternative protein market can be segmented into soybeans, pea, oat, others, and alternative protein. Among these, soybeans are projected to experience rapid growth through 2028.
- By Application Analysis
The market can be divided based on application into hypermarkets/supermarkets, convenience stores, online retail, and others. Hypermarkets/supermarkets are expected to hold the most significant alternative protein market share in the upcoming years.
Driving Factors
"Rising Demand for the Plant-Based Protein To Propel the Market Expansion"
The rising demand for plant-based protein is one of the significant trends boosting the market. This results from people being more aware of the advantages of plant-based diets for their health and the environment. The price of plant-based proteins is also decreasing as production costs come down and technology advances.
"Increasing Awareness of the Environmental Impact of Meat Production Fuels the Market Growth"
The market is expanding due to rising environmental consciousness about the effects of animal production. Agriculture involving livestock significantly impacts deforestation, water pollution, and greenhouse gas emissions. Customers are increasingly looking for alternate protein sources with less environmental impact as they become more aware of these problems.
Restraining Factors
"Lack of Infrastructure and Awareness Hinder the Market Growth"
Although the market is expanding quickly, several obstacles must be removed. The absence of infrastructure to support alternative protein manufacturing is one of the most significant barriers. More facilities that can generate alternative proteins on a big scale, including factories, farms, and processing facilities, are required. The exorbitant price of substitute proteins is still another barrier. Many consumers will not pay more for something they believe to be less palatable or healthy than conventional proteins. The lack of knowledge about these proteins is the final issue. Most individuals are unaware of and unsure how to use plant- or insect-based proteins in their diets.
Regional Insights
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"North America to Dominate Market Due to Rising Demand for Plant-Based Protein "
Between 2022 and 2028, the alternative protein market will be dominated by North America. Factors driving the market growth in this region include rising demand for plant-based protein.
Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The increasing awareness of the environmental impact of meat production fuels market expansion.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Maple Leaf (Canada)
- Nestle (Switzerland)
- Campbell Soup (U.S.)
- Archer Daniels Midland (U.S.)
- Cargill (U.S.)
- CHS (U.S.)
- DowDuPont (U.S.)
- Kerry (Ireland)
- Nisshin Oillio (Japan)
- Roquette Freres (France)
- Ruchi Soya Industries (India)
- Wilmar (Singapore)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 3.9996 Billion in 2022 |
| Market Size Value By | US$ 5.4835 Billion by 2028 |
| Growth Rate | CAGR of 5.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the alternative protein market expected to touch by 2028?
The global alternative protein market is expected to touch USD 5.4835 billion by 2028.
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What CAGR is the alternative protein market expected to exhibit during 2022-2028?
The alternative protein market is expected to exhibit a CAGR of 5.4% over 2022-2028.
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Which are the driving factors of the alternative protein market?
Rising demand for plant-based protein and the increasing awareness of the environmental impact of meat production are driving factors in the alternative protein market.
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Which are the top companies operating in the alternative protein market?
Maple Leaf (Canada), Nestle (Switzerland), Campbell Soup (U.S.), Archer Daniels Midland (U.S.), Cargill (U.S.), CHS (U.S.), DowDuPont (U.S.), and Kerry (Ireland) are some of the top companies in the alternative protein market.
