The Global Alternative Protein Market report for by source (plant protein, mycoprotein, algal protein and insect protein), by application (food, beverage, dietary supplement and feed industry), by geography (North America, Europe, Asia Pacific, Middle East & Africa and South America)) is expected to reach US $ XX Bn by 2027, at a CAGR of 7.50 %.
Rapid urbanization with new consumer aspiration, increase in venture investments in alternative protein key players, innovation in food technology, and the nutritional value of edible insect, and environmental sustainability with production and consumption of alternative protein are some of the prominent drivers behind the growth of the market.
The plant protein segment is expected to grow at a XX % rate of CAGR during the forecast period.
The plant-based protein products are expected to share significant growth in the global alternative protein market. The significant growth in the market is attributed to the rise in consumer demand for sustainable products, awareness about the health benefits of plant protein and health concerns over animal products and ingredients, vegan population, and meat prices. Rapid development of diversified sources of protein is expected to boost the growth in the global alternative protein market.
North America region is estimated to hold the dominant position in the global alternative protein market.
By region, global alternative protein market is segmented into the North America, Europe, Asia Pacific, Middle East & Africa and South America. Among these, the North America region is estimated to share US $ XX Mn share in the market, which is followed by Europe and Asia-Pacific. The significant share in the market is attributed to the presence of the well-established food and feed industry and increase in the concerns over animal products and protein and preference to meat alternatives. Furthermore, the Asia-Pacific region is projected to grow at the XX % rate of CAGR during the forecast period because of the rise in the protein rich diet awareness and health consciousness. The technological advancements in food & beverages industry, growing economy, and raw material availability are some of the prominent factors behind the growth of the alternative protein market.
Key players operating in the Global Alternative Protein Market includes MGP Ingredients Inc, The Archer Daniels Midland Company, Kerry Group, DuPont, Cargill Incorporated, Roquette Foods, Proti-Farm Holding NV, Glanbia PLC, Corbion Biotech Inc., Agriprotein Holdings Ltd, Algatechologies Ltd., BurconNutraScience Corporation, Aspire Food Group, EntofoodSdn Bhd, MycoTechnology Inc, Tianjin Norland Biotech Co., Ltd, Enterra Feed Corporation, Glanbia Plc, Microalgaetech International SdnBhd and Ingredion Incorporated.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Alternative Protein Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Alternative Protein Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Alternative Protein Market positioning of competitors.
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