Alternative Proteins Market Size worth USD 3.89 Billion in 2027 | Shift to Vegan Diets, Rising Focus on Personal Health and Wellness are Key Factors Driving Industry Growth, says Emergen Research

Vancouver, British Columbia, May 20, 2021 (GLOBE NEWSWIRE) — The global alternative proteins market size is expected to reach USD 3.89 billion in 2027 and register a revenue CAGR of 7.4% over the forecast period, according to the latest report by Emergen Research. Factors such as changing food preferences and diets and increase in lifestyles-related health conditions, shift to vegan diets, rising focus on personal health and wellness, and rising disposable income among consumers in developing economies are some key factors driving market revenue growth.

Animal proteins are derived from sources such as meat, eggs, milk, and fish, and have higher quality of proteins owing to content of essential amino acids; whereas, plant-based products have a limited amount of some amino acids, but not all amino acids. Changing climate and environmental impact caused by producing traditional livestock or animal-based protein, and rising food demand globally are other factors driving market growth. Availability of and rising preference for protein from alternative vegan sources such as algae and plants is steadily gaining traction, and rapid approvals by concerned authorities and bodies is supporting growth of the market.

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Rapid innovations in food technology, increasing investments in alternative protein production, and rising demand for protein from edible insects are other key growth supporting factors. In addition, a growing consumer base of plant-based proteins driven by belief that these improve overall health and helps with weight management is expected to continue to support market growth going ahead. Furthermore, shift away from animal-based protein due to sustainability and ethics has been steadily resulting in a shift in consumer preference for more plant-based protein products.

Some key findings from the report

• In 2019, the plant-based protein segment accounted for largest revenue share of 45.1% in the global alternative protein market and is expected to register a CAGR of 7.8% throughout the forecast period.
• Rising food demand globally, driven by a rapidly increasing global population, need to more-than-double current food production volumes, and increasing focus on more environment-friendly and sustainable food production methods and sources of high nutrition have been driving market growth.
• Among the plant-based protein sources, peas and soybean are ideal and most widely used.
• In March 2019, DuPont Nutrition & Health, which is a Dow DuPont Specialty Products Division business, added six plant protein nuggets to its Supro and Trupro product range. The new ingredients contain more protein or less sodium than previous offerings, and are available in a variety of formats and textures for usage in nutrition bars, snacks, and cereals.
• Major companies profiled in the global market report are include Kerry Inc., DuPont de Nemours Inc., Corbion NV, Glanbia PLC, Tate & Lyle PLC, The Archer Daniels Midland Company, Ingredion Incorporated, and Cargill Incorporated.
• Asia Pacific alternative proteins market accounted for a rapid revenue growth rate in 2020 and the trend is expected to continue over the forecast period. Steady growth can be attributed to rising demand for protein-rich diets driven by increasing focus on health and wellness, increasing disposable income, and shift to vegan protein sources among consumers in the region. In addition, rapid economic growth, and advancements in the food & beverages industry in countries in the region is expected to continue to support market growth.
• North America dominated other regional markets in the global alternative proteins market in 2019, and the trend is expected to continue over the forecast period. Rising concerns related to animal-products and protein, increasing vegan population, and rising investment in protein alternative sources are driving market growth. Presence of a large number of major players with robust capability in R&D and technology are some key factors expected to drive growth of the market in this region.

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For the purpose of this report, Emergen Research has segmented into the global Alternative Proteins Market on the basis of source, application, and region:

• Source Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
  • Plant Protein
  • Mycoprotein
  • Algal Protein
  • Insect Protein
• Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
  • Food and Beverages
  • Dietary Supplements
  • Animal Feed and Pet Food
  • Personal Care and Cosmetics

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• Regional Outlook (Revenue, USD Billion; 2017-2027)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. Italy
    5. Spain
    6. BENELUX
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • MEA
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of MEA
  • Latin America
    1. Brazil
    2. Rest of LATAM

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