Protein Alternatives Market Size Worth USD 29.63 billion by 2032 | CAGR: 7.9%

The global protein alternatives market size is expected to reach USD 29.63 billion by 2032, according to a new study by Polaris Market Research. The report “Protein Alternatives Market Size, Share, Trends, Industry Analysis Report: By Source (Plant Proteins, Microbe-based Protein, and Insect Protein), Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The expansion of the protein alternatives market is being propelled by the increasing focus on plant-based proteins. Health-conscious consumers are shifting towards plant-based products due to lower levels of saturated fat and cholesterol, aligning with dietary recommendations aimed at reducing the risk of chronic diseases. For instance, a global survey conducted by the National Science Foundation in 2021 revealed that 88% of food industry practitioners anticipated a surge in demand for plant-based products. This rising demand for plant-based products is growing acceptance and preference for plant proteins. Consequently, the alternative protein market is experiencing growth due to the escalating demand and consumption of plant-based products.

Technological innovations play a crucial role in the development and commercialization of protein alternatives. Advances in food technology, such as improved methods for cultivating meat cells, enhancing plant-based protein textures, and developing efficient fermentation processes, are making alternative proteins more feasible and attractive to the global population. The technological improvements assist in lowering production costs, improving product quality, and expanding the range of available alternatives, thereby fueling alternative protein market growth.

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Increasing government investments are playing a pivotal role in providing crucial financial backing and resources for the research, development, and commercialization of innovative products in the sustainable protein sector. For instance, the UK allocated USD 25.9 million to support the sustainable protein industry, with a focus on research, innovation, capacity building, and business-led commercialization. Such government investments are propelling the expansion of the alternative protein market on a global scale.

Protein Alternatives Market Report Highlights

• In 2023, the plant proteins segment held the dominant revenue share of the alternative proteins market because of the increasing consumer adoption and versatility.
• The animal feed segment is anticipated to grow with a significant CAGR over the forecast period in the market due to increasing demand for cost-effective feed solutions.
• In 2023, North America dominated the protein alternatives market because of the significant shift of people towards veganism and plant-based diets in the region.
• China's protein alternatives market is expected to grow substantially due to the country's strategic focus on diversifying protein sources and enhancing food security.
• The global key market players are ADM; AGT Food and Ingredients Inc.; Axiom Foods, Inc.; Bunge; Cargill; Incorporated; DSM; Emsland Group; Glanbia plc; Impossible Foods Inc.; Ingredion; International Flavors & Fragrances Inc.; Kerry Group plc.; LightLife Foods Inc.; Nestlé; SunOpta; and Tate & Lyle.

Polaris Market Research has segmented the protein alternatives market report based on source, application, and region:

By Source Outlook (Revenue - USD billion, 2019 - 2032)

• Plant Proteins

• Cereals
  • Wheat
    • HMEC/HMMA Wheat Protein
    • Hydrolyzed Wheat Protein
    • Textured Wheat Protein
    • Wheat Protein Concentrates
    • Wheat Protein Isolates
  • Rice
    • Hydrolyzed Rice Protein
    • Rice Protein Concentrates
    • Rice Protein Isolates
    • Others
  • Oats
    • Hydrolyzed Oat Protein
    • Oat Protein Concentrates
    • Oat Protein Isolates
    • Others
• Legumes
  • Soy
    • HMEC/HMMA Soy Protein
    • Hydrolyzed Soy Protein
    • Soy Protein Concentrates
    • Soy Protein Isolates
    • Textured Soy Protein
  • Pea
    • HMEC/HMMA Pea Protein
    • Hydrolyzed Pea Protein
    • Pea Protein Concentrates
    • Pea Protein Isolates
    • Textured Pea Protein
  • Lupine
  • Chickpea
  • Others
• Roots
  • Potato
    • Potato Protein Concentrate
    • Potato Protein Isolate
  • Maca
  • Others
• Ancient Grains
  • Amaranth
  • Ancient Wheat
  • Chia
  • Millet
  • Quinoa
  • Sorghum
  • Others
• Nuts & Seeds
  • Canola
    • Canola Protein Isolates
    • Hydrolyzed Canola Protein
    • Others
  • Almond
  • Flaxseeds
  • Others

• Microbe-based Protein
  • Algae
  • Bacteria
  • Fungi
  • Yeast
• Insect Protein
  • Coleoptera
  • Diptera
  • Hemiptera
  • Hymenoptera
  • Lepidoptera
  • Orthoptera
  • Others

By Application Outlook (Revenue - USD billion, 2019 - 2032)

• Food & Beverages

• Bakery & Confectionary
• Beverages
• Breakfast Cereals
• Dairy Alternatives (cheese, desserts, snacks, others)
• Dietary Supplements/Weight Management
• Meat Alternatives & Extenders
• Snacks
• Sports Nutrition
• Others

• Animal Feed
• Clinical Nutrition
• Infant Formulations
• Others

By Regional Outlook (Revenue - USD billion, 2019 - 2032)

• North America

• US
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of APAC

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of MEA

Protein Alternatives Report Scope