Analysis of Alternative Protein Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~11% During 2023-2035 and Attain ~USD 40 Billion by 2035

Research Nester assesses the growth and market size of the global alternative protein market which is anticipated to be on account of the growing population of vegans and vegetarians followed by rising innovation in alternative proteins.
New York – March 21, 2023- Research Nester’s recent market research analysis on “Alternative Protein Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global alternative protein market in terms of market segmentation by type, application, and by region.
Rising Preference for Vegan Foods to Promote Global Market Share of Alternative Protein
The global alternative protein market is estimated to grow majorly on account of the rising population of vegetarians and vegans. The greatest alternatives for vegans to manage their protein consumption are alternative proteins such as microbial and plant-based proteins. Vegetarianism was practiced by over 79 million individuals as of September 2021, accounting for around 1% of the world's population. Moreover, nearly 12,000 participants from the UK, the US, Canada, and New Zealand participated in the poll. Approximately 43% of people used animal products prior to becoming vegan and around 52% of people who became vegan were vegetarians before that. Seitan, tempeh, tofu, and jackfruit are among popular plant-based protein substitutes that have been used for generations. On the other hand, the fungi protein is extracted by the procedure of fermentation, the different fermentation processes are liquid-air interface fermentation, the solid-state fermentation, and submerged fermentation. Zero involvement of animals makes plant and fungi-based protein the best options for vegans.
On the other hand, the rising demand for protein in animal feed is also expected to boost market growth. There were approximately 996 million cattle in the globe in 2021; this number rose to almost 1 billion in 2022. Moreover, soybeans continue to be the most important and preferred source of high-quality vegetable protein for the creation of animal feed. There is 22.65 million livestock in urban areas and 514.11 million in rural regions total in India. Moreover, as per the statistics of Eurostat, there were 142 million pigs, 76 million cattle, 60 million sheep, and 11 million goats in the European Union.
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Some of the major growth factors and challenges that are associated with the growth of the global alternative protein market are:
Growth Drivers:
• Surge in Consumption of Animal Feed
• Rising Demand for Vegan Food
Challenges:
Animal feed is subject to strict guidelines, moreover, there are no standards for the use of insect-based proteins in the food business that are some of the major factors anticipated to hamper the global market size of alternative protein. On the other hand, alternative proteins are associated with a lot of serious allergies which are likely to impede the market growth. Food allergies to insects have been connected to the worms of silkworms, mealworms, locusts, grasshoppers, cicadas, bees, clanis bilineata, and the food coloring carmine. Tropomyosin and arginine kinase have both been identified as allergens from insects. These two pan-allergens are known for their cross-reactivity with homologous proteins in crustaceans and house dust mites. Hence, it is anticipated that the market expansion will be hampered by the increased risk of allergy to both humans and animals. Moreover, pea protein, which is used in items like non-dairy yogurt and plant-based meat substitutes, is the most worrying allergen. People who are allergic to peanuts have a high chance to be allergic to peas. Additionally, around 5% of people with peanut allergies may also have allergies to other legumes, according to estimates (like peas, beans, and lentils).
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By type, the global alternative protein market is segmented into plant-based protein, insect-based protein, and microbial-based protein. The plant-based protein segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of segment is expanding as a result of rising consumer interest in and demand for plant-based foods. For the 52 weeks that concluded on July 3, 2021, sales of plant-based alternative milk products made up roughly 16% of all milk sales. Also, for a healthier lifestyle, about 52% of consumers in the US consume plant-based foods. Humans prefer plant-based proteins, particularly vegans. We all need protein to develop muscles, restore cells, and increase energy. For a number of reasons, including to lessen animal suffering, prevent climate change, or simply practice mindful eating.
By region, the North American alternative protein market is to generate the highest revenue by the end of 2035. The rising number of vegans and vegetarians can be largely associated with the market's expansion. There were around 2 million vegetarians in Canada as of 2018. In Canada, an additional fewer than one million consumers identified as vegans. Vegetarianism and veganism were most popular in British Columbia during that year. On the other hand, a poll of 11,000 people found that 2% of Americans, who are 17 and older, consider themselves vegetarians. However, only 0.5 percent of adult Americans in the USA, or one in four vegetarians, identify as vegans, and there are about 2 million vegans in the country. Furthermore, rising cases of lactose intolerance among people are also expected to augment the market growth. Lactose intolerance affects about 80% of African Americans.
This report also provides the existing competitive scenario of some of the key players of the global alternative protein market which includes company profiling of Hamlet Protein, Archer Daniels Midland Company, Axiom Foods, Inc., Puris, Cargill Incorporated, AMCO Proteins, Royal DSM, Lallemand Inc., Ingredion, Claysta Inc., and others.
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