Alternative proteins are plant-based or cell-cultured meat, eggs, and dairy products that mimic animal protein sources such as beef, pork, chicken, eggs, dairy and seafood. These novel food products are produced directly from plants or by cultivating animal cells in bioreactors to replicate animal meat at a molecular level. With growing concerns about the environmental impact of industrial animal agriculture, public health, and animal welfare, alternative proteins provide a more sustainable and ethical option for consumers seeking a “meat without the meet”. Many plant-based meat brands focus on formulations and textures similar to traditional meat to appeal to meat-eaters. Some products contain as much protein as meat or dairy with little to no cholesterol. With innovations and growing preference for alternative proteins, the global market is expected to grow steadily in the future.

The Global Alternative Protein Market is estimated to be valued at US$ 16.44 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Alternative Protein market are ADM, Cargill Inc., Lightlife Foods, Inc., Impossible Foods Inc., International Flavors & Fragrances, Inc., Ingredion Inc., Kerry Group, Glanbia plc, Bunge Limited, Axiom Foods Inc., Tate & Lyle PLC, SunOpta Inc. ADM and Cargill dominate the new product innovations in alternative proteins. With rapid changes in consumer preferences, these players are investing aggressively in plant-based and cell-cultured meat product lines.

Alternative Protein Market Growth health and environment concerns are driving strong demand for alternative protein products globally. Over 50% of global consumers are increasing their consumption of plant-based meats and proteins. Flexitarians and vegans are the primary customers while health-conscious meat-eaters are also incorporating plant and cell-based alternatives in their diets.
Major players are expanding their manufacturing footprint globally by establishing production facilities in Asian and European countries. Companies are also forming joint ventures and partnerships with regional players to cater to the needs of diverse populations. Technology collaboration has also increased between ingredient suppliers and alternative protein producers to develop innovative products and broaden product portfolios.

Market key trends

 
One of the key trends in the alternative protein market is growing investments and innovative product launches. Companies are investing heavily in R&D to replicate texture, flavors, and nutrition of animal proteins through plant-based and cell-cultured technologies. This has led to a plethora of new product offerings ranging from plant-based eggs, dairy, seafood to cultured meat and poultry products. With these innovations, companies aim to increase accessibility and affordability of alternative proteins to mainstream consumers.

Porter’s Analysis

Threat of new entrants: Alternative Protein Market Size and Trends is startups face significant capital requirements for R&D and manufacturing facilities to produce plant-based and cultivated meat at scale.

Bargaining power of buyers: Large food manufacturers and retailers have significant influence over suppliers and option to source ingredients from a variety of alternative protein providers.

Bargaining power of suppliers: Suppliers of keyinputs like soy, pea or chickpea protein gain bargaining power due to increasing demand. Threat of new substitutes: Oat milk substituting animal milk and hybrid meat substituting actual meat are major substitutes.

 Competitive rivalry: Intense competition exists among alt protein startups and major food companies investing in this space.

Geographical Regions

North America dominates the global alternative protein market currently accounting for over 40% market share in value terms. The region is home to several alt protein startups and major food companies actively investing and launching new plant-based meat and dairy products. The region also sees higher awareness and demand for more sustainable protein options.

Asia Pacific region is poised to be the fastest growing market during forecast period growing at over 10% CAGR. Rising health awareness, growing middle class incomes and urbanization are driving demand for alternative proteins in major countries like China, India and Japan. Local food companies are launching tailored products for Asian palates and increasing investments in this space.

Europe accounts for around 30% of the global alternative protein market value currently led by countries like Germany, UK and France. Rising vegan and flexitarian populations, policies promoting sustainability and awareness of climate change impacts are fueling adoption of plant-based meats and dairy in the region. Latin America is an emerging market with countries like Brazil seeing growth in consumer interest for novel food sources.

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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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