Meticulous Research®—a leading global market research company, published a research report titled, ‘Alternative Protein Market by Type (Plant protein [Soy, Wheat, Pea, Canola, Rice, Potato], Insect protein [Crickets, BSF], Microbial protein [Algae, Fungal]), Application (Food & Beverage, Animal Feed, Nutraceuticals), and Geography - Global Forecast to 2030’.
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According to this latest publication from Meticulous
Research®, the alternative protein market is projected to reach $40.7 billion
by 2030, at a CAGR of 13% from 2023–2030. The growth of the alternative protein
market is mainly driven by rapid urbanization and growing consumer aspirations,
increasing venture investments in the alternative protein industry, innovations
in food technologies, the high nutritional value of edible insects, and the
environmental sustainability of alternative protein production and consumption.
However, the higher costs of alternative protein compared to conventional
protein and consumers’ high preference for animal-based products restrain the
growth of this market. Furthermore, consumers’ increasing inclination toward
plant-based foods is expected to generate growth opportunities for the players
operating in the alternative protein market.
The key players operating in the global alternative protein
market are Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.),
Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc
(Ireland), International Flavors & Fragrances, Inc. (IFF) (U.S.), Now
Health Group, Inc. (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.),
Burcon NutraScience Corporation (Canada), BENEO GmbH (A Part of Südzucker AG)
(Germany), Glanbia Plc (Ireland), Sotexpro (France), Farbest-Tallman Foods Corporation
(U.S.), CHS Inc. (U.S.), Ÿnsect (SAS) (France), Enterra Feed Corporation
(Canada), Protix B.V. (Netherlands), Entomo Farms (Canada), Global Bugs Asia
Co., Ltd. (Thailand), Aspire Food Group (U.S.), EnviroFlight, LLC (U.S.),
Haocheng Mealworm Inc. (China), JR Unique Foods Ltd. (Thailand), Armstrong
Cricket Farm Georgia (U.S.), Rocky Mountain Micro Ranch (U.S.), Cricket Lab
Limited (U.K.), DIC Corporation (Japan), Cellena Inc. (U.S.), Taiwan Chlorella
Manufacturing Company (Taiwan), Cyanotech Corporation (U.S.), Bluebiotech
International GmbH (Germany), Pond Technologies Holdings Inc. (Canada),
E.I.D.-Parry (India) Limited (India), Tianjin Norland Biotech Co., Ltd.
(China), MycoTechnology Inc. (U.S.), Enough. (U.K.), Roquette Klötze Gmbh &
Co. Kg (Germany), Yaeyama Shokusan Co., Ltd. (Japan), Unibio Group (Denmark),
String Bio (India), Calysta, Inc. (U.S.), Angel Yeast Co., Ltd (China), and
Lesaffre (France).
TOP 10 COMPANIES IN ALTERNATIVE PROTEIN MARKET >>
https://meticulousblog.org/top-10-companies-in-alternative-protein-market/?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content=08-02-2024
The alternative protein market study presents historical
market data in terms of value & volume (2021 and 2022), estimated current
data (2023), and forecasts for 2030. This market is segmented by type,
application, and geography.
Based on type, the alternative protein market is segmented
into plant protein, insect protein, and microbial protein. In 2023, the plant
protein segment is expected to account for the largest share of the alternative
protein market. However, the insect protein segment is expected to grow at the
highest CAGR during the forecast period of 2023–2030. The high growth rate of
this segment is mainly driven by the growing demand for environmentally
friendly protein-rich food and the rising investments in edible insect farming.
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Based on application, the plant protein market is segmented
into food & beverage, animal feed, nutrition & health supplements,
pharmaceuticals, and other plant protein-based applications. In 2023, the food
& beverage segment is expected to account for the largest share of the
global plant protein market. The large market share of this segment is mainly
attributed to increasing consumer preference for plant-based foods and
ingredients, the growing awareness and demand for protein-rich food products,
the versatile functionality and compatibility of plant-based protein with
vegetarian and vegan lifestyles, and the rise of clean-label trends. However,
the nutrition & health supplements segment is expected to record a CAGR
during the forecast period. The growth of this segment is mainly attributed to
changing lifestyles, growing health & wellness trends, and the increasing
prevalence of diseases.
Based on region, the alternative protein market is segmented
into North America, Europe, Asia-Pacific, Latin America, and the Middle East
& Africa. In 2023, North America is expected to account for the largest
share of the global alternative protein market. The prominent position of North
America in the alternative protein market is attributed to the increasing focus
on producing protein using sustainable methods due to the rising environmental
concerns and ethical aspects associated with animal protein, the increasing
vegan population, the rising number of investments in alternative protein
products, the increasing demand for healthy & nutritional products, and
technological advancements in the food industry.
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