Protein Alternative Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 15.19 Billion |
| Market Size (2029) | USD 18.20 Billion |
| CAGR (2024 - 2029) | 3.68 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Protein Alternative Market Analysis
The Protein Alternatives Market size is estimated at USD 15.19 billion in 2024, and is expected to reach USD 18.20 billion by 2029, growing at a CAGR of 3.68% during the forecast period (2024-2029).
In the space of the alternative protein industry, COVID-19 is providing an unexpected boost. Although COVID-19 is not related to livestock animals, the pandemic increased widespread attention given to zoonotic viral infections, the risk of which can also be associated with livestock, paying way for alternative protein industry. Thus Growthwell, a Singapore-based plant-based protein firm, secured USD 8 million in funding in May 2020 from Singapore's sovereign fund Temasek and several institutional investors to set up a research & development center and launch a new product line with the Israeli start-up ChickP. Furthermore, Growthwell purchased a stake in Israeli food-tech ChickP to produce a new chickpea protein isolate, the first of its kind, targeted toward Asian-specific vegan products.
Changing dietary preferences among consumers is evident globally, and the low inclination toward meat and meat-based products is visible among European and North American consumers. The percentage of consumers becoming more flexitarian or vegan has paved great opportunities for manufacturers to introduce and innovate more in the plant protein segment.
Demand for alternative proteins is fueled by forces ranging from health concerns to climate action and the increasing awareness of ethical issues in factory farming. Today, alternative protein companies are growing strongly. New entrants are applying disruptive technologies such as synthetic biology, big data, AI, machine learning, robotics, and the Internet of Things, to gain a competitive edge in the market.
Protein Alternative Market Trends
This section covers the major market trends shaping the Protein Alternatives Market according to our research experts:
Growing Preference For Plant-Based Protein Products
Consumer interest in boosting protein intake is increasing with more attention being paid to the specific types of protein being consumed. With increasing population and welfare, the demand for protein as a food-nutritional component is rising sharply. The high protein trend is gaining traction and will continue to evoke interest in the upcoming years. The shift in consumer demand from animal protein to plant protein can clearly be witnessed with the rise of the alternative protein market. This gradual inclination toward a plant-based diet is largely associated with different factors, such as sustainability issues, health awareness, ethical or religious views, and environmental and animal rights. Consumers have become more aware of protein benefits in supporting an active lifestyle. The desire for clean labels, ease of digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan lifestyles, and concerns about sustainability among the general population are putting the spotlight on plant protein.
North America Holds the Largest Market Share
The United States dominates the North American protein alternatives market by more than 60%. While there is still a strong dominance of animal protein among the United States population, plant protein, such as soy, lentils, beans, among others, has been gaining high traction from the past few years. This is due to the high penetration of vegan protein-based products in the retail market and increased consumer awareness about the health benefits associated with it, along with weight management initiatiives. With the existing business opportunities in the protein alternatives market, many companies are strategical, including business expansion plans, specifically in the plant protein category.
Protein Alternative Industry Overview
The global protein alternatives market is competitive; Cargill, ADM, Kerry Group, and DuPont dominate the market with major strategies, such as acquisitions, expansions, and new product launches. Cargill leads the market among the major players in the protein alternatives market. These companies, in order to retain their position within the market or gain an advantage over its competitors, have set their focus on research and development. In addition, these key players are now focusing on expanding their production facilities. Doing so would help them to cater to the additional demand that arises along with the growth in the market. In February 2020, Archer Daniel Midlands expanded the production of non-GMO soy protein concentrate at its facility in Europoort, Netherlands, to meet the growing demand for high-quality plant-based proteins in the European market.
Protein Alternative Market Leaders
Cargill Incorporated
Archer Daniels Midland Company
DuPont Danisco
Kerry Group
Ingredion Incorporated
*Disclaimer: Major Players sorted in no particular order
Protein Alternative Market News
- In 2021, ADM announced that it had reached an agreement to acquire Sojaprotein, a leading European provider of non-GMO soy ingredients.
- In 2020, Kerry introduced 13 new plant-based, allergen-free protein options made from pea, rice and sunflower protein sources. The ingredients are sold under the company's Hyprol and ProDiem lines and can be used in a range of products, from infant formulas to senior protein beverages.
- In 2020, Cargill expanded its line of pea protein which includes RadiPure and Puris to European Markets expanding beyond its active markets for these products in North America, Asia and South America.
Protein Alternative Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Source
5.1.1 Plant Protein
5.1.1.1 Soy Protein
5.1.1.2 Wheat Protein
5.1.1.3 Pea Protein
5.1.1.4 Other Plant Proteins
5.1.2 Mycoprotein
5.1.3 Algal protein
5.1.4 Insect Protein
5.2 By Application
5.2.1 Food and Beverage
5.2.1.1 Bakery
5.2.1.2 Confectionery
5.2.1.3 Plant-Based Dairy Products
5.2.1.4 Beverages
5.2.1.5 Other Food and Beverages
5.2.2 Dietary Supplements
5.2.3 Animal Feed and Pet Food
5.2.4 Personal Care and Cosmetics
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 The Archer Daniels Midland Company
6.4.2 Cargill Incorporated
6.4.3 Glanbia PLC
6.4.4 Ingredion Incorporated
6.4.5 DuPont de Nemours Inc.
6.4.6 Corbion NV
6.4.7 Kerry Inc.
6.4.8 Royal Avebe UA
6.4.9 BÜHLER HOLDINGS AG
6.4.10 Roquette Freres
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID -19 ON THE MARKET
Protein Alternative Industry Segmentation
Protein Alternatives are protein-rich ingredients sourced from plants, insects, fungi, or through tissue culture to replace conventional animal-based sources. The global protein alternatives market is segmented by the source that includes plant protein, mycoprotein, algal protein, and insect protein. The plant protein section is further classified into soy protein, wheat protein, pea protein, and other plant proteins. Based on the application, the market is segmented into food and beverage, dietary supplements, animal feed, and pet food, personal care and cosmetics. The food and beverage segment is sub-segmented into the bakery, confectionery, plant-based dairy products, beverages, and other food and beverage. The report further analyses the global scenario of the market, which includes a detailed analysis of North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
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Protein Alternative Market Research FAQs
How big is the Protein Alternatives Market?
The Protein Alternatives Market size is expected to reach USD 15.19 billion in 2024 and grow at a CAGR of 3.68% to reach USD 18.20 billion by 2029.
What is the current Protein Alternatives Market size?
In 2024, the Protein Alternatives Market size is expected to reach USD 15.19 billion.
Who are the key players in Protein Alternatives Market?
Cargill Incorporated, Archer Daniels Midland Company, DuPont Danisco, Kerry Group and Ingredion Incorporated are the major companies operating in the Protein Alternatives Market.
Which is the fastest growing region in Protein Alternatives Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Protein Alternatives Market?
In 2024, the North America accounts for the largest market share in Protein Alternatives Market.
What years does this Protein Alternatives Market cover, and what was the market size in 2023?
In 2023, the Protein Alternatives Market size was estimated at USD 14.65 billion. The report covers the Protein Alternatives Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Protein Alternatives Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Alternative Proteins Industry Report
Statistics for the 2024 Alternative Proteins market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Alternative Proteins analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
