Alternative Proteins Market Size to Reach USD 3.89 Billion in 2027; New Product Launches, Venture Investments and Consumer Inclination Towards Vegan Diets will Drive Industry Growth, says Emergen Research

Vancouver, British Columbia--(Newsfile Corp. - April 19, 2021) - The global alternative proteins market size was USD 2.20 Billion in 2019 and is expected to reach USD 3.89 Billion in 2027 and register a CAGR of 7.4% over the forecast period. Global demand for premium proteins has been rising, driven by socio-economic changes such as rising disposable income, rapid urbanization, and increasing aging population with need for more organic, natural, protein-rich, but easy to consume and digest foods and diets.

Rising consumer awareness of, and interest in, alternative proteins and food ingredients is another factor expected to drive market growth. Meat has always been an ideal source of proteins and fiber, and increasing appetite for traditional protein in developing markets in recent years has been supporting market growth. However, changing consumer behavior, consumption patterns, and preferences, as well as interest in alternative-protein sources - partially due to health and environmental concerns and animal welfare and related concerns - have paved the way for growth of the alternative-proteins market.

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Several entrants within the alternative-protein products space are already rolling out new technologies and ingredients, and focusing on asserting their position in the market. Innovative food companies are actively studying customer behavior and experience related to meat consumption, and social media platforms are playing a vital role in various surveys and studies in this regard. For example, Beyond Meat recently had a high-performing IPO, which signaled to investors about future opportunities ahead within the alternative-proteins market. Various fast-food chains announced deals with alternative-protein producers to supply vegetarian options of popular menu items.

In response, industry leaders have begun rolling out a variety of products and ingredients using different plant-based proteins (soy, pea), new animal sources (insects), and biotechnological innovations (cultured meat or fungal protein) to capitalize on emerging and existing consumer bases. Survey of dairy-industry professionals indicated that roughly 22% of respondents believe the nondairy alternatives market, including plant protein, is "sizable and can still grow".

Investment is required if Consumer Goods Companies (CPG) companies and food manufacturers are to successfully leverage current positions in the market and capitalize on opportunities over the long term.

Some Key Highlights From The Report:

• One of the primary objectives of offering a choice of proteins is to reduce impact on the environment widely caused by producing traditional livestock proteins.
• Availability of alternative protein products that are produced from natural sources such as algae and plant proteins are rapidly securing approval for safety by the FDA; whereas, products that involve more complex processing or extraction processes follow a lengthy approval process in countries in some regions.
• Food demand is rapidly increasing, driven by a globally increasing population, and current food production output needs to almost be almost doubled to bridge the increasing demand-supply gap.
• Rising focus on developing more environment-friendly and sustainable food production methods and sources of high nutrition is key to the current scenario.
• Among plant-based proteins, pea and soy are the simplest to produce and well known and widely preferred.
• Major market trends include increasing interest, research, and capitalization related to using new or non-traditional animal sources for proteins for human consumption. For example, animal protein found in milk, meat, and eggs is manufactured in laboratory settings through cell cultures or through a completely unique process referred to as cellular agriculture.
• DuPont Nutrition & Health, which is a Dow DuPont Specialty Products Division business, in March 2019, added six plant protein nuggets to its Supro and Trupro product range. The new ingredients contain more protein or less sodium than previous offerings, and these are available in a variety of formats and textures for usage in nutrition bars, snacks, and cereals.
• Key players in the market include Kerry Inc., DuPont de Nemours Inc., Corbion NV, Glanbia PLC, Tate & Lyle PLC, The Archer Daniels Midland Company, Ingredion Incorporated, and Cargill Incorporated, among others.

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For the purpose of this report, Emergen Research has segmented the global alternative proteins market on the basis of source, application, and region:

Source Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)

• Plant Protein
• Mycoprotein
• Algal Protein
• Insect Protein

Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)

• Food and Beverages
• Dietary Supplements
• Animal Feed and Pet Food
• Personal Care and Cosmetics

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• Regional Outlook (Revenue, USD Billion; 2017-2027)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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