Leading global market research company, Meticulous Research®, has recently released a comprehensive research report titled ‘Alternative Protein Market by Type, Application, and Geography - Global Forecast to 2030'. According to this insightful report, the alternative protein market is poised to achieve a remarkable milestone, reaching an estimated value of $40.7 billion by the year 2030, showcasing a robust Compound Annual Growth Rate (CAGR) of 13% from 2023 to 2030.
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This anticipated growth in the alternative protein market is primarily attributed to several key factors. Rapid urbanization and increasing consumer aspirations, coupled with growing 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 are identified as major drivers.
However, challenges such as the higher costs of alternative protein compared to conventional protein and consumer preferences for animal-based products pose constraints to market expansion. Despite these challenges, the report highlights a potential avenue for growth as consumers exhibit an increasing inclination towards plant-based foods.
Key Findings:
1. Key Players: The report identifies key players shaping the global alternative protein market, including Archer-Daniels-Midland Company, Cargill, Incorporated, Roquette Frères, Ingredion Incorporated, Kerry Group plc, and many others.
2. Market Segmentation: The alternative protein market is segmented by type (plant protein, insect protein, microbial protein), application (food & beverage, animal feed, nutraceuticals), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa).
3. Growth Trends: The plant protein segment is expected to dominate the market in 2023, with the insect protein segment projected to experience the highest CAGR, driven by the demand for environmentally friendly protein-rich food and increased investments in edible insect farming.
4. Regional Insights: North America is anticipated to lead the global alternative protein market in 2023, attributed to factors such as the focus on sustainable protein production, the rising vegan population, increased investments, and technological advancements in the food industry.
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Key Questions Addressed in the Report:
• What is the current global revenue generated by alternative protein?
• What growth rate is projected for the global alternative protein demand in the next 5–7 years?
• What are the historical market sizes and growth rates of the global alternative protein market?
• What factors impact the market's growth at regional and country levels?
• Which segments are expected to create major traction for manufacturers?
• What are the key geographical trends, and which regions/countries offer significant growth opportunities?
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