The Alternative Protein Market is poised to hit a valuation of $40.7 billion by 2030, with a robust Compound Annual Growth Rate (CAGR) of 13% expected during the forecast period from 2023 to 2030. This upward trajectory is attributed to several factors, including the swift pace of urbanization, rising consumer aspirations, increased venture investments in the alternative proteins industry, ongoing innovations in food technologies, the high nutritional value of edible insects, and the environmental sustainability associated with alternative protein production and consumption.
Market Dynamics:
1. Urbanization and Consumer Aspirations: Rapid urbanization and the evolving aspirations of consumers are pivotal drivers of market growth.
2. Investments and Innovations: Growing venture investments in the alternative proteins sector and continuous innovations in food technologies are contributing significantly to market expansion.
3. Nutritional Value and Sustainability: The high nutritional value of edible insects and the environmental sustainability of alternative protein production and consumption are key factors propelling market growth.
Challenges:
1. Higher Costs: The market faces challenges associated with the comparatively higher costs of alternative proteins compared to conventional proteins.
2. Consumer Preference for Animal-Based Products: The strong preference for animal-based products among consumers presents a restraint to market growth.
Opportunities and Emerging Trends:
1. Plant-Based Foods: The increasing inclination of consumers toward plant-based foods is anticipated to unlock growth opportunities for players in the alternative proteins market.
2. Sustainable Alternatives: The demand for sustainable alternatives is expected to drive further innovation and market expansion.
Top 10 Companies Dominating the Alternative Protein Market: https://meticulousblog.org/top-10-companies-in-alternative-protein-market/
1. Archer Daniels Midland Company (ADM): A global player in food ingredients and flavors, ADM offers alternative proteins sourced from soy, wheat, pea, and yeast.
2. Cargill, Incorporated: Operating in food, agriculture, and industrial products & services, Cargill provides alternative proteins derived from soy, pea, wheat, and corn.
3. Roquette Frères: Specializing in specialty food ingredients, Roquette Frères offers alternative proteins like pea protein, wheat protein, potato protein, corn protein, and Chlorella.
4. Ingredion Incorporated: Known for producing ingredient solutions, Ingredion offers plant-based proteins used in various processed foods through its Food segment.
5. Kerry Group: Engaged in R&D and manufacture of functional ingredients, Kerry Group provides alternative proteins used in pet food, meat & poultry, seafood, beverages, and bakery industries.
6. International Flavors & Fragrances, Inc. (IFF): IFF creates, manufactures, and supplies flavors, fragrances, and cosmetic actives, offering alternative proteins in the pet food, meat products, baby food, beverages, bakery, and dairy industries.
7. Tate & Lyle Plc: Providing ingredients and solutions to various industries, Tate & Lyle offers proteins derived from oats, wheat, and corn for applications in beverages, dairy, bakery & snacks, soups, sauces & dressings, and more.
8. Glanbia Plc: Focused on nutritional solutions, Glanbia offers proteins and functional ingredient solutions for the food & beverages, infant nutrition, and functional nutrition markets.
9. Axiom Foods Inc.: Axiom Foods manufactures and distributes protein solutions, dairy alternatives, and sugars & syrups, offering organic, chemical-free, and allergen-free whole grain brown rice protein and raw pea protein.
10. BENEO GmbH (a part of Südzucker Ag): BENEO develops and produces ingredients for human and animal health, offering alternative proteins majorly derived from rice and wheat.
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Meticulous Research predicts an impressive growth rate of 13% during the forecast period 2023-2030 in its latest publication on the Alternative Protein Market.
For Further Information:
For detailed insights, recent financial performance, key products, and strategic details on these companies, refer to Meticulous Research®’s comprehensive report – "Alternative Protein Market – Global Opportunity Analysis and Industry Forecast (2023-2030)."
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