Alternative Protein Market Share Expected to Rise USD 35.76 Billion by 2030

The Alternative Protein Market Share was estimated at around USD 18.54 billion in 2023, and is projected to rise to about USD 35.76 billion by 2030, with a compound annual growth rate (CAGR) of 9.84% during the forecast period. This growth is fueled by growing investments in plant-based protein enterprises as well as a growing trend towards vegetarianism and veganism.

Trends & New Opportunities in the Market

One of the main factors driving the alternative protein market is the rise in capital investments in plant-based protein companies. An Indian company, Proeon, raised $2.4 million in seed funding to develop its plant-based protein. These investments are expected to drive market growth over the forecast period. Moreover, the increasing number of diseases including obesity and heart ailments has caused a large proportion of people to shift towards a vegetarian and vegan diet, which also has a positive impact on the demand for alternative proteins. So, climate change: it’s an ever-increasing threat, and one potential area where it should help the market is by encouraging a move towards plant-based diets, as this can drastically cut down on the carbon emissions a person generates via the raising of livestock.

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Segmentation Analysis

Based on Source, the alternative protein market is segmented as Plant-based protein; For example, Soybeans, Wheat, Peas, Corn, Others, Insects; For example, Crickets, Grasshoppers, Ants, Others; Animal-based protein; For example, Milk, Egg; Microbial protein; For example, Yeast, FungiMicroalgae, OthersBased on form, the alternative protein market is segmented as Dryalt (Flour, Protein isolates), Liquidalt (Emulsifiers)Based on Application, the alternative protein market is segmented as Food and beverage industry; For example, Snacks, Meat based, Dairy based, Others; Cosmetics; For example, Facial scrubs; and othersBased on region, the alternative protein market is segmented as North America; Europe; Asia-Pacific; and Rest of the World (RoW)

Other applications: These proteins can be used in foods and beverages, in dietary supplements, for animal feed or even in personal care. The alternative food and beverage sector dominates, from meat substitutes to dairy alternatives to functional foods. Demand for plant-based protein sources for health and wellness is also driving growth of the dietary supplements segment.

Regional Insights

North America: The alternative protein market in this region is the largest, supported by high consumer awareness and demand for sustainable and health-oriented food options. Specifically, the U.S. has a dominant market presence bolstered by the early adoption of plant-based diets along with high investment in alternative protein startups..

Europe: As with the U.S., Europe comes next on the list, with the likes of Germany and the United Kingdom leading the charge. Strict regulations on sustainable agricultural practices and a solid consumer preference for plant-based and organic products are some of the dominant features of the European market.

Asia Pacific: The alternative protein sector is witnessing robust growth in developing-country nations across the Asia-Pacific region, driven primarily by urbanization, rising disposable incomes, and increasing awareness of health and environmental issues. Demand for plant-based protein products is rising in countries like China, and India, offering lucrative opportunities for market players.

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Competitor Analysis

The alternative protein landscape features high competition, with major players focusing on innovations and alliances to secure their market share. Notable companies include:

Beyond Meat: A major player in the space, Beyond Meat specializes in plant-based meat substitutes designed to taste and feel like animal meat.

Impossible Foods Inc — A company known for its plant-based offerings, such as the ever-popular Impossible Burger.

Proeon - a new company developing plant-based protein ingredients; it helps to diversify the alternative protein market.

Recent Developments:

Beyond Meat: Recently introduced plant-based chicken tenders, responding to increased demand for poultry replacements.

Impossible Foods Inc.: The plant-based meat producer announced plans to launch pork products based on plant proteins, hoping to take a share of the $450 billion global pork market.

Proeon: Received funding to help it gear up its production and R&D for new plant-based protein ingredients.

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Conclusion

The global alternative protein market is on track for massive growth, fueled by health-conscious consumers, environmental concerns and market-wide investment. With changing consumer behaviours toward sustainable and plant-based diets, the market contains significant potential for innovation and growth. Some of the companies leading the global Vascular Guide Wire market are taking full advantage by conducting strong product development and other strategic activities to meet the ever changing demands.

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