Alternative Protein Global Market Report 2024

The alternative protein market size has grown rapidly in recent years. It will grow from $71.73 billion in 2023 to $85.65 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth observed in the historical period can be attributed to several factors, including the rise of health and wellness trends, increasing environmental concerns, growing emphasis on ethical and animal welfare considerations, cultural and religious preferences influencing dietary choices, as well as ongoing innovation and product development efforts within the alternative protein industry.

The alternative protein market size is expected to see rapid growth in the next few years. It will grow to $162.13 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The projected growth in the forecast period can be attributed to several key factors, including supportive policies and regulations, the expanding global population, increased investment and funding, evolving consumer preferences, and efforts toward climate change mitigation. Major trends anticipated during this period include the diversification of protein sources, widespread adoption in foodservice industries, premiumization and innovation in product offerings, global expansion and improved market accessibility, as well as a focus on nutritional enhancement and fortification within the alternative protein sector.

The escalating demand for plant-based proteins is poised to drive significant growth within the alternative protein market in the foreseeable future. Plant-based proteins, derived from plant sources rather than animal-derived sources, are gaining traction among individuals adhering to vegetarian, vegan, or plant-based diets. These proteins, abundant in various plant-based foods, serve as key ingredients in alternative protein products, offering consumers a sustainable and cruelty-free dietary option. Moreover, plant-based proteins boast numerous advantages over their animal-based counterparts, including lower saturated fat content, higher fiber content, reduced environmental impact, and ethical considerations. A testament to this burgeoning trend is evidenced by data from April 2023, as reported by the Good Food Institute, indicating robust growth in global retail sales of plant-based meat, seafood, milk, cheese, and yogurt, underscoring the increasing consumer preference for plant-derived protein alternatives and driving the expansion of the alternative protein market.

Leading players within the alternative protein market are actively engaged in product innovation initiatives aimed at gaining a competitive edge and meeting the growing demand for plant-based protein alternatives. One such innovation is the development of plant-based meat products, which emulate the taste, texture, and nutritional profile of conventional animal meat while being entirely derived from plant-based sources. For instance, in January 2023, Final Foods Inc., a prominent US-based food and technology company, unveiled a new line of plant-based meat products tailored for gourmet chefs and the food service industry. This innovative product range offers protein-rich vegan alternatives in both slices and large cuts, enabling versatile culinary applications such as grilling, stewing, sautéing, and stir-frying. Crafted utilizing a unique extrusion cooking process incorporating pea protein and natural ingredients, Final Foods' vegan meat stands out for its commitment to replicating the sensory experience of meat consumption while providing a healthier and environmentally friendly alternative. Noteworthy is the company's adoption of a sustainable production model, leveraging small-scale micro factories to support local markets, thereby contributing to the promotion of sustainable food systems and the reduction of carbon footprint associated with food production and distribution.

In November 2021, Archer-Daniels-Midland (ADM) Company, a prominent US-based food processing company, finalized the acquisition of Sojaprotein a.d. za preradu soje Bečej for an undisclosed sum. This strategic acquisition bolstered ADM's global alternative protein capabilities, enabling the company to address the growing demand for plant-based foods and beverages in Europe. By integrating Sojaprotein, a leading provider of non-GMO soy ingredients with a wide reach across various sectors including meat alternatives, confectionery, protein bars, pharmaceuticals, pet food, and animal feed, ADM strengthened its position in the market. Sojaprotein a.d. za preradu soje Bečej, based in Serbia, specializes in the production and export of non-GMO vegetable protein ingredients, particularly soy-based alternative protein products.

Major companies operating in the alternative protein market report are Cargill Incorporated, Archer-Daniels-Midland Company, CHS Inc., International Flavors & Fragrances Inc., Kerry Group plc, Ingredion Incorporated, DIC Corporation, Glanbia Plc, Roquette Freres SA, Tate & Lyle Plc, Corbion NV, Now Health Group Inc., Farbest Farms Inc., Ynsect SAS, BENEO GmbH, Cyanotech Corporation, MycoTechnology Inc., Enterra Feed Corporation, Sotexpro, Axiom Foods Inc., Protix B.V., EnviroFlight LLC, Entomo Farms, Aspire Food Group, Pond Technologies Holdings Inc.

North America was the largest region in the alternative protein market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the alternative protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the alternative protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Alternative protein refers to protein sources not originating from conventional animal agriculture, such as beef, poultry, or fish. These alternatives aim to offer protein-rich food options while addressing concerns regarding environmental sustainability, animal welfare, and the growing demand for protein with the expanding global population.

The primary sources of alternative proteins include plant-based, insect-based, microbial-based, and other alternatives. Plant-based proteins, derived from various plant sources, provide a sustainable and cruelty-free substitute for animal-based proteins. Available in both dry and wet forms, they find applications in diverse sectors including food and beverage, livestock and aquaculture feed, pet food, and others.

The alternative protein market research report is one of a series of new reports that provides alternative protein market statistics, including alternative protein industry global market size, regional shares, competitors with alternative protein market share, detailed alternative protein market segments, market trends, and opportunities, and any further data you may need to thrive in the alternative protein industry. This alternative protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The alternative protein market consists of sales of soy flours, soy concentrates, soy isolates, whey protein concentrate, whey protein isolate, and lab-grown meat. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.


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