[Redding, California] – Meticulous Research® has released its latest report, projecting that the global alternative proteins market will soar to $47.05 billion by 2031, growing at a CAGR of 13.6% from 2024 to 2031. In terms of volume, the market is expected to reach 13,536 thousand tons by 2031, at a CAGR of 9.3% over the forecast period. This robust growth is driven by rapid urbanization, increasing consumer aspirations, significant venture investments in the industry, innovations in food technologies, and the environmental sustainability of alternative protein production. However, the higher costs of alternative proteins compared to traditional options and consumers' strong preference for animal-based products may hinder market expansion. Nonetheless, the rising inclination towards plant-based foods presents substantial growth opportunities.
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Market Dynamics
The market's growth is fueled by several key factors:
- Rapid Urbanization and Consumer Aspirations: Urban lifestyles and evolving dietary preferences are boosting demand.
- Venture Investments: Significant funding is accelerating innovations in the alternative proteins sector.
- Technological Innovations: Advances in food technology are enhancing product offerings.
- Nutritional Value: Edible insects and other alternative proteins provide high nutritional value.
- Sustainability: Alternative proteins offer environmentally sustainable production and consumption solutions.
Conversely, challenges include the higher costs of alternative proteins and a strong consumer preference for animal-based products. Nevertheless, the market is poised for growth due to increasing consumer interest in plant-based foods.
Key Players
Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), International Flavors Fragrances, Inc. (IFF) (U.S.), Now Health Group, Inc. (U.S.), Tate Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (A Part of Südzucker AG) (Germany), Glanbia Plc (Ireland), Sotexpro (France), Farbest-Tallman Foods Corporation (U.S.), CHS Inc. (U.S.), Ÿnsect (SAS) (France), Enterra Feed Corporation (Canada), Protix B.V. (Netherlands), Entomo Farms (Canada), Global Bugs Asia Co., Ltd. (Thailand), Market Segmentation
The alternative proteins market is segmented by type, application, and geography.
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By Type:
- Plant Proteins: Expected to dominate the market in 2024.
- Insect Proteins: Projected to grow at the highest CAGR of 29.0% during 2024–2031, driven by environmental sustainability and rising investments.
By Application:
- Food Beverage: Anticipated to hold the largest share of 60.6% in 2024, driven by consumer preference for plant-based foods, demand for protein-rich products, and the rise of clean-label trends.
- Nutrition Health Supplements: Expected to grow at a CAGR of 11.8% due to changing lifestyles, health and wellness trends, and the prevalence of diseases.
Geographical Insights
The market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
North America:
- Expected to hold the largest market share of 38.3% in 2024, valued at USD 7.4 billion.
- Growth is driven by sustainable protein production methods, rising vegan population, increasing investments, and technological advancements in the food industry.
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Asia-Pacific:
- Slated for the highest growth rate, driven by research on vaccines, increased pharmaceutical RD, focus on personalized medicine, and biotechnology sector advancements.
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