Protein Alternatives Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 21.77 Billion |
| Market Size (2029) | USD 31.87 Billion |
| CAGR (2024 - 2029) | 7.92 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Protein Alternatives Market Analysis
The Protein Alternatives Market size is estimated at USD 21.77 billion in 2024, and is expected to reach USD 31.87 billion by 2029, growing at a CAGR of 7.92% during the forecast period (2024-2029).
Consumer preferences are changing globally, and European and North American consumers have a low inclination toward meat and meat-based products. The increasing number of consumers becoming more flexitarian or vegan offers great opportunities for manufacturers to introduce and innovate more in the plant protein segment. Demand for alternative proteins is fueled by forces ranging from health concerns to climate action and the increasing awareness of ethical issues in factory farming.
The emergence of novel protein sources such as algae, fungi, and insects is gaining traction as alternative sources offering unique nutritional profiles, environmental benefits, and culinary possibilities, presenting new opportunities for product development and market differentiation. Companies are exploring these novel protein sources and investing in research and development to commercialize innovative protein products to meet consumer demand for sustainable and nutritious alternatives. Further, alternative protein manufacturers are also growing strongly. New entrants are applying disruptive technologies, such as synthetic biology, Big Data, AI, machine learning, robotics, and the Internet of Things, to gain a competitive edge in the market.
Protein Alternatives Market Trends
The Increasing Demand for Soy Protein is Leading to Increasing Imports of Soybean Globally
Consumer interest in boosting protein intake is increasing, with more attention being paid to the specific types of protein being consumed. With increasing population and welfare, the demand for protein as a food-nutritional component is rising sharply. Consumers have become more aware of the benefits of protein in supporting an active lifestyle. The rise of vegetarianism and veganism has contributed to the increased consumption of soy protein, and many consumers across the world are adopting plant-based diets due to health concerns. Soy protein, being a versatile and nutritious plant-based protein, has become a staple.
The shift in dietary preferences in many regions, especially in Europe and Asia, led to an increase in soybean imports. For instance, China, the world's largest soybean consumer, imports a vast quantity of soybeans primarily for animal feed but increasingly for human consumption in the form of soy protein products. According to the US Department of Agriculture, around 171.95 million metric tons of soybeans were imported globally in 2023 compared to 154.46 million metric tons in 2021. China was the leading importer of soybeans, with an annual import volume of approximately 105 MMT tons in that year, followed by the European Union with 14.3 MMT.
North America Holds the Largest Market Share
The United States has significant potential in the North American protein alternatives market. This can be attributed to the increasing application of soy protein in meat additives and other food and beverage industries. Advancements in food technology and innovation have played a pivotal role in driving the increased demand for protein alternatives in the United States. The United States is the second leading producer of soybeans globally, behind Brazil. According to the US Department of Agriculture, in 2023, the country produced 113.34 million MT of soybean, accounting for 29% of the global soybean production. This led to the high penetration of vegan protein-based products in the retail market owing to increased consumer awareness about its health benefits and weight management initiatives.
The integration of these products into mainstream retail channels has made them more accessible to a wide range of consumers in the region. Additionally, partnerships with alternative protein companies and food service providers, including fast-food chains, have increased the visibility and consumption of these products. With the existing business opportunities in the protein alternatives market, many companies are strategical, including business expansion plans, specifically in the plant protein category.
Protein Alternatives Industry Overview
The global protein alternatives market is competitive due to the presence of numerous players. Cargill, ADM, Kerry Group PLC, Ingredion Incorporated, and International Flavors & Fragrances Inc. dominated the market with major strategies, such as acquisitions, expansions, and new product launches. Cargill leads the market among the major players in the protein alternatives market by prioritizing different approaches and strategies. For instance, in January 2023, Cargill Incorporated acquired Owensboro Garin Company, a soy processing facility and refinery, to expand its North American oilseeds network to support the growing demand for oilseeds driven by the food, feed, and renewable fuel markets. In addition, these key players are focusing on expanding their production facilities to cater to the additional demand that arises with the growth in the market.
Protein Alternatives Market Leaders
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Cargill Incorporated
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Archer Daniels Midland Company
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Ingredion Incorporated
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International Flavors & Fragrances, Inc.
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Kerry Group plc
*Disclaimer: Major Players sorted in no particular order
Protein Alternatives Market News
- April 2024: InnovaFeed, a producer of insect ingredients for high-quality animal feed, pet food, and plant nutrition, inaugurated its North American Insect Innovation Center (NAIIC) in Decatur, Illinois. This pilot plant is the first step of the company’s planned industrial expansion in North America. The company aims to scale up the production and commercialization of insect protein in the US.
- January 2024: Danish pet food and treat startup Globe Buddy introduced a super-premium dog food, Globe Buddy Brown, incorporating insect-derived protein. The insect protein used in Globe Buddy Brown is claimed to be sourced from black soldier fly larvae supplied by the Danish insect protein producer Enorm.
- April 2023: MiAlgae, a biotech company, launched its omega-3 product NaturAlgae, targeted at the fish feed and pet food sectors. NaturAlgae is a dry powder with a high concentration of DHA and other oils that can be supplemented into aquafeed and pet food formulations.
- February 2023: Kerry Group partnered with Caldic BV and Azelis Group to distribute Kerry products to selected customers across Europe. Caldic BV operates in South Europe, the UK, Ireland, and the Nordics, while Azelis operates in Germany, Switzerland, and Eastern Europe within the food, beverage, and meat sectors.
Protein Alternative Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Consumers Increasing Inclination Toward Plant-Based Diets Impacting the Market Positively
- 4.1.2 Innovations in Food Technologies Supporting the Growth of Alternative Proteins
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4.2 Market Restraints
- 4.2.1 Higher Production Costs and Lower Production Quantity Limiting the Growth
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Source
- 5.1.1 Plant Protein
- 5.1.1.1 Soy Protein
- 5.1.1.2 Wheat Protein
- 5.1.1.3 Pea Protein
- 5.1.1.4 Other Plant Proteins
- 5.1.2 Mycoprotein
- 5.1.3 Algal protein
- 5.1.4 Insect Protein
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5.2 By Application
- 5.2.1 Food and Beverage
- 5.2.1.1 Bakery
- 5.2.1.2 Confectionery
- 5.2.1.3 Plant-Based Dairy Products
- 5.2.1.4 Beverages
- 5.2.1.5 Other Food and Beverages
- 5.2.2 Dietary Supplements
- 5.2.3 Animal Feed and Pet Food
- 5.2.4 Personal Care and Cosmetics
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.1.4 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 Spain
- 5.3.2.2 United Kingdom
- 5.3.2.3 Germany
- 5.3.2.4 France
- 5.3.2.5 Italy
- 5.3.2.6 Russia
- 5.3.2.7 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle East and Africa
- 5.3.5.1 South Africa
- 5.3.5.2 Saudi Arabia
- 5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Strategies Adopted by Leading Players
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 The Archer Daniels Midland Company
- 6.3.2 Cargill Incorporated
- 6.3.3 Ingredion Incorporated
- 6.3.4 International Flavors & Fragrances Inc.
- 6.3.5 Kerry Group PLC
- 6.3.6 Glanbia PLC
- 6.3.7 Corbion NV
- 6.3.8 Royal Avebe UA
- 6.3.9 BÜHLER HOLDINGS AG
- 6.3.10 Roquette Freres
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityProtein Alternatives Industry Segmentation
Protein alternatives are protein-rich ingredients sourced from plants, insects, fungi, or through tissue culture to replace conventional animal-based sources.
The global protein alternatives market is segmented by the source and includes plant protein, mycoprotein, algal protein, and insect protein. The plant protein section is further classified into soy protein, wheat protein, pea protein, and other plant proteins. Based on the application, the market is segmented into food and beverage, dietary supplements, animal feed, pet food, personal care, and cosmetics. The food and beverage segment is sub-segmented into the bakery, confectionery, plant-based dairy products, beverages, and other food and beverages. The report further analyses the global market scenario, including a detailed analysis of North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. For each segment, the market sizing and forecasts were made on the basis of value (USD).
| By Source | Plant Protein | Soy Protein |
| Wheat Protein | ||
| Pea Protein | ||
| Other Plant Proteins | ||
| By Source | Mycoprotein | |
| Algal protein | ||
| Insect Protein | ||
| By Application | Food and Beverage | Bakery |
| Confectionery | ||
| Plant-Based Dairy Products | ||
| Beverages | ||
| Other Food and Beverages | ||
| By Application | Dietary Supplements | |
| Animal Feed and Pet Food | ||
| Personal Care and Cosmetics | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | Spain |
| United Kingdom | ||
| Germany | ||
| France | ||
| Italy | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle East and Africa | South Africa |
| Saudi Arabia | ||
| Rest of Middle East and Africa |
Protein Alternative Market Research FAQs
How big is the Protein Alternatives Market?
The Protein Alternatives Market size is expected to reach USD 21.77 billion in 2024 and grow at a CAGR of 7.92% to reach USD 31.87 billion by 2029.
What is the current Protein Alternatives Market size?
In 2024, the Protein Alternatives Market size is expected to reach USD 21.77 billion.
Who are the key players in Protein Alternatives Market?
Cargill Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, International Flavors & Fragrances, Inc. and Kerry Group plc are the major companies operating in the Protein Alternatives Market.
Which is the fastest growing region in Protein Alternatives Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Protein Alternatives Market?
In 2024, the North America accounts for the largest market share in Protein Alternatives Market.
What years does this Protein Alternatives Market cover, and what was the market size in 2023?
In 2023, the Protein Alternatives Market size was estimated at USD 20.05 billion. The report covers the Protein Alternatives Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Protein Alternatives Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Alternative Proteins Industry Report
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