The global alternative protein market size is expected to reach USD 26.52 billion by 2030, growing at a CAGR of 8.2% over the forecast period, according to a new report by Grand View Research, Inc. Product innovations and technological advancements are expected to be the major factors fueling the market’s growth. Alternative proteins are used in diverse applications; for instance, the isolates have a high dispersibility and very fine particle size, so they are widely used in dairy applications. Consumers’ belief in the health benefits associated with these products has been a key growth driver over the past few years, and the trend is anticipated to continue during the forecast period.
The fast-paced lifestyles prevalent across the globe create a demand for convenient and readily available plant-based protein options. The development of grab-and-go plant-based snacks, pre-packaged meals, and easy-to-prepare plant-based protein ingredients align with the need for convenience without compromising health. This presents a lucrative opportunity for companies to cater to modern consumers’ desire for on-the-go plant-based solutions that can be incorporated into their daily routines.
Strategic partnerships and collaborations across the supply chain offer lucrative growth opportunities for players in the alternative protein industry. Engaging with retailers, food service providers, and culinary influencers can increase the visibility and accessibility of plant-based proteins. Building alliances with agricultural suppliers, investing in sustainable sourcing practices, and ensuring transparent communication about the origins of plant-based ingredients can help build customer trust.
The growing demand for plant-based protein alternatives has paved the way for innovative market opportunities, with a particular focus on hexane-free plant proteins. Hexane, a commonly used solvent in the extraction process of some plant proteins, has raised concerns regarding its potential health and environmental impact. As a result, consumers are increasingly seeking cleaner and more sustainable options, creating a niche market for hexane-free plant protein products.
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Alternative Protein Market Report Highlights
Based on product, the plant-based protein segment accounted for a revenue share of 89.8% in 2023. The driving force behind the growing demand for alternative proteins in the animal feed industry is a convergence of various factors that align with evolving consumer preferences, sustainability concerns, and advancements in nutritional research.
Based on application, the animal feed segment is projected to grow at a CAGR of 8.0 from 2024 to 2030. The increasing demand for alternative proteins in the animal feed industry is propelled by a combination of factors that match shifting consumer tastes, sustainability considerations, and advancements in nutritional studies.
North America accounted for a revenue share of 37.7% in 2023. The increasing consumer awareness of animal welfare and environmental sustainability are expected to contribute to the increased demand for alternative and plant-based protein sources.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.