The latest market report published by Credence Research, Inc. “Alternative Proteins Market, By Type (Soy Protein, Pea, Rice, Canola, Third generation protein, Others), By Application (Weight Management, Sports Nutrition, Positive Nutrition, Healthy Nutrition, Others), and By Region (North America, Europe, Asia Pacific, Latin America, & Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global alternative proteins market was valued at US$ 7.75 Bn in 2016, expanding at a CAGR of 7.4% from 2017 to 2025.
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Change in technology, growing environmental concern, changing preference from animal to plant sourced products and focus on decreasing animal sourced products has given rise to a new market of alternative proteins. Alternative proteins are defined as proteins, which are derived from sources such as plant, insects, algae, or by biotechnology. Soy proteins are the most dominant form of alternative proteins, consumed across the world. With the success of soy proteins, the manufacturers explored other sources of proteins and extracted proteins from pea, rice, and canola. Factors such as increasing health consciousness, shift in consumer preference from animal to natural plant proteins and increasing demand from general middle class consumers will be the major forces driving the growth of alternative proteins market globally.
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With the advent of new technologies and growing demand of online channels for alternative proteins, new opportunities for small and medium scale manufacturers are expected to arise. Manufacturers present in the market are mainly focusing on the capacity expansion and R&D to gain competitive edge over others. Major players present in the market are Cargill, Inc., Archer Daniels Midland, Kerry Group, E. I. du Pont de Nemours and Company, CHS, Inc., Wilmar International Limited, Ruchi Soya Industries and so on.
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- Growing significance about nutrition awareness, health concern, and weight management
- Highly regulated market
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