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(I-TravelNewswire.Com, July 26, 2019 ) According to this latest publication from Meticulous Research®, in terms of value, the global alternative protein market is expected to grow at a CAGR of 9.5% from 2019 to reach $17.9 billion by 2025, while in terms of volume, the market is expected to grow at a CAGR of 5.2% from 2019 to reach 9,787.4 KMT by 2025. The growth of the global alternative protein market is mainly attributed to growing urbanization with new consumer aspiration, rising venture investments in alternative protein companies, innovation in food technology, and environmental sustainability with production and consumption of alternative protein.
Innovation in Food Technology Refined Alternative Proteins for Aspiring Consumers
Recent innovations in food technologies have led to produce new health food ingredients, add specific nutrient or functional ingredients, and modify food compositions. Many countries are already committed, at various stages, to initial nutritional transition. In response to demand from increasingly health conscious consumers, the global trend is for food industries to translate nutritional information into consumer reality by developing innovative food products that provide not only superior sensory appeal, but also nutritional and health benefits. Innovative food is a category of agri-food tech encompassing novel food products and ingredients such as alternative meat (includes plant-based and cell-culture-based), insect protein, alternative sugars, and flavor enhancers. In 2018, this category raised $516 million in funding across 70 deals. Thus, within the space of alternative protein market, food technology revolution will fundamentally disrupt the current market to make protein more sustainable, supporting the growth of alternative proteins market.
Alternative Protein Market by Stage/Type (Insect, Algae, Duckweed, Lab Meat, Pea, Rice, Potato, Corn, Soy, Wheat, Corn, Mycoprotein, Mushrooms), Application, and Geography – Global Forecast to 2025
Key Findings in the Global Alternative Protein Market Study:
Matured Alternative Protein Dominates the Global Alternative Protein Market
The matured alternative protein segment is emerged as the largest product category in the global alternative protein market in 2018 owing to higher consumer acceptance level, presence of large number of manufacturers and their high scale of production, low cost than other types of alternative protein, increased demand for plant-based products, easy availability of raw materials, and large number of applications in various industries.
Emerging Alternative Protein Market
Emerging alternative protein segment encompasses insect, algae, duckweed, and lab meat. Since last few years, there has been growing consumer and investor interest in emerging alternative proteins. As the market is at a nascent stage at this point of time and many companies are start-up actively seeking funding considering the huge potential, the dynamics of this industry are going to change in the next few years. However, these proteins require the development of new value chain and attention to issues such as high production costs, food safety, scalability, and low consumer acceptance. Moreover, non-standardized regulatory framework across the globe, lack of awareness, psychological and ethical barriers, and lack of production technologies are some of the key factors expected to affect uptake of emerging alternative protein product category for next few years.
Among emerging alternative proteins, insect protein accounted for the largest share of the global market in 2018, due to its capability to satisfy the food need with the high nutrition for human consumption, increasing familiarity with insects-as-food, growing acceptance of insects and insect-based food among people, and emergence of large number of insect food companies across the globe.
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Adolescent Alternative Protein Market
Adolescent alternative protein market includes runner up protein sources, such as pea, rice, corn, potato, and others. Pea protein accounted for the largest share of the global adolescent alternative protein market in 2018. Emerging brands in this segment create new categories and products to address unmet consumer needs. Owing to strong demand for plant-based nutrition to meet consumers’ demand, there will be continued R&D and capital investments/funding made in the coming years in the space of adolescent alternative protein.
Matured Alternative Protein Market
Matured alternative protein includes soy, wheat, canola, mushroom, mycoprotein, and others. Matured alternative protein sources are generally accepted and widely available. These are also emerged as the most funded category within the alternative protein space. Soy protein commanded the largest share of the global alternative protein market in 2018.
Insect Protein Application Products to Post Fastest Growth
Based on application, alternative protein market comprises plant protein-based products, insect protein-based products, aquatic plant protein-based products, microbial protein-based products, and cultured meat-based products. Plant-based protein products commanded the largest share of the global market in 2018. The large share of this market is mainly attributed to growing vegetarian and vegan population, consumers’ desire for clean label products, and increasing investment and expansion plans implemented by plant-based product manufacturers. However, the edible insect-based products are expected to witness a significant growth, because of high nutritional value of insects, increasing demand for novel food products, and environmental sustainability with production and consumption of insects.
Market for Plant Protein-Based Products
The global alternative protein market for plant protein-based products is further divided into food and beverages, animal feed, nutrition & health supplements, pharmaceuticals, and others. Food & beverages segment accounted for the largest share in the global alternative protein market for plant protein-based products 2018. The large share of this segment is mainly attributed to high consumer demand for sustainable products, knowledge of the health benefits of plant protein, increasing health concerns over animal products and ingredients, increasing vegan population,arising meat prices, and rising clean label trend.
Market for Insect Protein-Based Products
The global insect protein-based products market by application is mainly divided into value added whole insects, animal and pet feed products, value added insect powder, insect protein bars and protein shakes, insect baked products and snacks, insect confectionaries, insect beverages, and others. The processed whole insect commanded the largest share of the global edible insectmarket in 2018. The large share of this segment is mainly attributed to huge availability of whole insects, growing acceptability towards insect eating, high nutritional value of insects for human consumption and animal nutrition, and growing demand for environment friendly protein alternative sources.
Market for Aquatic Plant Protein-Based Products
The global aquatic plant protein-based products market is mainly divided into food and feed, nutraceutical, cosmetics, chemicals, and others. Food and feed application commanded the largest share of the global market for algae-based products market in 2018. This is mainly attributed to growing novel food and feed industry andincreasing demand for high-value products.
Market for Microbial Protein-Based Products
The global alternative protein market for microbial protein-based productsis further divided into dairy alternatives, beverages, fermented products, and others. Microbial protein for dairy industry accounted for the largest share in 2018. Dairy industry largely demands microbial enzymes in order to decrease processing time, reduce the required energy, and achieve cost effectiveness.
Market for Cultured Meat-Based Products
The global alternative protein market for cultured meat is mainly divided into nuggets, burgers, meatballs, sausages, hot dogs, and others. Cultured meat, a futuristic food concept, offers a safe and disease-free way forward to meet increasing meat requirement. The products will have financial, health, animal welfare, and environmental advantages over traditional meat.
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Asia Pacific: The Fastest Growing Regional Market
The Asia- Pacific alternative protein market is developing and expanding at a significant pace. Among other regional markets, Asia Pacific is demonstrating signs of strong growth in the near future. The rapid growth of this market is mainly attributed to increasing protein rich diet awareness, increasing health consciousness, growing technological advancements in food & beverages industry, growing economy, and increasing raw material availability. China is expected to dominate the Asia Pacific market through 2025, mainly due to growing food demand, increasing government’s investment in food R&D sector, adoption of emerging technologies for product innovation, collaboration between international and domestic food companies, and presence of large number of players.
The major players operating in the global alternative protein market are
3. Enterra Feed Corporation
5. Proti-Farm Holding NV
6. Entomo Farms
7. Global Bugs Asia Co., Ltd.
8. Aspire Food Group
9. Tiny Farms
11. EnviroFlight, LCC.
12. Entofood Sdn Bhd.
13. Coalo Vally Farms
14. Armstrong Cricket Farm Georgia
15. Rocky Mountain Micro Ranch
16. DIC Corporation
17. Cellana Inc.
18. Taiwan Chlorella Manufacturing Company
19. Algaetech International Sdn Bhd
20. Cyanotech Corporation
21. BlueBiotech Int. GmbH
22. Algatechologies Ltd.
23. Pond Technologies Inc.
24. E.I.D. - Parry (India) Limited
25. Tianjin Norland Biotech Co., Ltd
26. AlgaeCan Biotech Ltd.
27. Corbion NV
28. Sun Chlorella Corporation
29. Parabel, Inc.
30. Plantible Foods, Inc.
31. Archer Daniels Midland Company
32. Cargill, Incorporated
33. Roquette Frères Le Romain
34. Ingredion Inc
35. Kerry Group
36. E.I. Dupont De Nemours and Company
37. Now Foods
38. Tate & Lyle Plc
39. Axiom Foods Inc.
40. Burcon NutraScience Corporation
41. BENEO GmbH
42. Glanbia Plc
44. Farbest Brands
45. CHS Inc.
46. Just, Inc.
47. Mosa Meat
48. Memphis Meats
49. MycoTechnology Inc.
50. 3fbio Ltd.
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