Protein Alternatives Market is Booming and Expected to Grow $25.2 billion by 2029
/EIN News/ -- Chicago, July 08, 2024 (GLOBE NEWSWIRE) -- The protein alternatives market is estimated at USD 15.7 billion in 2024 and is projected to reach USD 25.2 billion by 2029, at a CAGR of 9.9% from 2024 to 2029. The protein alternatives market has experienced significant growth, driven by changing consumer preferences towards healthier, more ethical, and sustainable dietary choices. This market includes a diverse array of alternative protein sources, such as plant-based proteins (soy, pea, wheat, rice), microbial proteins, and insect proteins, which are increasingly used in both human food and animal feed.
Innovative companies, from startups to established food giants, are heavily investing in research and development to produce alternative protein products that closely mimic the taste, texture, and nutritional value of traditional animal proteins. Strategic partnerships between food manufacturers, retailers, and foodservice providers have facilitated the widespread distribution and adoption of these products, making them more accessible to a broad consumer base.
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Based on source, the soy subsegment dominates the plant-protein segments due to its high protein content, versatility, and widespread consumer acceptance
Soy-based products, including tofu, tempeh, and soy milk, have established themselves as staple ingredients in both vegetarian and vegan diets, as well as among health-conscious consumers seeking plant-based protein sources. The subsegment benefits from soy's complete amino acid profile, which is comparable to that of animal proteins, making it a preferred choice for nutrition-conscious consumers. Additionally, advancements in food technology have enhanced the texture and flavor of soy products, further boosting their popularity. The robust supply chain and relatively low cost of soy also contribute to its dominance, making it a commercially viable option for manufacturers aiming to meet the rising demand for sustainable and ethical protein alternatives.
Based on form, the liquid sub-segment is projected to experience substantial CAGR growth during the forecast period of 2024-2029
Traditionally, extracting plant protein from legumes involves a liquid-based method that requires considerable water and energy for hydration. Starch-rich legumes, such as peas and beans, undergo a separation process where proteins dissolve, and starch granules suspend in water, whereas oil-rich sources like soy and lupine use solvent extraction to isolate oil content. These protein components are commonly utilized in animal feed and further processed into isolates, primarily used in nutritional supplements and beverages. This trend is driven by the increasing global demand for plant-based proteins, fueled by a shift away from traditional dairy and whey-based products. Liquid plant-based proteins are particularly valued for their convenience, requiring minimal preparation compared to powdered alternatives, which appeal to busy individuals seeking quick, nutritious meals. Additionally, their versatility in culinary applications, from enhancing smoothies and shakes to enriching soups, sauces, and dressings, further boosts their kitchen popularity.
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Based on region the Asia Pacific region is poised to experience the fastest CAGR in the protein alternatives market
This growth is driven by a rising demand for fortified nutritional food and beverages due to rising health awareness. Particularly notable is the growing preference for dairy alternatives, such as various forms of soymilk, fueled by greater economic power among consumers. Key countries in the region, including Japan, Australia, China, and India, are seeing significant expansion in this sector, with major market players like Sanitarium Health & Wellbeing Company, Freedom Foods Group Ltd., Vitasoy International Holdings Limited, and Purcharest at the forefront. Factors such as changing consumer lifestyles, urbanization, dietary diversification, and increased foreign direct investment in the food sector are contributing to this growth.
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