The alternative protein market is set to witness substantial growth by 2028 as a result of growing health consciousness among consumers. In addition, increasing demand for vegan products, along with soaring preference for healthy food supplements across the globe, is likely to further stimulate market growth over the forecast period.
During the COVID-19 pandemic, mounting need to fortify their immune systems against the infection improved consumer interest in protein supplements. Moreover, prevalent diet trends like veganism, coupled with rising disposable income, propelled product uptake, thereby boosting industry expansion.
Furthermore, key participants in the alternative protein market have been focusing on product development, and strategic collaborations to maintain a strong position in the sector, which has been favorable for business outlook. For instance, in June 2022, Archer Daniels Midland Company, a food processing expert, partnered with pharmaceutical behemoth Bayer in India to implement its sustainable crop protection model for soybean farmers.
The alternative protein market has been bifurcated in terms of application, source, and region. In the source frame of reference, the alternative protein industry has been split into insect-based, microbial-based, and plant-based.
The plant-based source segment has been further classified into duckweed protein, soy protein isolates, fermented soy protein, soy protein concentrates, and others. The soy protein isolates segment is expected to grow at a CAGR surpassing 17.5% while the fermented soy protein segment is poised to progress at around 16.5% CAGR through the review timeline.
The duckweed protein source segment is anticipated to exhibit substantial growth at more than 22.5% CAGR by 2028. Meanwhile, the alternative protein market share from the others plant-based source segment, which includes pea, beans, and lentils, is slated to proliferate at a CAGR of over 18% through the assessment period.
The microbial-based segment has been further segmented into fungi, bacteria, algae, yeast, and others. The yeast-sourced and fungi-sourced segments are speculated to expand at above 20.5% CAGR over the forecast timespan. Additionally, the algae segment is inclined to record robust expansion at a CAGR exceeding 21.5% through the study timeline.
On the basis of application, the alternative protein market has been segregated into food and animal feed. The food application segment has been further divided into beverages, meat analogs, cereals & snacks, bakery, dairy alternatives, and others. The bakery segment is contemplated to register remarkable growth at around 18% CAGR by the end of 2028. On the other hand, cereals & snacks are estimated to progress at a CAGR of over 18.5% through the study time span.
The dairy alternatives segment and the beverages segment are slated to expand at a CAGR of more than 19% over the forecast period. Furthermore, the others food segment, which consists of keto foods and burgers, is contemplated to grow at a CAGR of above 19.5% through the review time period.
The animal feed application segment has been further categorized into equine, poultry, pet food, swine, aquaculture, cattle, and others. The poultry animal feed segment has been divided into broiler, layer, and turkey. The alternative protein market share from the broiler segment is slated to progress at a CAGR of approximately 8% through the study timeline. The turkey segment is poised to grow at more than 6.5% CAGR in the forecast period.
The swine feed application segment is projected to expand at a CAGR of above 7.5% by 2028 and has been divided into starter, sow, and grower. The starter segment is forecast to expand at a CAGR of nearly 7.5% while the sow segment is panned to progress at a CAGR of roughly 7% through the assessment period.
The cattle animal feed application segment is expected to progress at a CAGR of over 7.5% up to 2028 and has been categorized into dairy and calf. The alternative protein market share from the calf segment is poised to grow at about 7% CAGR through the analysis period.
The aquaculture animal feed application segment is projected to depict a CAGR of almost 8% and has been classified into shrimps, salmon, trout’s, and carp. The trout’s segment is expected to develop at a CAGR of over 7.5% and the carp segment is contemplated to progress at around 9% CAGR between 2022 and 2028.
Additionally, the pet food segment is speculated to register significant growth at nearly 7.5% CAGR over the analysis timeframe. Meanwhile, the equine animal feed application segment is slated to showcase more than 6.5% CAGR from 2022 to 2028. Likewise, the others animal feed application segment is anticipated to grow at a CAGR of above 7% through the study timespan.
In the regional frame of reference, the Middle East & Africa alternative protein market is poised to record remarkable growth at a CAGR of approximately 14.5% through the review timeline.