The alternative protein market has grown significantly, with plant-based diets becoming more widely accepted. Consumers are concerned by the impacts of their food choices, with demand for foods being sustainably sourced has driven market growth.
According to Allied Market Research, the global protein alternatives industry generated USD 16.6 billion in 2021 and is anticipated to generate USD 73.9 billion by 2031, witnessing a compound annual growth rate (CAGR) of 16.2 percent between now to 2031.
However, stringent regulatory compliances and the inability to digest protein restrict the market growth. Despite the issues the pandemic caused across the board, the pandemic benefitted the global alternative protein market.
The pandemic raised awareness of zoonotic viral illnesses, which can also be a problem for cattle. Consequently, plant-protein derivatives hold the largest market share, accounting for more than four-fifths of the global alternative protein market. This dominating market share will remain the same over the next decade.
Protein alternatives are rich in macronutrients, micronutrients, and antioxidants, which can help lessen the symptoms of viral infections. From a manufacturing and distribution perspective, the sector has had overwhelming demand from producers and customers, particularly for meat alternatives and plant-based milk.
Consumption of plant-based proteins helps improve digestion and metabolism, a benefit aligned with an increased global rise in health consciousness among consumers.
While North America has held the most significant market shares when reviewing revenue and will likely continue to dominate throughout the forecast period, the Asia Pacific region is estimated to witness the fastest growth, with a CAGR of 16.7 percent.
With food technology advancements evolving, the market is expected to expand, allowing unique growth opportunities. Demand will continue to rise rapidly, with consumers becoming more knowledgeable about sustainability and concerned with personal and animal welfare.
