4th August 2022 Product update: new protein staff writer
Alternative Protein Market to Exceed $193.75 Billion by 2028
The growth of the alternative protein market is driven by growing environmental concerns, mounting health consciousness among consumers, surging seafood consumption, and a strong inclination toward healthy food supplements, says a new report.
According to the report published by Global Market Insights Inc., the global Alternative Protein Market was estimated at USD 60.45 billion in 2021 and is expected to surpass a valuation of $193.75 billion by 2028, registering a CAGR of 18.5% from 2022 to 2028. The report provides a detailed analysis of the top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size & estimations, and major investment pockets.
Alternative proteins refer to alternatives to animal protein that are sourced from plants or via the use of food technology and provide a balanced nutritive diet for animals. They are less harmful to the environment, do not involve intensive animal farming, and result in tasty, nutritious food and low carbon emissions. On account of its many beneficial properties, such as the potential ability to strengthen the immune system in animals and sustainable production, alternative protein has witnessed an upsurge in demand across the globe. Growing consumer preference for vegan food products and plant-based diets are likely to propel alternative protein market growth over the review timeline.
Insect-based proteins are used increasingly in food applications because of their sustainability benefits. They require minimal resources in terms of feed, land, and water, as well as having nutritional benefits, and are increasingly utilized in snacks in countries like Korea, Japan, and China, which is expected to foster product outlook. Supported by these factors, the insect-based source alternative protein market is slated to surpass a valuation of $12.45 billion by 2028.
Meanwhile, the plant-based protein market exceeded $44.5 billion in revenue in 2021 and is estimated to depict over 18% CAGR through the forecast period. The prominent sustainability of plant-sourced proteins, coupled with various health benefits of these proteins, is speculated to drive segmental growth in the upcoming years.
The report also examines key reasons for growth in the alternative protein sector, growth in the aquaculture animal feed arena, soaring demand for alternative proteins in Europe, the impact of the pandemic on the alternative protein market, and who are the key players in the market.
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Date Published: 4th August 2022
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Note: This content has been edited by a newprotein.net staff writer for style and content.
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