A recently published study by FMI expects the global alternative protein market to augment at a 21% CAGR from 2022 to 2032. By the end of the forecast period, alternative protein market is expected to garner a market value of USD496.56bn by 2032.
Alternative protein is gaining prominence in the livestock industry and food & beverage industry owing to the nutrition it provides. Innovations and launches of different proteins are increasing the sales of alternative proteins.
From 2016 to 2021, the global pet snacks and treats market registered a CAGR of 14% by accumulating a market value of USD61bn in 2021. The COVID-19 pandemic played a key role in increasing the importance of building immunity. Thus, most people invested in organic and clean protein to stay healthy. In addition, demand for meeting dietary requirements of animals is escalating the demand for alternative proteins.
North America, Asia Pacific and Europe are the major contributors to the alternative protein market owing to different reasons. Most people suffer from lactose intolerance or food allergies. Thus, consumers are investing in alternative protein. International players and start-ups are launching different protein products to cater to a larger consumer base.
By source, microbial-based protein is expected to possess 40% market share for alternative protein market in the forecast period 2022-2032. On the other hand, by application, animal feed is expected to procure 55% market share for alternative proteins.
North America is expected to possess 40% of market share for alternative proteins, while Asia Pacific is expected to procure 18% market share for alternative proteins. Europe is expected to possess 25% market share for alternative protein market in the assessment period.