Protein Alternatives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global protein alternatives market is projected to register a CAGR of 6.65% during the forecast period (2020 - 2025).

• The market studied has witnessed a significant growth due to the increasing intolerance toward animal protein, thereby, leading to the shift in preference of the meat-consuming population toward meat substitutes made of vegan protein, hence, driving the market studied.
• COVID-19 is providing an unexpected boost to the protein alternative industry, globally. Medical studies show that coronavirus disease has an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. An alternative protein-based diet can help reduce the effects of the virus on at-risk people as there is the presence of an abundance of macronutrients, micronutrients, and antioxidants. From a manufacturing and distributing point of view, this industry has faced unprecedented demand from manufacturers as well as consumers, particularly for some products, such as meat analog and plant-based milk.
• Consumers in developing regions, like Asia-Pacific and Africa, have started to incorporate more protein in their daily diets. Many companies operating in the market place have started to initiate awareness programs and campaigns, which can be directed to make the consumers understand the benefits of alternative proteins and establish popularity among consumers.

Scope of the Report

The global protein alternatives market is segmented by the source that includes plant protein, mycoprotein, algal protein, and insect protein. The plant protein section is further classified into soy protein, wheat protein, pea protein, and other plant proteins. Based on the application, the market is segmented into food and beverage, dietary supplements, animal feed, and pet food, personal care, and cosmetics. The food and beverage segment is sub-segmented into the bakery, confectionery, plant-based dairy products, beverages, and other food and beverage. The report further analyses the global scenario of the market, which includes a detailed analysis of North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

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Key Market Trends

Growing Demand for Vegan Dietary Habits Globally

The protein alternatives market is witnessing a shift in consumer demand from animal protein to plant protein. This inclination toward a plant-based diet is associated with different factors, such as sustainability issues, health awareness, ethical or religious views, and environmental and animal rights. Meat proteins provide the required amino acid content to the body but are associated with high cholesterol levels and other related issues, as a result of which, people are shifting to a vegan source of protein. Moreover, dairy proteins are also associated with the required amino acid content for the body, but according to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), lactose intolerance (inability to digest lactose) affects 30-50 million Americans, and over 90% of the adults in east Asia.

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