Market Size of Protein Alternatives Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 15.19 Billion |
| Market Size (2029) | USD 18.20 Billion |
| CAGR (2024 - 2029) | 3.68 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Protein Alternative Market Analysis
The Protein Alternatives Market size is estimated at USD 15.19 billion in 2024, and is expected to reach USD 18.20 billion by 2029, growing at a CAGR of 3.68% during the forecast period (2024-2029).
In the space of the alternative protein industry, COVID-19 is providing an unexpected boost. Although COVID-19 is not related to livestock animals, the pandemic increased widespread attention given to zoonotic viral infections, the risk of which can also be associated with livestock, paying way for alternative protein industry. Thus Growthwell, a Singapore-based plant-based protein firm, secured USD 8 million in funding in May 2020 from Singapore's sovereign fund Temasek and several institutional investors to set up a research & development center and launch a new product line with the Israeli start-up ChickP. Furthermore, Growthwell purchased a stake in Israeli food-tech ChickP to produce a new chickpea protein isolate, the first of its kind, targeted toward Asian-specific vegan products.
Changing dietary preferences among consumers is evident globally, and the low inclination toward meat and meat-based products is visible among European and North American consumers. The percentage of consumers becoming more flexitarian or vegan has paved great opportunities for manufacturers to introduce and innovate more in the plant protein segment.
Demand for alternative proteins is fueled by forces ranging from health concerns to climate action and the increasing awareness of ethical issues in factory farming. Today, alternative protein companies are growing strongly. New entrants are applying disruptive technologies such as synthetic biology, big data, AI, machine learning, robotics, and the Internet of Things, to gain a competitive edge in the market.
