Protein alternatives market expected to reach $25.2 billion by 2029, driven by increased consumer demand.

From GlobeNewswire: 2024-07-08 04:00:00

The protein alternatives market is expected to reach $25.2 billion by 2029, with a 9.9% CAGR from 2024. This growth is driven by consumer preferences for healthier, sustainable dietary choices, including plant-based proteins, insect proteins, and microbial proteins in food and animal feed.

Companies are investing in alternative protein R&D to mimic traditional animal proteins. Strategic partnerships are increasing distribution of these products to cater to a wider consumer base, from plant-based protein sources like soy to insect proteins.

Soy dominates plant-protein segments due to its high protein content, consumer acceptance, and complete amino acid profile. Soy products like tofu benefit from advancements in food technology, making them popular among health-conscious consumers and manufacturers aiming to meet demand for sustainable protein alternatives.

Liquid plant-based proteins are projected to grow during 2024-2029, driven by global demand for plant proteins and convenience. Legumes like peas and beans undergo liquid extraction for proteins used in animal feed and nutritional supplements, appealing to individuals seeking quick, nutritious meals.

Asia Pacific is the fastest growing region for protein alternatives due to rising demand for fortified food and beverages, especially dairy alternatives like soymilk. Major players in countries like Japan, China, and India are driving growth through factors like changing consumer lifestyles, urbanization, and increased FDI in the food sector.



Read more at GlobeNewswire: Protein Alternatives Market is Booming and Expected to Grow