Alternative Protein Market: By Source (Plant-based (Soy Protein Isolates, Soy Protein Concentrates, Fermented Soy Protein, Duckweed Protein, Wheat Protein, Pea Protein, and Others), Insect- Based, Microbial Based ( Bacteria, Yeast, Algae, Fungi and Others), and Others) By Application ( Food & beverage (Meat analogs, Bakery, Dairy alternatives, Cereals & Snacks, Beverages, and Others) Animal Feed ( Poultry(Broiler, Layer, and Turkey) Swine (Starter, Grower, and Sow) Cattle (Dairy and Calf) Aquaculture (Salmon, Trout’s, Shrimps and Carp), Pet food, Equine and Others) and Region

Alternative Protein Market size was valued at USD 59.1 billion in 2023 and is poised to grow at a CAGR 15.9% from 2024-2030. Alternative Protein are proteins produced from plants or animal cells, or through the way of fermentation. In addition, proteins sourced from plants, insects, and microbes are used to replace animal-based proteins. A focused health diet, behavioral considerations, and minimal intake of protein calories to stay healthy are considered the most important factors in fueling market growth. Also, consumers' consciousness of their health and fitness well-being provides an important opportunity for the global alternative protein market. Further, the growing importance of fitness where the diet plays the main role, is creating a major consumption of plant-based products rather than animal-based products. As part of the plant-based products which provide more proteins and fewer calories compared to the animal-based proteins, which is creating a major demand for sale of the plant-based products. Plant-based protein sources, which include soy protein and other products, are widely used in burger patties, minces, and sausages which are owing to the acceptable quality attributes of meat analogs in terms of taste.

Further, the growing awareness among consumers regarding the harmful health effects of meat & meat products is driving the demand for meat analogs, which is expected to positively influence the alternative protein market. In addition, increasing demand for alternative protein sources for animal feed has been observed due to greater impact on reducing the overall cost of feed which is also expected to drive the global alternative protein market share. Alternative protein is becoming an optimal source for animal feed application, hence further containing the high composition of amino acids and vitamins of plant-based proteins. For instance, the drastic shift towards vegan diet plans is also held to fuel the market growth. Most importantly the outburst of the COVID pandemic and other novel viruses had impacted the change in consumers' food behavior, where the higher priority for natural based products has increased drastically within the 2-3 years, hence resulting in a positive effect on the growth of the global alternative protein market.

Alternative Protein Market Key Developments:

• October 2022, Calysseo and Adisseo announced unveiling the “world’s first” industrial-scale facility for feedkind, a protein ingredient that does not require animal or plant matter, prepared through the fermentation process.
• In May 2022, AMD announced its collaboration with Eat Just to advance the alternative proteins outlook.