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Alternative Protein Market Size
- Report ID: GMI5125
- Published Date: Jul 2024
- Report Format: PDF
Alternative Protein Market Size for Food Application
Alternative Protein Market Size for Food Application size was valued at USD 79.7 billion in 2023 and is set to grow at 11% CAGR between 2024 and 2032, driven by combination of environmental, health, and ethical considerations. Increased awareness of the environmental impacts of conventional livestock farming practices, such as greenhouse gas emissions, deforestation, and water use, has driven the consumer demand for food.
Alternative proteins, including plant-based and lab-grown meats, require fewer ingredients and produce fewer carbon dioxide emissions, further appealing to environmentalists. Ethical concerns about animal welfare in traditional meat production have also stimulated the interest in cruelty-free protein sources.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Alternative Protein Market Size in 2023: | USD 79.7 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 11% |
| 2032 Value Projection: | USD 209 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 532 |
| Segments covered: | Source, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Furthermore, many people consider plant-based proteins in the laboratory to be a healthier option compared to traditional meat as they are lower in cholesterol and free of antioxidants and hormones that are commonly used in livestock. The increasing prevalence of food allergies and intolerances has also led to the demand for different types of proteins. As per Food and Agricultural Organization (FAO), around 220 million people worldwide suffer from food allergies. Advancements in food technology and investments in R&D activities have also improved the taste, texture, and nutritional value of new protein products, making them appealing to many consumers.
However, the higher cost of meat processing, especially for lab grown meat, is driving up retail prices relative to traditional animal proteins, creating limited accessibility. Differences in flavor and texture between alternative and conventional proteins may also hinder widespread adoption, as some consumers are reluctant to switch due to differences in cooking experience. The cultural and habitual preference for traditional meat in different regions will further slowdown the transition to alternative sources of protein.
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Alternative Protein Market Scope
