Alternative Protein Market Size

Alternative Protein Market Size

Alternative Protein Market size was worth USD 79.7 billon in 2023 and is projected to experience 11% CAGR from 2024 to 2032, driven by increasing consumer awareness about health, sustainability, and ethical concerns. The demand for protein sources that are environmentally sustainable and cruelty-free has surged, encouraging food manufacturers to explore and innovate within the alternative protein sector.

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The rising innovations and partnerships between leading companies support growth. For instance, in February 2024, Unilever’s Breyers brand collaborated with Perfect Day animal-free dairy protein supplier, for its latest product innovation. The result was Breyers Lactose-Free Chocolate, crafted using Perfect Day’s whey protein, produced through precision fermentation.
 

Additionally, the rising global population and the corresponding demand for protein-rich diets have led to an increased focus on developing efficient and scalable protein sources. As consumers shift towards plant-based and other alternative protein products for health and environmental reasons, the market is poised to expand considerably, offering diverse and nutritious options that cater to evolving dietary preferences.
 

The alternative protein market will witness substantial growth driven by the rising consumer preference for plant-based diets and the increased awareness of the environmental impact of traditional animal farming. With concerns about greenhouse gas emissions, land use, and water consumption associated with livestock production, consumers are increasingly turning to alternative proteins as a more sustainable option.
 

The rising production and approvals of livestock feed support the market. For instance, in February 2024, Calysta, a biotechnology company based in California, received approval from China’s Ministry of Agriculture and Rural Affairs (MARA) to use its FeedKind protein in fish and shrimp feeds. Following an extensive evaluation process, Calysta is now authorized to incorporate its single-cell protein into aquaculture feeds in China.
 

However, the market faces challenges such as consumer skepticism regarding taste, texture, and nutritional equivalence compared to conventional animal proteins. Overcoming these hurdles through advancements in food technology and consumer education will be crucial for the sustained growth of the market.