Alternative Proteins Market Poised for Significant Growth by 2031

The article discusses the rapid growth of the alternative proteins market, projected to reach $47.05 billion by 2031, driven by increasing demand for sustainable and environmentally friendly protein sources, with major players like Archer Daniels Midland Company and Cargill Incorporated investing in research and development to cater to evolving consumer demands." This description focuses on the primary topic of the alternative proteins market, the main entities involved (companies), the context of sustainable and environmentally friendly protein sources, and the significant action of market growth and investment in research and development. The description also provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as depicting a growing market graph, companies' logos, or images of sustainable protein sources like plants or insects.

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Nitish Verma
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Alternative Proteins Market Poised for Significant Growth by 2031

Alternative Proteins Market Poised for Significant Growth by 2031

The alternative proteins market is projected to reach a staggering $47.05 billion by 2031, driven by the increasing demand for sustainable and environmentally friendly protein sources. With a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031, this rapidly expanding market is attracting significant attention from investors and consumers alike.

Why this matters: The shift towards alternative proteins has significant implications for the environment, as traditional animal agriculture is a major contributor to greenhouse gas emissions and deforestation. As the market continues to grow, it could lead to a reduction in carbon footprint and a more sustainable food system.

As consumers become more aware of the environmental impact of traditional animal agriculture, the shift towards plant-based and insect-based proteins has gained momentum. Emerging economies in Southeast Asia, Latin America, and the Middle East and Africa are experiencing a surge in demand for alternative protein sources, presenting significant growth opportunities for protein ingredient manufacturers.

The alternative proteins market is segmented by type, with plant proteins expected to account for the largest share of 83% in 2024. Soy proteins are projected to dominate the plant proteins segment, capturing a 55% market share. Insect proteins, particularly crickets, are anticipated to experience the highest growth rate during the forecast period.

Geographically, North America is expected to hold the largest share of the alternative proteins market in 2024, with an estimated value of $7.4 billion. However, the Asia Pacific region is poised for significant growth, driven by increasing consumer awareness and changing dietary preferences.

Leading players in the alternative proteins market, such as Archer Daniels Midland Company, Cargill Incorporated, Roquette Frères, and Ingredion Incorporated, are investing heavily in research and development to cater to evolving consumer demands. These companies are focusing on product innovation, partnerships, and expanding their production capabilities to maintain a competitive edge.

Despite the promising growth prospects, the alternative proteins market faces challenges such as higher production costs compared to conventional meat products and the need to improve the taste and texture of alternative protein products. Additionally, controversies surrounding genetically modified ingredients and the use of additives in alternative protein production have raised concerns among some consumers.

As the alternative proteins market continues to evolve, it is clear that sustainable and environmentally friendly protein sources will play an increasingly important role in the global food industry. With a projected market value of $47.05 billion by 2031 and a growing consumer base, alternative proteins are poised to become a mainstream option, reshaping the future of food production and consumption.

Key Takeaways

  • Alternative proteins market to reach $47.05 billion by 2031, growing at 13.6% CAGR.
  • Shift to alternative proteins can reduce carbon footprint and promote sustainable food systems.
  • Plant proteins to dominate market, with soy proteins leading the segment.
  • Asia Pacific region to experience significant growth, driven by changing consumer preferences.
  • Leading players investing in R&D to cater to evolving consumer demands and improve products.