Alternative proteins are projected to reach a revised size of US$4.8 billion by 2027, growing at a CAGR of 8% over the analysis period 2020-2027 according to a recent report, including the Plant Protein segment which is forecast to grow at a 9.2% CAGR to reach US$1.7 Billion by 2027.

China to Grow at a 9.5% CAGR

The Protein Alternatives market in the US was estimated at US$1.1 billion last year, currently accounting for a 40.46% share in the global market. China, the world second-largest economy, is forecast to reach an estimated market size of US$351.4 million in the year 2027 trailing a CAGR of 9.5% through 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1% and 7.4% respectively over the 2020-2027 period.

Hero Protein
Image courtesy of Hero Protein

Within Europe, Germany is forecast to grow at approximately 7.3% CAGR while the rest of the European market (as defined in the study) will reach US$351.4 million by the year 2027.

Mycoprotein to reach a 21.8% share 

In the global Mycoprotein segment, USA, Canada, Japan, China and Europe will drive the 6.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$510.5 Million in the year 2020 will reach a projected size of US$787.1 million by the close of the analysis period.

China will remain among the fastest-growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$336.1 Million by the year 2027.

Key players

  • Agriprotein Holdings Ltd
  • Aspire Food Group
  • Avebe
  • Cargill Incorporated
  • Corbion NV
  • DuPont de Nemours Inc
  • Enterra Feed Corporation
  • EntofoodSdn Bhd
  • Proti-Farm Holding NV
  • Glanbia PLC
  • Ingredion Incorporated
  • Kerry Group plc
  • Koninklijke DSM N.V
  • MGP Ingredients Inc
  • MycoTechnology Inc
  • Roquette Frères
  • Sonic Biochem Extractions Ltd
  • The Archer Daniels Midland Company
  • Tianjin Norland Biotech Co., Ltd