According to research by Swiss company Giract, the total global incremental volume of protein ingredients is projected to reach 860kt over the forecast period 2022-2027, with meat alternatives accounting for the largest proportion of growth.
The research finds that ingredients that can replicate the sensory properties of meat and are compatible with the technical requirements of processing are becoming increasingly available. This is encouraging manufacturers to produce more meat alternatives, which in turn is increasing consumer demand.
Soy protein remains popular due to the availability of affordable non-branded options and its production scalability. Pea protein is also rapidly gaining interest due to its nutritional and functional advantages; however, some manufacturers have struggled to reformulate their recipes to use pea instead of soy. Fava bean protein is not yet well-established, and demand is restrained by lack of awareness and the need for reformulation.
The research concludes that affordable functional and nutritional ingredients are essential to fuel ongoing growth in the meat alternatives market. With the increasing availability of multifunctional proteins at accessible price points, alternative protein innovation continues to increase and the market is expanding.
Health and wellness drive growth
Recent protein innovations include Wamame Foods’ new meat alternative, Outlier Protein, which is claimed to contain 64% more protein than cooked beef and has only seven ingredients. Worldwide, initiatives are also working to scale up the production of other plant-based proteins such as edamame, hemp, and sunflower.
A report released by USD Analytics earlier this year found that the plant-based protein products market would register a CAGR of 8.1% over the forecast period 2024-2030. The key market drivers are health and wellness trends, the growth of vegetarianism and veganism, and environmental concerns. Pea protein is projected to see particularly significant growth; this is supported by an Astute Analytica report, which predicts that the global pea protein market will be worth $7 billion by 2031.
“Increasingly, consumers are gravitating towards plant-derived protein sources, influenced by the perceived health benefits associated with reduced cholesterol levels, lower saturated fats, and higher fiber content found in plant-based alternatives,” says USD Analytics. “Further, ethical concerns regarding animal welfare and the environmental impact of animal agriculture are pivotal drivers propelling individuals to opt for plant-based protein products.”
