The protein alternatives market is estimated at USD15.7bn in 2024 and is projected to reach USD25.2bn by 2029, at a CAGR of 9.9% from 2024 to 2029 according to a new report by MarketsandMarkets.
Proteins, derived from plant-based sources and algae, present sustainable and efficient options compared to traditional animal-based proteins. The market expansion is bolstered by significant advancements in food technology, enabling the production of alternative proteins that closely mimic the taste, texture, and nutritional profile of conventional meat, thus broadening their appeal to a wider consumer base.
Consumers seek healthy, sustainable options
Demand for alternative proteins is particularly robust in the food sector, where consumers are increasingly seeking healthier and more sustainable food options. This shift is reflected in the growing popularity of plant-based meat products, dairy alternatives, and protein-rich snacks.
In the rapidly growing market of protein alternatives, the dry form segment has emerged as a frontrunner, captivating consumers and industry players alike with its versatility and convenience. Dry forms of protein alternatives, such as powders and dehydrated products derived from plants like soy, and peas, or even fungi like mycoprotein, offer numerous advantages. They are easy to store, have a longer shelf life, and can be easily incorporated into a variety of food products, ranging from beverages to baked goods.
Plant protein estimated to be the fastest source segment in the protein alternatives market
Plant protein has rapidly emerged as the frontrunner in the protein alternatives market, prized for its speed of adoption and nutritional benefits. With consumers increasingly focused on health, sustainability, and ethical considerations, plant-based proteins offer a compelling solution. Unlike traditional animal-derived proteins, which are surrounded by myriad environmental and ethical issues, plant proteins are generally more sustainable to produce and consume.
One of the key reasons for the ascent of plant protein in the market, according to the report, is its versatility. Manufacturers can extract protein from a wide array of plant sources such as peas, soybeans, hemp, and algae, offering a diverse range of products that cater to different dietary preferences and needs.
Furthermore, plant protein’s rapid digestion and absorption rate make it highly appealing to athletes and health-conscious individuals seeking efficient protein sources for muscle recovery and overall wellness. As research continues to highlight the health benefits of plant-based diets, including reduced risks of chronic diseases, the popularity of plant protein is expected to continue to rise in the protein alternatives market.
Find the full report here.
