Global Market Insights recently released a market report in which it has projected a 17% Compound annual growth rate (CAGR) for the alt-protein market between 2021 and 2027. According to the report, it is estimated that the market for alternative protein will be worth $155 billion by the end of said growth period.
Several factors, such as the increased health consciousness, the growing popularity of functional foods, consumer concerns about sustainability, and emerging new product innovations are all driving market growth for alternative proteins used for food applications.
The growth is expected to be significantly high for the cereals and snacks sector, with alt-proteins being increasingly used in products such as protein bars, energy bites, and trail mixes. Growth is also expected to be important for the bakery segment.
Increasing demand for alternative proteins is mostly being seen in North America, as well as in the Asia- Pacific region. There, the disposable income is rising and consumers are becoming more and more conscious about health. A report issued earlier this year predicted a boom for the Chinese alt-protein market due to a rise in flexitarianism, while another report in 2020 found that there was huge potential for alternative proteins in Asia.
Conventional meat companies are also seeing the trend and beginning to invest in alt-protein. Additionally, in the UK, a think tank recently urged the government to invest in the industry for the sake of the planet.
Furthermore, another report, conducted by Bloomberg Intelligence earlier this year, estimated “explosive growth” for plant-based foods. It projected that the market would soar to $162 billion by 2030, without even taking into account cell-cultured products, another rising trend in food.
Although exact figures vary according to the reports, there’s one thing all the research agrees on: the alternative meat industry is growing fast, and it isn’t going anywhere.