Alternative Proteins: The Market at the Cusp of Multi-billion Dollar Growth| Read COVID-19 Impact on Alternative Protein Industry

The on-going COVID-19 pandemic is re-shaping everything from the global economies to product categories, pricing, and stock availability to consumer behavior. The crisis has caused people to re-evaluate their diets as the pandemic has underlined the link between food and health. The pandemic has also placed the spotlight on meat supply and food security globally, a driver behind meat reduction trends. The spotlight on meat supply has been evident in both developed and emerging markets amidst disruptions to supply chains and panic buying and stockpiling, following announcements of lockdowns and social distancing measures.

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Impact of COVID-19 (Coronavirus) on the Alternative Protein Industry

The meat supply in the U.S. is expected to be hit hard by the COVID-19 outbreak, as major meat plants have been taken offline as factory workers have tested positive for the virus. It is estimated that meat plants responsible for 10% of all beef production in the U.S. and 25% of all pork production have closed as of April 2020, with this having the potential to disrupt meat supply chains and lead to shortages. This potential shortage of meat supply is already leading to augmented consumer demand for plant-based meat alternatives in the U.S., with meat substitute sales reported to have jumped 200% in the country in the week ending 18th April, compared with the same week last year. Thus, the global crisis, in other words, is turning into a big opportunity for the plant-based protein sector.

COVID-19 is providing an unexpected boost to the alternative protein industry, globally. Medical studies show that coronavirus disease has an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. An alternative protein-based diet can help reduce the effects of the virus on at-risk people as there is the presence of an abundance of macronutrients, micronutrients, and antioxidants. From a manufacturing and distributing point of view, this industry has faced unprecedented demand from manufacturers as well as consumers, particularly for some products, such as meat analog and plant-based milk.

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Meticulous Research® – leading global market research company published a research report titled “Alternative Protein Market by Stage/Type (Insect, Algae, Duckweed, Lab Meat, Pea, Rice, Potato, Corn, Soy, Wheat, Corn, Mycoprotein, Mushrooms), Application, and Geography – Global Forecast to 2025”. According to this latest publication from Meticulous Research®, in terms of value, the global alternative protein market is expected to grow at a CAGR of 9.5% from 2019 to reach $17.9 billion by 2025, while in terms of volume, the market is expected to grow at a CAGR of 5.2% from 2019 to reach 9,787.4 KMT by 2025.

The high growth of the global alternative protein market is mainly attributed to growing urbanization with new consumer aspiration, rising venture investments in alternative protein companies, innovation in food technology, high nutritional value of edible insect, and environmental sustainability with production and consumption of alternative protein. Moreover, growing research & development and emerging economies provides significant growth opportunities to the stakeholders in this market. However, high cost of alternative protein and significant preference for animal-based products are expected to hamper the growth of this market to some extent.

The global alternative protein market study presents historical market data in terms of both value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025-by stage (emerging alternative protein (insect, algae, duckweed, and lab meat), adolescent alternative protein (pea, rice, corn, potato, and others), and matured alternative protein (soy, wheat, canola, mushroom, mycoprotein, and others)); and application (plant protein based products, insect protein based, aquatic plant protein based products, microbial protein based, and cultured meat based products. The study also evaluates industry competitors and analyzes the market at regional and country level.

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Based on application, plant-based protein products market commanded the largest share of the global market in 2018. The large share of this segment is mainly attributed to high consumer demand for sustainable products, knowledge of the health benefits of plant protein, increasing health concerns over animal products and ingredients, increasing vegan population, and rising meat prices and clean label trend. However, the edible insect-based products are expected to witness a significant growth, owing to high nutritional value of insects, increasing demand for novel food products, growing familiarity with insects-as-food, growing acceptance of insects and insect-based food among people, and environmental sustainability with production and consumption of edible insects.

This research report analyzes major geographies and provides comprehensive analysis of North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, the Netherlands, Belgium, Denmark, Finland, and RoE), Asia-Pacific (China, India, Japan, Thailand, South Korea, Vietnam, and RoAPAC), Latin America (Brazil, Mexico, Argentina, and RoLATAM), and Middle East & Africa. North America commanded the largest share of the global alternative protein market in 2018, followed by Europe and Asia-Pacific. The large share of this region is mainly attributed to well-established food and feed industry, rising concerns over animal products and protein, increasing vegan population, growing preference to meat alternatives, and technological advancement in food industry. However, Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period, mainly due to increasing protein rich diet awareness, increasing health consciousness, growing technological advancements in food & beverages industry, growing economy, and increasing raw material availability. Also, factors such as adoption of emerging technologies for product innovation, collaboration between international and domestic food companies, and presence of large number of players support the growth of Asia Pacific market.

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Market Dat

1. Introduction
1.1. Market Ecosystem
1.2. Currency and Limitations
1.2.1. Currency
1.2.2. Limitations
1.3. Key Stakeholders

2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation

3. Executive Summery
3.1. Introduction
3.2. Market Insight
3.3. Segment Analysis
3.3.1. Stage/Type Analysis Emerging Alternative Protein Adolescent Alternative Protein Matured Alternative Protein
3.3.2. Application Analysis Insect Protein Market, by Application Plant Protein Market, by Application Aquatic Protein Market, by Application Microbial Protein Market, by Application Lab Meat Based Market, by Application
3.4. Regional Analysis
3.5. Competitive Landscape
3.6. Key Players

4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Growing Urbanization with New Consumer Aspiration
4.2.2. Growing Venture Investments in Alternative Protein Companies
4.2.3. Innovation in Food Technology
4.2.4. High Nutritional Value of Edible Insect
4.2.5. Environmental Sustainability with Production and Consumption of Alternative Protein
4.3. Restraints
4.3.1. High Cost of Alternative Protein
4.3.2. Significant Preference for Animal Based Products
4.4. Opportunities
4.4.1. Research & Development and New Product Launches
4.4.2. Emerging Economies
4.5. Trend
4.5.1. Mergers and Acquisitions in Alternative Protein Space
4.6. Regulatory Analysis
4.7. Investments/Funding Scenario
4.8. Pricing Analysis
4.9. Value Chain Analysis
4.10. Market Share Analysis, by Key Player    ……. Continue 

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Related Reports published by Meticulous Research®:

Alternative Protein Market by Stage/Type (Insect, Algae, Duckweed, Lab Meat, Pea, Rice, Potato, Corn, Soy, Wheat, Corn, Mycoprotein, Mushrooms), Application, and Geography – Global Forecast to 2025

Plant Based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein) and Application (Foods and Beverage, Animal Feed, Nutrition and Health Supplements, Pharmaceuticals) – Global Forecast to 2025

Human Nutrition Market by Type (Vitamin, Probiotics, Proteins, Carbohydrates, Fatty Acid, Minerals), Age (Adult, Childhood), Population (Pediatric, Geriatric, Maternal), and Application (Dietary Supplement, Functional Nutrients) – Global Forecast to 2025