). - The market studied has witnessed a significant growth due to the increasing intolerance toward animal protein, thereby leading to the shift in preference of the meat-consuming population toward meat substitutes made of vegan protein, therefore, driving the market studied.
New York, March 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Protein Alternatives Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05877790/?utm_source=GNW
- Consumers in developing regions, like Asia-Pacific and Africa, have started to incorporate more protein in their daily diets. Many companies operating in the market place have started to initiate awareness programs and campaigns, which can be directed to make the consumers understand the benefits of alternative proteins and establish popularity among consumers.
Key Market Trends
Increasing Demand for Vegan-Protein
The protein alternatives market is witnessing a shift in consumer demand from animal protein to plant protein. This inclination toward a plant-based diet is associated with different factors, such as sustainability issues, health awareness, ethical or religious views, and environmental and animal rights. According to the United States Center for Disease Control and Prevention, 12.2 million people are suffering from a food allergy, of which two-thirds is associated with egg allergy. Also, according to the reference list of allergen data collection, the allergen from chicken meat ranges from 0.5-5% in Southern Europe. Consumers around the world are inclining toward plant-based protein diets. Around 33% of Canadians and around 17% of Australians have turned into flexitarians.
North America to Dominate the Global Market
The United States dominates the North American protein alternatives market by more than 60%. While there is still a strong dominance of animal protein among the US population, plant protein, such as soy, lentils, beans, etc., has been gaining high traction from the past few years. This is due to the high penetration of vegan protein-based products in the retail market and increased consumer awareness on the health benefits associated with it, along with weight management. With the existing business opportunities in the protein alternatives market, many companies are strategical, including business expansion plans, specifically in the plant protein category.
The global protein alternatives market is fragmented and Cargill, ADM, Kerry Group, and DuPont dominate the market with major strategies, such as acquisitions, expansions, and new product launches. Cargill leads the market among the major players in the protein alternatives market. These companies, in order to retain their position within the market or gain an advantage over its competitors, have set their focus on research and development. Along with mergers and product launches to cater to the growing demand for protein alternative products, companies are also coming up with new and innovative product offerings, to gain higher market shares that can be used in many industrial applications, such as food and beverages, dietary supplement, and animal feed.
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