Alternative protein market to beef up at nearly 17% CAGR

BACK TO ALL NEWS

Alternative protein market to beef up at nearly 17% CAGR

16 Mar 2022

Jordan Winter

Jordan Winter is a journalist who wants to learn more and teach others about the world through storytelling. Dedicated to positive social change, her reporting is informed by years of experience writing, designing, and producing multimedia content for mission-driven publications and nonprofits.

As the creative director for Commercial Baking, Jordan is bringing life to the stories of diversity and sustainability in the commercial baking industry.

WASHINGTON, DC — Health was top-of-mind during the pandemic, leading consumers to take a deeper look at the foods they eat, how they’re fueling their body and how they impact the planet. Many of today’s successful bakery brands are boasting better-for-you options that are both nutrient-rich and plant-based.

But this intersection can be tricky. Especially when it comes to protein, one of the top claims for health and wellness, bakers are increasingly searching for ingredients that will help their products fit the bill … and this is setting up the alternative protein market for a big boom.

According to a new report from Vantage Market Research, the alternative protein market is expected to skyrocket from $49.7 million in 2021 to $126.84 million by 2028, at a 16.9% CAGR.

Demand for functional food products is one of the top drivers for the market, but other factors come into play as well. Growing venture investments in companies with alternative protein solutions, innovations in food technology, increased adoption of plant-based diets and efforts on environmental sustainability are also keeping the market on-track for success in the coming years.

Alternative proteins commonly used in baked goods include lentils and legumes, upcycled barley, seaweed, and egg replacements such as tapioca flour.

Alternative proteins commonly used in baked goods include lentils and legumes, upcycled barley, seaweed, and egg replacements such as tapioca flour. The market also includes insect-based and microbial-based sources for alternative proteins (think: a crunchy cricket surprise or enzymes specifically designed for a high-protein profile), but plant-based options are clearly pulling ahead as they check all the boxes for most shoppers, especially those in North America.

The North American region held the largest share of the alternative protein market in 2021. The US dominated the North American market due to the popularity of animal proteins in the typical American diet, driving the need for plant-based options for burgers, hot dogs and beyond. The country is also a hub for touting the health benefits of vegan protein-based products, leading many companies to strategically plan for expanding into the plant protein sector.

As consumers and companies alike start hopping on the plant-based protein train, the alternative protein market is beefing up … just not with beef.

Advertisement

BACK TO ALL NEWS