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Protein is an essential Macro nutrient and is made up of building blocks known as amino acids. According to FAO, an adult requires 0.75 g per kg per day as safe level intake of protein. The protein deficiency and malnutrition has caused many diseases around the globe. Alternate protein or Novel protein alternative is usually the meat and dairy substitutes, which are processed by the various food and healthcare industries and used widely in the market. This source of protein has created a potential market for the vegan and health conscious consumers. The processed non-animal substitutes include tofu/soya bean, Wheat gluten, Mycoproteins, cultured meat, insects, and Alga spirulina. This alternative product has been able to show reduction in stress over the environmental sources and greenhouse gas emissions. Innovations in the food processing industry paves way for improved and better alternative consumable products than other natural products such as meat, egg, fish, and others. Asia-Pacific is growing at the fastest rate in terms of alternate protein market.
COVID-19 Scenario Analysis:
The lockdown scenario due to COVID-19 has affected every segment of the industry. It has brought many companies to a standstill in terms of production, exports, imports, procurement of raw material and revenue generation. The post-COVID-19 scenario is expected to be in favor of the alternate protein market due to increase in the consumer’s purchasing intention and awareness about the alternate options.
Lockdown has reduced the production and labor shortage in the industries across the globe. The procurement of raw material especially through exports has been impacted on a larger scale.
The COVID-19 situation has led to shutdown of many retail stores, conventional stores, and supermarkets but the e-commerce is distributing channel that is experiencing during the pandemic.
The trade restrictions have caused restrictions on export and import from various countries that serve as the raw material source.
A new generation of products has influenced the consumer buying behavior. The alternate protein products have proven to be sustainable products. Increase in awareness and health consciousness, ease of digestion, allergy concerns, sustainability, vegan protein, high protein quality, high disposable income, urbanization, and customer curiosity drive the growth of the global alternate protein market. These key drivers have shifted the consumer purchasing habit from animal protein to alternative sources of protein. However, varying raw material prices, expensive production techniques and the varying taste of the product hinder the market growth. Contrarily, overcoming the taste gap between the plant-based alternative and animal-based product is a challenge as well as opportunity for this market. The investments in new technology, launches of new and advanced products, requirement for controlling standards in food safety management, trend of taste enhancing ingredients, legislation, litigation, and regulation present new pathways in the industry.
The global alternate protein market trends are as follows:
Producing the meat alternatives in the laboratories has created exponential technical advancements without the use of living animals. They have made innovative strides toward improvement of the quality of the products and overall palatability of them as well. The key players like Nestle, Merit, and Burcon have entered into a joint development agreement for the development of plant protein ingredients and their application in the plant-based food &beverages. This series of products will be manufactured by the use of extraction and purification technology patented by Burcon.
Manufacturers have invested significant time and resources for development of new products with different variants and flavors due to varying demands based in the vegan market. Beyond Meat has introduced products like go beyond breakfast, easy-to-cook plant-based patties, classic and spicy sausages, beyond burger, and beyond beef made from plant ingredients.
The introduction of these variants has brought a new trend in the market and would optimize the protein requirement along with the alluring taste and appearance of the product. In addition, these products are decreasing the consumption of the animal-based products and tapping in the meat market. The companies are also offering protein alternatives in the form of dried powder, which usually has a longer shelf life with reliable food safety. The sources of protein have been diversified and alternatives like peas, isolates, canola, and algae are being used along with the processes like fermentation for the production of alternative protein products.
Key Benefits of the Report:
Questions Answered in the Alternate Protein Market Research Report:
Key Market Segments
Key Market Players