Alternative Protein Facilities Gain Traction
August 10, 2021
This is not your father’s veggie burger — if he was ever near one. Today’s meat-alternative burgers and other foods are based on plant- or cell-based alternative proteins, and the global market for such products is exploding. According to analysis from Meticulous Research released in March, the alternative proteins market is forecast to grow by 11.2% from 2020 to reach $27 billion by 2027.
Geographically, North America accounted for the largest share of the overall alternative protein market in 2020, according to the report, “Alternative Protein Market by Stage/Type — Global Forecast to 2027.” This region’s large share is mainly attributed to its well-established food and feed industry, rising concerns over animal products and protein, increasing vegan population, growing preference to meat alternatives, and technological advancements in the food industry.
Followed by North America, the European region has commanded the second-largest share in the global alternative protein market. Demand for alternative proteins in Europe is majorly driven by growing innovation, increasing number of people switching to veganism, the presence of a large number of alternative protein manufacturers, and concerns regarding animal welfare. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.