The global alternative protein market is expected to reach $36.61 billion by 2029 at a CAGR of 12.4% during the forecast period of 2022-2029.

This market is driven by the growing population and awareness about the benefits of alternative proteins, increasing number of venture investments in alternative protein companies, high nutritional value of edible insects and environmental sustainability benefits offered by alternative proteins.

Additionally, the increasing inclination toward a vegan diet provides significant growth opportunities for alternative proteins manufacturers. However, the high cost of alternative proteins and the significant preference for animal-based products hinder the growth of this market to a notable extent.

Based on type, the alternative proteins market is segmented into plant proteins, insect proteins, and microbial proteins. In 2022, the plant proteins segment is estimated to account for the largest share of the alternative protein market. The large share of this segment is mainly attributed to the growing demand from food & beverage manufacturers, the increasing vegan population, the rising number of plant-based product launches and the large presence of plant protein manufacturers.

However, the insect proteins segment is expected to grow at the highest CAGR during 2022-2029. The high growth rate is due to the growing demand for environmentally friendly protein-rich food and the rising number of investments in edible insect farming.
 
The alternative protein market is segmented into plant protein-based applications, insect protein-based applications and microbial protein-based applications. In 2022, the plant protein-based applications segment is estimated to account for the largest share of the market.