Food and beverage producers may face a $109.5 billion opportunity as the alternative protein market accelerates, potentially more than tripling by 2032 according to DataM Intelligence.
The market research company valued the alternative proteins market at $34.3 billion in 2024 and predicts a 15.6% CAGR from 2025 to 2032 to hit the $109.5 billion figure.
The report attributes the forecasted growth to rising concerns around sustainability, food security, animal welfare, and long-term protein availability. These factors are motivating governments, manufacturers, and consumers to diversity their protein sources.
The defining market trends driving growth by 2032 will also include mainstream adoption of alternative proteins in foodservice and retail, expansion into animal nutrition and pharmaceuticals, improved cost competitiveness compared to animal protein, and regulatory progress in cultured meat and novel proteins, DataM Intelligence says.
Key sources of alternative protein growth
Plant-based protein was the dominant alternative protein source in 2024, accounting for about 45% of global market revenue at $15.4 billion. The report predicts it will remain the revenue anchor in this space through 2032, as producers continue to innovate in texture and taste.
Mycoprotein, or protein sourced from fungi, is the next most dominant market force, taking up 14% of global market revenue in 2024. Its meat-like texture and nutritional profile are driving adoption in the meat alternative and functional food spaces.
Insect protein, holding 11% of global market revenue as of 2024, is gaining traction as a protein-dense and sustainable option for animal feed, pet food, and specialty nutrition.
While cultured meat made up a small portion of global market revenue at 7% in 2024, DataM Intelligence notes the segment’s strategic importance and potential to accelerate in coming years as regulatory approvals expand.
Regionally, the U.S. currently represents the largest alternative proteins market globally. It accounted for about 36% of global revenue at about $12.3 billion in 2024. DataM Intelligence expects it to maintain this leadership by 2032, forecasting it to exceed $38 billion.
Asia-Pacific is the fastest growing regional market for alternative proteins, according to the report. Population growth, protein demand, and growing alternative protein manufacturing in China, India, and Southeast Asia are driving this growth.
Learn more about the factors driving alternative protein market growth by reading the full report.
