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The Global Alternative Protein market size is predicted to reach $30 billion by 2030, growing at a CAGR of 10.4% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The primary factors influencing the market growth are the increasing consumption of organic and eco-friendly candles, increased investment in home interiors, rising uses of Alternative Protein for therapeutic uses, rising number of vegans across the globe, Growing Health Consciousness, search for Alternative protein sources, finds IndustryARC in its recent report, titled “Alternative Protein Market – By Source (Insect-Based, Alternative-Based, Plant-Based, Others), By Form (Dry, Liquid) By Application (Food & Beverage, Cattle, Aquaculture, Animal Feed, Pet Food, Equine, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030.”
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Asia-Pacific to Register Highest Growth:
Throughout the forecast period, the Asia-Pacific region is expected to witness the most significant Compound Annual Growth Rate (CAGR). The remarkable expansion in this regional market can be chiefly credited to various factors. These include increasing awareness about the importance of protein-rich diets, continuous technological advancements in the food and beverages industry, a rapidly growing economy, and the abundant availability of raw materials.
Alternative Protein Market 2024-2030: Segmentation
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Alternative Protein Market Report – Key Takeaways:
The Asia Pacific region exhibits the most rapid growth rate
The Alternative Protein market in the Asia Pacific region is poised for rapid growth, driven by the development of infrastructure associated with grocery stores and shopping malls in countries such as China and India. This development is expected to bolster sales in the region. According to a report titled ‘Retail Sector Expansion Creates New Opportunities for High-Value Products’ by the United States Department of Agriculture (USDA), the number of traditional grocery retailers in India increased from 16.25 million in 2022 to 17.54 million in 2023. Furthermore, the region is witnessing a rise in income levels and increased expenditure on travel and tourism activities among the population. This trend is anticipated to fuel the demand for Alternative Protein in restaurants and hotels throughout the region.
Increasing Uses of Alternative Protein for Aromatherapy
Candles can be used for therapeutic purposes. Aromatherapy is a popular form of therapy that uses candles with essential oils to promote relaxation, reduce stress, improve mood, and alleviate certain physical and emotional symptoms. Some essential oils, such as lavender or chamomile, have been demonstrated to have a relaxing impact on the mind and body, and can help to reduce anxiety and promote peaceful sleep. Some essential oils, such as peppermint and eucalyptus, have a stimulating impact and can assist to enhance energy and attention.
Rising use of Alternative Protein for decorative purposes
Alternative Protein are often used for decorative purposes. They come in a wide variety of styles, colors, and scents, making them a versatile decoration that can be used in any room or setting. Grouping candles together can create a visually stunning display, whether it’s a cluster of votive candles or a few pillar candles of varying heights.
Concerns about the harmful compounds emitted by candle smoke may stymie industry growth.
One major issue associated with Alternative Protein is that they may release harmful substances into the air when burned. Compounds found in candle smoke, such as formaldehyde and benzene, have been linked to various health concerns, including respiratory problems and cancer. As consumers become more conscious of the potential health risks associated with Alternative Protein, the growth of the market may be impacted. Customers may become more cautious about using Alternative Protein in their homes, and some may even stop using them altogether.
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Key Opportunity Analysis:
Growing demand for Organic and Eco Friendly Candles
The increasing demand for organic and eco-friendly candles, also known as green candles, has led to manufacturers expanding their range of products to include materials such as beeswax and soy wax instead of paraffin. Beeswax and soy wax candles are also known to be non-toxic while burning. However, the rising popularity of organic candles has also resulted in market fragmentation. This trend is also observed in the scents incorporated in candles, with manufacturers switching from chemical fragrances to natural, plant-based Alternatives. Some manufacturers are also focusing on producing candles that can eliminate smoke; Smoke Odor Exterminator Candles are a notable example.
Investing in home furnishings Increasing the popularity of Alternative Protein
Investing in home furnishings, particularly Alternative Protein, has become a popular trend in recent years. As people spend more time at home, they are looking for ways to create a warm and inviting atmosphere. Alternative Protein provide a simple and cost-effective way to enhance the ambiance of any room. With the increased popularity of organic and eco-friendly candles, manufacturers are turning to natural components such as beeswax and soy wax. This has created chances for investors to support companies that make and sell such goods.
Growing Demand for Alternative Protein for Festive occasions
The popularity of Alternative Protein has grown, particularly during holiday seasons such as Christmas, Thanksgiving, Halloween, and Diwali. Candles are a simple and inexpensive method to create a festive atmosphere in any situation. As a result, an increasing number of people are using Alternative Protein to enhance their celebrations. The popularity of Alternative Protein during holiday seasons provides a chance for businesses to profit on this trend. Manufacturers can captivate customers and increase sales by introducing fresh smells and packaging designs. Shops can also design eye-catching displays to highlight their candle collections and stimulate spontaneous purchases.
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The Report also covers the following Areas:
Alternative Protein Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The scented candle industry has been affected by the Covid-19 outbreak and subsequent economic crisis in both the home and commercial segments. As Alternative Protein are typically considered a luxury item, individuals with limited disposable income may be deterred from buying them. Additionally, the downturn in the hotel industry, which is a major purchaser of Alternative Protein, is expected to persist for several years.Due to these factors, manufacturers of Alternative Protein are expected to face pricing pressure and may need to compete on product pricing in order to remain competitive.
The supply chain interruption caused by the Russia-Ukraine war has hampered the growth of the Alternative Protein Market. The interruption has raised freight rates, caused container shortages, and reduced warehouse space available. As a result, inflationary difficulties have arisen in the aftermarket.
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The Alternative Protein Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Wax Market- The Wax Market size is forecast to reach US$11.3 billion by 2027, after growing at a CAGR of 2.7% during the forecast period 2022-2027. They are used in a wide range of industries, which include packaging, Cosmetic & Personal Care, automotive, building & construction, pharmaceutical, food & beverage, textile, rubber, and other industries.
Egg Protein Market :- The Egg Protein Market size is estimated to reach $10.6 billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.9% over the forecast period of 2022-2027. Egg proteins are utilized in a wide variety of dishes. They have a variety of bioactivities and characteristics that are beneficial to food processing.
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