Alternative Protein Market for Food Application Size By Source (Plant-based, Insect-based, Microbial-based {Bacteria, Yeast, Algae}), By Application (Meat Analogs, Bakery, Dairy Alternatives, Cereals & Snacks, Beverages) Industry Analysis Report, Regional

Alternative Protein Market for Food Application Size By Source (Plant-based, Insect-based, Microbial-based {Bacteria, Yeast, Algae}), By Application (Meat Analogs, Bakery, Dairy Alternatives, Cereals & Snacks, Beverages) Industry Analysis Report, Regional Outlook, Growth Potential, Application Potential, Price Trend, Competitive Market 2021- 2027

The alternative protein market for food application is projected to witness significant growth by 2027 driven by the prominent demand for adequate food supply. Additionally, the expanding global population is speculated to further propel market growth through the forecast period.

With growing climate consciousness, concerns have emerged about the environmental impact of consuming animals, which has driven the uptake of alternative proteins in the food industry in recent years. Moreover, the COVID-19 pandemic has burdened the global healthcare infrastructure, adversely affecting the world economy, thereby impelling focus on identifying alternative protein sources and technologies that facilitate safer meat production.

The alternative protein market for food application has been segmented based on source, application, and region. With respect to source, the market has further been divided into insect-based, plant-based, microbial-based (yeast, bacteria, algae, and others).

The bacteria microbial-based source segment is expected to reach a valuation of more than USD 1.5 billion by 2027, growing at a sizable CAGR through the assessment timeframe. Increasing use of bacteria-based proteins in dietary supplements to enhance nutritional content of the products is set to fuel segmental expansion in the forthcoming years. The others microbial-based source segment, which includes fungi, is projected to grow at a CAGR of around 19.7% over the forecast period.

In terms of application, the alternative protein market for food application has been categorized into bakery, meat analogs, cereals & snacks, dairy alternatives, beverages, and others. The beverages application segment is estimated to be valued at about USD 13.5 billion by 2027, progressing at a notable CAGR through the analysis period. Rising demand for functional plant-based beverage in developed countries, such as the U.S., Canada, Germany, France, and Australia, is likely to drive segmental adoption over the following years.

The others application segment is estimated to exceed a valuation of USD 30 billion by the end of 2027. Other applications of alternative protein include dietary supplements and infant formulae, among others. Mounting consumer interest in plant-based supplements and increasing use of soy-based & lentil proteins in infant formulae are slated to bolster product uptake in upcoming years.

In the regional landscape, the Latin America alternative protein market for food application is calculated to attain a substantial valuation of over USD 10 billion by 2027, delivering a solid CAGR through the review period. Surging consumer focus on healthy lifestyle and food habits across LATAM is foreseen to boost regional market growth over the analysis time period.

Meanwhile, the Middle East and Africa alternative protein market for food application is calculated to register nearly 14.5% CAGR through the forecast timeline to garner a sizable revenue by the end of 2027. Escalating consumer spending on healthy and functional plant-based food & beverage products in MEA is speculated to foster regional market outlook in the future.