Alternative Protein Market Size for Food Application to exceed $155bn by 2027
The global alternative protein market for food application is predicted to garner gains owing to growing consumer awareness toward alternative protein due to health and environmental concerns and animal welfare. The gradually growing vegan population and risks associated with animal-sourced food products are generating new growth opportunities in the market. Increasing concerns for nutritious diet and good food habits are supporting high product sales, providing growth opportunities to the market expansion.
Photo by Olena Sergienko on Unsplash
Increasing use of microbial-based alternative protein in dietary supplements is predicted to boost market growth
The microbial-based segment is predicted to reach over USD 30 billion by 2027. The microbial-based protein is widely used in dietary supplements as they are healthy sources of vitamins, carotenes, and carbohydrates. Increasing consumer awareness about personal health and fitness along with the increasing demand for dietary supplements will boost the alternative protein demand, thereby stimulating the business landscape.
Alternative protein market for food application from yeast accounted for a significant share as it is widely used in various food products such as nutritional bars and dry mix products. Likewise, the algae source segment will grow at a CAGR of over 19.9% in the forecast timeframe. The increasing use of algae protein in dietary supplements, such as protein powders and shakes, to have a better nutritional balance and meet the body’s protein demand will boost the requirement for algae protein, in turn, propelling the overall business statistics.
Increasing lactose intolerance cases along with occurrence of milk allergies have increased the alternative protein requirement in dairy alternative application
The dairy alternative application segment is projected to reach over USD 25 billion by 2027. People suffering from lactose intolerance are opting for dairy alternatives products including plant-based milk, cream, and yogurt, further propelling alternative protein market for food application. Also, dairy alternative companies are focusing on introducing dairy alternative products like almond milk coffee and coconut panna kotta, to attract new customers in the market and increase sales.
The requirement for dairy alternatives has surged across major industries such as restaurants, cafes, and hotels. The growing demand for dairy alternative products owing to increasing occurrences of milk allergies and cases of lactose intolerance across the globe will offer growth opportunities for the market expansion
Growing vegan trend and incorporation of plant protein in processed foods in Europe will propel product demand
Europe alternative protein market for food application is predicted to reach over USD 35 billion by 2027. The increasing use of alternative protein in processed food products including cereals, snacks bars, functional & sports beverages, and dairy alternative products like plant-based milk, yogurt, and cream, is boosting the product demand. Increasing number of consumers opting for vegan diet in developed countries, such as Germany, France, and the UK, due to rising concerns pertaining to environment degradation should boost the regional market share.
Rising vegan population has increased the need for meat analog products from the hotel and foodservice sector. Restaurants and foodservice joints have added meat alternative food options to the menu, increasing the need for meat analog products; therefore, increasing demand and production of meat analog products should increase alternative protein demand.
The companies operating in the alternative protein market for food application are implementing multiple strategies which include partnerships, new product launches, mergers, collaborations, acquisitions, and research & development to sustain their position in the global market. The major players include Cargill Ingredion, DSM NV, Scoular Company Kerry Group, and ADM, which play a significant role in alternative protein market for food application.
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