Alternative Protein Market for Food Application to Hit $155 Billion by 2027, Says Global Market Insights Inc.

The alternative protein industry for food applications is set to register more than a 17% CAGR between 2021 and 2027, supported by increasing usage of alternative protein in a wide range of food & beverage products including meat analogs, bakery, dairy alternatives, cereals & snacks, and plant-based beverages.

SELBYVILLE, Del., Sept. 29, 2021 (GLOBE NEWSWIRE) -- The alternative protein market for food applications is projected to cross USD 155 billion by 2027, according to a new research report by Global Market Insights Inc. Rising health consciousness amongst consumers, coupled with the growing demand for functional food and beverages, is positively influencing the market size. Enhanced consumer inclination toward plant-based food, increasing focus on product innovations in the food industry, and rising preference for sustainable food consumption are among the major factors driving the market expansion.

The cereals & snacks application segment is set to record around a 17% CAGR over the predicted period. Alternative proteins are widely used in cereals & snacks, such as protein bars, puddings, fruit & nut bars, no-bake energy bites, and trial mixes to increase protein consumption through these snack food items; thus, increasing consumer expectations of high nutrition snacks owing to health concerns have led manufacturers to incorporate an extensive range of protein sources in snacks. These factors are anticipated to boost the alternative protein demand for cereals and snack applications.

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Some major findings of the alternative protein market for food application report include:

  • The bakery application segment is projected to register around a 16.5% CAGR from 2021 to 2027 supported by increasing demand for natural ingredients, cleaner products, and healthy & high protein products.
  • The insect-based source segment is predicted to surpass USD 10 billion by 2027, owing to increasing concerns that sustainable protein sources are shifting preferences from animal protein to insect-based protein.
  • The Asia Pacific comprises a significant share in the processed alternative protein industry for food application, driven by rising disposable income, increasing spending on nutritional food, and dietary supplements.

Browse key industry insights spread across 295 pages 232 market data tables and 39 figures & charts from the report "Alternative Protein Market For Food Application By Source (Plant-based, Insect-based, Microbial-based {Bacteria, Yeast, Algae}), Application (Meat Analogs, Bakery, Dairy Alternatives, Cereals & Snacks, Beverages), Industry Analysis Report, Regional Outlook, Growth Potential, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027" in detail along with the table of contents:

North America alternative protein market for food application is anticipated to grow at a significant CAGR of over 17% up to 2027. Increasing consumer demand for plant-based meat products owing to increasing health-consciousness and growing focus on reducing meat consumption will boost the regional market share. Growing concerns among consumers about the disease outbreak in livestock farms along with the increasing demand for protein-rich food products have led manufacturers to incorporate protein from alternative sources, thereby accelerating the North American market statistics.

Major players in the alternative protein market for food application are focusing on strategic initiatives such as partnerships, mergers & acquisitions, collaborations, and product development to cater to the rising demand for alterative protein. For example, in May 2021, Ingredion launched its new textured pulse protein under the brand, Vitessence Tex, across Europe. The product can be used in vegan-ready meals and meat alternatives to balance taste and provide meat-like texture and nutritional profile.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
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Alternative Protein Industry for Food Application 2021-2027