According to the research report titled ‘Global Alternative Food Market - Analysis By Type (Alternative Meat, Alternative Dairy Products), Usability, End User, By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2022-2027)’, available with MarketStudyReport, global alternative food market was worth USD 10.7 billion in 2020 and is anticipated to grow significantly through 2027.

Report findings suggest that shifting focus towards protein production using sustainable methods, on account of escalating environmental concerns and ethical issues linked with animal protein, as well as the growing vegan community are the major growth catalysts for global alternative food market.

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Furthermore, inflowing investments in development of alternative protein products, expanding demand for healthy & nutritional products, and technical improvements in the food sector are contributing towards industry remuneration.

In terms of usability, the market is bifurcated into finished product and raw materials. On the basis of end user, the marketplace is divided into households and horeca.

Based on type, the industry is split into alternative meat, and alternative dairy product. Among these, the alternate meat segment accounted for major share in worldwide alternative food industry in 2021 and is anticipated to grow considerably during the forecast period, owing to increasing health concerns. and shifting customer views. Notably, consumers who prefer plant-based products have embraced the concept of a healthy lifestyle supported by the incorporation of plant-based alternatives.

Whereas the alternative dairy products segment is predicted to hold 34% market share by 2027, due to rising number of people with dairy allergies and inclination towards replacing dairy with alternatives.

Regionally, North America industry is expected to account for substantial share, followed by Europe. While Asia Pacific is poised to emerge as most lucrative avenue for industry players in the coming years.

Speaking of competitive arena, Axiom Foods, Inc., String Bio Private Limited, OmniFoods, Zhenmeat, Cargill, Inc., Novameat, Impossible Foods, Inc., The Kellogg Company, Nestlé S.A., and Beyond Meat are the leading players influencing the global alternative food market dynamics. These giants are also embarking on strategies like mergers & acquisitions, collaborations & partnerships, and innovative launches to reinforce their position in the market.