The increase in world population has led to an increase in global food demand, which is estimated to grow by 35–56% from 2010 to 2050. As a result, the risk of hunger is also expected to rise. Protein consumption between 2000 and 2018 rose by 40% worldwide and is expected to increase at 9.3% cumulative annual growth rate in the near future. Hence, there is a huge demand and potential market available for human and animal protein. Therefore, newer and more protein sources will be required to meet the longer food value chains. Hence, a microbial protein produced using waste biomass could offer socio‐economic benefits and consumer acceptance owing to its vegetarian nature. Moreover, waste biomass‐based proteins are environmentally benign and very good ingredients in food and feed. Dry microbial protein, described as single‐cell protein, grown on agricultural residue, has been considered as a potent source of protein for both humans and animals. Thus, single‐cell protein will open up new opportunities to meet the growing protein demands for humans and animals. Microbially produced beer, cheese and yogurt are all examples of microbial protein sources for humans and animals. The feedstock, like agriculture residue, is relatively cheap and could be a potential source for large‐scale protein production in the future.