Report: Alt-Protein Could Make Up 11% of Global Protein Market By 2035, But Parity Is Vital
Impact investor Blue Horizon has released a new report titled Food for thought: protein transformation. He examines how the alternative protein market will develop in the coming years and what this means for investors.
According to the report, one in ten serving of meat, eggs and dairy products consumed globally will likely be alternative protein by 2035, with alternative protein companies’ revenues reaching $ 290 billion. The change would save a gigaton of carbon dioxide – the equivalent of a carbon neutral Japan for an entire year – and enough water to supply London for four decades.
If certain conditions are met, the market share of alternative proteins could be even greater. Matching the price, taste and texture of conventional animal proteins, along with improved efficacy and support for regulators, could lead to an increase in alternative protein consumption by 22% by 2035.
Currently, alternative proteins represent only 2% of the global protein market. However, the Blue Horizon report cites a recent study which found that 77% of consumers are at least somewhat open to trying alternative proteins. For many respondents, lower cost and improved taste would convince them to make the switch.
Already, a large number of companies are working on innovations in alternative proteins. Last year, industry investment tripled to $ 3.1 billion, and a report recently predicted that the alternative protein market would be worth $ 155 billion by 2027.
â2020 has been a pivotal year for alternative proteins, with record investments in all segments of the industry,â said Caroline Bushnell, director of corporate engagement at GFI. âThis is yet another signal of the significant potential the private sector sees in this rapidly growing global industry. As the amount breaks all records, more investment is needed, from both the public and private sectors, to respond to the urgency of the moment. “