According to the Good Food Institute (GFI), in 2022 the plant-based meat, fish and seafood retail industry generated $6.1 billion in global sales, growing eight percent by dollars and five percent by weight. Combined plant-based milk, cheese, and yoghurt hit $21.6 billion on the global stage, up seven percent from 20211 Plant-based milks continue to drive the sector, with maturing technologies like precision fermentation enabling innovation in plant-based dairy and meat alternatives.
Debate abounds on the future of plant-based proteins. As summed up in a recent report on plant-based meat, Rabobank analysts suggest that “the current generation of plant-based meat alternatives aren’t exactly plants, but ultra-processed products. And consumers are increasingly starting to realize this”.2 Sustainability arguments alone suggest that there is no question that plant-based is here to stay; but how will it evolve; to what degree will plant-based proteins displace meat (if at all); and which companies will win the hearts of consumers? In this webinar we will take the temperature of the key issues surrounding the plant-based market:
- Plant-based proteins
- Consumer demand and market positioning
- Innovation in nutrition, taste, and texture