Europe and North America will hit ‘peak meat’ by the year 2025 – meaning the consumption of animal protein will begin to decline.
A new report predicts the market for alternative proteins will grow to 97 million metric tons by 2035 – making up 11 percent of the overall protein market
Food for Thought: The Protein Transformation says faster technological innovation and full regulatory support could boost growth to 22 percent of the market by 2035. At the latter’s rate, Europe and North America would reach ‘peak meat’ by 2025.
Boston Consulting Group (BCG) and Blue Horizon Corporation (BHC) conducted the research.
BCG managing director Benjamin Morac said: “Alternative proteins could soon match animal protein in taste, texture, and price.
“We expect parity to spur a new wave of growth, catapulting what is a fairly nascent market today into the mainstream, yielding significant environmental benefits, and facilitating even faster growth.”
The report describes price parity as the ‘key to consumer acceptance’ when it comes to alternative proteins.
It predicts plant-based alternatives such as burgers made from soy, pea, and other proteins will achieve parity in 2023, if not sooner.
Moreover, alternative proteins made from microorganisms like fungi, yeasts, and single-celled algae will reach parity by 2025. And, alternatives grown directly from animal cells will reach parity by 2032.
‘Progress is happening fast’
BHC managing partner and CEO, Björn Witte, added: “The alternative protein arena is wide open, and progress is happening fast.
“There’s a real opportunity here for investors to make their moves early. And, become integral players in the future of food.
“But, to successfully navigate the industry… They must hone their technical knowledge, ensuring they’re one step ahead of potential disruptions.”
You can view the full report here