The market share of plant protein is increasing year by year

According to a report by SNS Insider, the new protein market is expected to grow significantly at a compound annual growth rate of 16% by 2030, with its valuation soaring from $19.11 billion today to $62.65 billion.

A key driver will be increased health awareness, as consumers become increasingly aware of the link between meat consumption and chronic diseases such as heart disease. Plant proteins also generally have less saturated fat, cholesterol, and calories than animal proteins.

The new protein market is said to be undergoing a “paradigm shift”, with plant-based products increasingly dominating the food industry. Consumers are demanding more sustainable products, while technological advancements and investment in the plant-based industry are increasing. Further innovation, product development and the availability of plant-based options will continue to drive growth.

North America currently dominates the novel protein market due to consumer preferences, technological advancements, favorable regulatory environment and mature distribution network. This is likely to continue, but companies in the region will need to continue to innovate due to fierce competition.

Growing interest

The report also considers the impact of the challenging economic environment on the market. An economic recession may reduce consumer purchasing power and cause supply chain disruptions, but may also bring benefits such as cost efficiencies and increased consumer awareness of plant-based products.

Last October, another report found an “increased” interest in new proteins, which presented significant opportunities for further investment and growth. Financing in the industry reached US$1.7 billion in the first half of 2022, an increase of 2% over the previous year; it is currently expected that new proteins will account for 10-45% of the global protein market by 2035, and 25%-50% by 2050.

“Technology investors, recognizing the opportunity to capitalize on the increasing globalization and industrialization of food, are investing heavily in startups that are launching alternative methods of growing, manufacturing, processing and distributing food.” Technology analysts say: “Interest in new proteins and investment appears to have strengthened, and there is growing consensus that this trend will continue.”