Alternative Proteins ‘Promise Substantial Disruption’ To Conventional Meat, Report Says
By Sally Ho, Green Queen (Hong Kong)
Apr 28, 2021
As alternative proteins scale up and reduce costs, they “promise substantial disruption” to the conventional animal meat market, says a new report. The analysts also pointed to changing regulations and fast-growing consumer adoption as key factors propelling the alternative protein industry, and advised conventional protein producers to “consider a more diverse portfolio” as pressure piles on to reap returns.
Businesses across the food industry are going to need to align themselves with the alternative protein trend to “stay ahead in the food value chain space”, according to a new report from multinational consultancy Ernst & Young (EY).
Outlining the positive trajectory that alternative proteins are heading in, from the industry bagging more than US$16 billion in total investments in the past decade to the number of startups in the sector exceeding 1,000, researchers believe that even conventional meat players will come under huge pressures to participate and capitalise on the trend.
Moreover, cost and quality are both “improving rapidly”, which will further accelerate mass adoption of alternative proteins. EY analysts believe that the cost of alternative protein production will reach price parity with conventional meat by the mid-2020s, and even undercut meat prices by 2030.
The prediction is in line with a recent Good Food Institute (GFI) report...
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