According to the Good Food Institute, 2020 has set new records for the introduction of sustainable protein companies, private investment and retail sales in this area.
Western Europe is now the largest regional market for plant-based meat at USD 1.8 billion, accounting for 43% of the global market for plant-based meat analogs. The region grew by 17% compared to 2019. Global retail sales of plant-based meat reached record highs in 2020, reaching USD 4.2 billion compared to USD 3.4 billion in 2019; however, the alternative protein sector is lagging behind conventional meat and dairy products.
More capital has flowed into this industry segment than ever before; around USD 2.2 billion has been invested in the plant-based sector, accounting for almost half of the capital invested in the industry since 1980.
In 2020, fermentation has become the third technological pillar of the alternative protein revolution alongside plant and cultured proteins. Within the alternative protein sector (which includes plant and fermentation segments), cultured meat accounted for 14% of total annual private sector investment.
However, while reports show that year-on-year growth continues to trend upwards, the market share of plant-based and cultured meat and other proteins remains a fraction of the trillion-dollar world of the meat and dairy industry.
(Source: Food Navigator 2021)
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