A recent presentation by Zak Weston, Senior Supply Chain Manager at the Good Food Institute unveils the huge potential of Alternative Proteins that is expected to reshape our food industry landscape in the near future.
Zak showed the various projections by different analysts/companies on the potential future market size for Alternative Proteins. Apparently, all analysts projected an upward growth trajectory for this segment with Credit Suisse having the most optimistic projection of the global market reaching US$1.1 trillion by 2050.
Meanwhile, history has also repeatedly shown that animals, being used as ‘technology’, has been disrupted or replaced many times, from its earlier use as transportation mode to be replaced with cars and other vehicles; as well as its use in farming to be replaced with tractors. These examples clearly showed that history has proven that humans have the capabilities to change the shape of things to come, either in the form of consumption or physical applications, to benefit humans and the environment. We are now at the most critical part of world history, where change is needed to ensure a better future for the next generation.
Apparently, the major challenges left to bring Alternative Proteins to mainstream instead of being just a ‘niche’ segment, is to make it feasible, consistent and acceptable in terms of cost, taste, texture and production volume. Once these are overcome, and possibly happening in the next decade, we will see a proliferation of alternative protein products on the market from cricket flour to plant-based meat, cultured meat, plant-based eggs and plant-based dairy and beverages amongst others occupying a larger shelf space at the supermarkets and more regularly being added to our dining menu options.
The presentation was part of the highly informative The Future of Protein Production Summit held virtually from 8 to 10 March and organised by the Future Proof Group.
