40% of large food producers enter the vegetable market

A four-year investor engagement with 25 giant food retailers and manufacturers, led by the FAIRR investor network, has found that two in five global food giants with combined annual revenues of $459 billion now have dedicated teams to develop and sell plant-based alternatives to meat and dairy. In total 7 of 15 retailers now sell, or plan to sell plant-based meat alternatives ‘on the meat aisle’.

The data comes from the new online Sustainable Proteins Hub for investors, and the ‘Appetite for Disruption: A Second Serving’ report, launched 27 July 2020 by the FAIRR Investor Network. The report highlights new research showing that over $1.1 billion of venture investment has flowed into alternative proteins in the first half of 2020, more than doubling last year’s total investment ($534 million). The alternative protein market is expected to grow to $17.9 billion by 2025. Amidst public concern over the link between meat production and the ongoing COVID-19 and African Swine Fever crises, retailers and manufacturers are facing a surge in demand for plant-based products.

This has been felt most acutely in China where pork consumption is estimated to drop by 35% this year, while plant-based pork brand, OmniFoods, saw record growth across China and other Asian markets. Brands like Impossible Foods and Oatly have set their sights on the region while Nestle is to build a $100m plant-based centre in China.

Fairr.org