Market Growth, Plant Based Treaty, Veganuary and More
We’ve trawled the news outlets and our inside sources for the most relevant and up to date plant-based business news.
The global alternative protein market is set to reach $73.9 billion by 2031, with an annual growth rate of 16.2%, according to a new report by Allied Market Research. The sector generated $16.6 billion in 2021. The report says Demand for plant-based protein is driven largely by a rise in health consciousness
For those wanting to know more about this dynamic emerging sector and recent developments in the US the Good Food Institute is hosting a virtual seminar with cultivated meat industry experts on 31 Jan.
Plant-based ham is also soaring in popularity according to a report from ResearchAndMarkets.com. The plant-based ham market is expected to grow from $494 million to $1000 million by 2028, with a growth rate of around 12.7%. Growth was particularly marked in the US and Europe, especially Germany.
The world of vegan fast food is also heading for dramatic growth according to Future Market Insights. VegNews reports that the global fast food market is expected to be worth nearly $28 billion and is expected to rise to $28 billion by 2033. The growth is likely due to changing attitudes towards health, animals, and the environment.
The annual vegan challenge has record number of participants. With global figures not yet in, in the UK with one person has been signing up every 2.4 seconds. A YouGov poll found that 71% of British adults has herd of the pledge and more than 21% have taken past since the challenge began in 2014. As for plant-based businesses, there have been some significant new launches in the sector to coincide with the campaign. The Guardian reports that a combination of Veganuary and inflation has led to restaurants cutting down on meat offerings. Figures from Lumina Intelligence show that only 20% of restaurant dishes at restaurant chains last summer contained meat, a drop of four percentage points from last spring.
Cell-based meat Lab grown meat could be in American dinner plates “within months”. Leah Douglas at Reuters reports that in November 2022 the US Food and Drug Administration approved one cultivated meat product, a chicken breast grown by UPSIDE Foods, as safe for human consumption. Upside is now hoping to bring its products to restaurants in 2023 and to supermarkets in 2028.
Alt-dairy A former space scientist who worked for SpaceX, GoogleX and Impossible Foods has founded a vegan cheese company. Dr Oliver Zahn has raised $27 million and used advanced tech to develop plant-based “moonshot cheeses” that match dairy on taste texture and price.
Spanish start-up Väcka is making plant-based cheese with fermented melon seeds. Barcelona-based company uses liquid from upcycled seeds in place of almond milk in its Mözza and Chxdder varieties.
Alt-seafood New Zealand/US firm NewFish will be working with Cawthorn Institute to create and commercialise a fish replacement made from microalgae. The partnership hopes develop a new source of protein to combat the issues of depleted fish stocks and plastic pollution.
Plant Based Treaty
Edinburgh is the first European capital city to sign up to the Plant Based Treaty, a grassroots initiative to combat the climate crisis. The treaty will transition schools and council meetings to plant-based food and introduce carbon labelling in restaurants. The Treaty has been endorsed by cities in India, the US, Turkey, and the UK, where the public can email their councillors and to endorse the treaty as an individual or business.
Also in the UK a report from Systemiq and the University of Exeter calls on the government to introduce plant-based food into prisons, schools, hospitals and other state run institutions. They identified public procurement as a “super leverage point” for creating changes in the global food system. Plant Based Treaty are calling on the UK public to email their councillors and request that their city signs up and to endorse the treaty as an individual or business.
Milltrust Ventures and Earth First Food Ventures are launching a new $300m Smart Protein Fund to support the development of alternative proteins, according to City AM. The new fund aims t enable the scaling up of alternative meat production to help the food industry meet net-zero goals.
The Grocery Gazette reports that plant-based brands are surging ahead in food sector crowdfunding campaigns. The Seedrs annual report says there is a 24% rise in successful campaigns in the vegan category, with plant-based businesses raising £105.1m in total.
The Pack, a UK vegan dog food start-up has raised $995,514 in seed-funding from Vevolution and private investors. Backers include Mars, Scelta Mycofriends, Veg Capital and Kale United plus some alternative protein angel investors.
Plant-based brands are well known for having the most humorous ad campaigns. With new campaigns launched by Allplants, This and Eat Just, Vegconomist looked back at the most creative ads over the past 12 months.
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