As veganism becomes more and more popular, the demand for proteins from plant sources is also increasing. This trend has been observed for some time by the Irish Kerry Group, which deals with the issue in its interim report for the first half of 2018. The Kerry Group produces and trades mainly in food additives and dairy products, and is unaffected by this trend.
Edmond Scanlon, CEO of the Irish group, said at a press conference in Dublin that 71 percent of consumers believe plant proteins are healthy. He continued, “We are now at the interface of three major trends: protein consumption is increasing; plant protein consumption is increasing; and snackification is driving consumers to look for more and more new protein alternatives.”
With regards to Scanlon’s own corporate direction, the company said, “We are not worried. We continue to invest in dairy products and remain optimistic about the long-term development of dairy markets and demand.” The Irish company has been working on this issue for some time, and is well-positioned to take advantage of the new trend towards vegan proteins.
However, many other large and small producers in this market segment see this development as a long-term and promising trend. For example, the US company Dean Foods recently announced that it would be switching most of its business activities to plant-based products. Many market experts are also forecasting strong growth rates for plant-based alternative products in the future, whereas demand for dairy products is expected to fall.