Despite recent challenges in the alternative protein industry, such as sales downturns and capacity struggles, a new report by ProVeg Incubator suggests that this ‘correction phase’ will ultimately strengthen the sector‘s long-term prospects.
The report – Five Years, 100 Startups, and the Future of Food – reveals that the correction phase reflects a healthy recalibration, separating genuine potential from hype. Although the next year or so might be challenging due to economic conditions and investment landscapes, the report predicts a bright future.
“The next wave will lead the way, and further accelerate the transformation and growth of the industry”
New, competitively priced products with improved taste, nutrition, and texture are entering the market. Additionally, regulatory pathways are expected to improve, particularly in cultivated and precision fermentation sectors.
Significant progress anticipated
In the next three to five years, significant progress in product development is anticipated, with alternative protein products rivalling conventional options in taste, texture, and price. Over the next decade, mainstream adoption is expected to accelerate, with investment likely exceeding USD 10 billion annually.
“We are beyond the first wave of product innovation and consumer adoption. The next wave will lead the way, and further accelerate the transformation and growth of the industry,” comments Albrecht Wolfmeyer, director of the ProVeg Incubator.
Head to ProVeg International’s New Food Hub to read the latest article sharing key takeaways and insider quotes from the report, and download the full version. For support on your alternative protein strategy, contact [email protected].
