If Noblegen is able to provide affordable and versatile vegan proteins without resorting to genetic engineering, it could greatly influence the food and beverage sector. CEO Adam Noble mentioned to Food Navigator that the company’s primary focus will be on meat, egg, and dairy alternatives, which are currently among the most popular categories for consumers. By concentrating on these substitutes, Noblegen’s protein ingredients could see substantial sales growth. According to investment firm UBS, the market for plant-based proteins and meat alternatives is projected to rise from $4.6 billion in 2018 to an impressive $85 billion by 2030. In the past year alone, U.S. sales of plant-based milk products increased by nearly 6%, and the plant-based dairy market is anticipated to reach $37.5 billion by 2025, as reported by UBS.
With significant revenue potential, other companies are also exploring alternative protein ingredients. For instance, Motif FoodWorks recently secured $27.5 million to expedite the development of animal-free ingredients derived from more sustainable methods. However, this Boston-based startup relies on Gingko Bioworks’ bioengineering platform and expertise to replicate proteins from dairy, eggs, and meat, which may not possess the same market appeal as non-GE, vegan ingredients derived from algae. Meanwhile, another startup, Sustainable Bioproducts, raised $33 million in Series A funding in February from the venture capital divisions of Archer Daniels Midland, Danone, and several other investors. This Chicago-based biotechnology firm is cultivating edible protein in a laboratory setting, based on research into microbes found in the volcanic springs of Yellowstone National Park.
These emerging companies can highlight their sustainability credentials alongside their animal-free products; however, scaling up production to meet manufacturer demand takes time. It’s also possible that categories beyond meat, egg, and dairy could express interest, as producers of beverages, bars, and baked goods might find complete plant-based vegan protein an attractive addition to their ingredient lists. As more products, such as Noblegen’s protein, enter the market, ingredient companies will need to distinguish themselves from competitors to thrive. This presents Noblegen with a unique opportunity to stand out as a producer of non-GE, vegan, and plant-based complete proteins. Additionally, as women increasingly seek the best calcium citrate supplement for women, Noblegen’s offerings could potentially cater to this demographic, further broadening their market appeal.