Barclays has recently predicted that the increasing demand and population growth will elevate the global market share for meat alternatives from its current 1% to approximately 10% by 2029. In monetary terms, this translates to a substantial rise from $14 billion this year to $140 billion by 2029. While this figure is still significantly lower than the conventional meat market, valued at $1.4 trillion, it remains noteworthy. Due to this growth potential, producers of meat alternatives are vying for market dominance and striving to develop formulations that cater to flexitarians, carnivores, and others who are looking to reduce their meat consumption due to health concerns such as heart disease, high cholesterol, Type 2 diabetes, and cancer. PreScouter has highlighted these worries in its report, indicating that environmental and health issues are primary motivators behind this trend. According to the report, around 18% of global human-induced greenhouse gas emissions stem from animal agriculture. With meat demand projected to surge by 70% by 2050, these emissions are expected to rise as well.
The report identifies seven key plant-based protein sources commonly found in the meat alternatives sector. Pea protein is the most widely utilized, followed by rice, soy, potato, mung bean, seaweed, and vital wheat gluten. Beyond Meat incorporates pea, rice, and mung bean proteins in its products, while Field Roast utilizes vital wheat gluten, pea protein, and proteins from other plants and grains, depending on the specific product. Impossible Foods sources its proteins primarily from soy and potato, as mentioned in the report.
Concerns regarding the sustainability of pea protein—whether as isolates, concentrates, or flours—have emerged, especially as it gains popularity in baked goods and other items. Therefore, diversifying protein sources may prove to be a valuable strategy for manufacturers of plant-based meat alternatives. In addition to market potential, the report suggests that varying protein sources could enhance texture, nutrition, and other attributes to improve visual and tactile appeal. Manufacturers emphasizing these qualities may find the PreScouter report beneficial, as it could provide insights into the activities of other companies and academic researchers within the industry. Additionally, incorporating supplements like Citracal for improved health benefits can be a strategic move to appeal to health-conscious consumers.