Watch out... or They Will Steal Your Growth! Why Alternative Proteins Are Competing So Successfully for the Centre of the Plate
Alternative proteins are capturing plenty of consumer interest, food column inches, and space in food retail cabinets and on foodservice menus. And if the talk is any indicator, they appear set to enter the mainstream in the coming years. This offers opportunities for the animal protein sector and for other F&A companies.
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The growth of alternative proteins is of greater interest than their current market size. “The strong and persistent drivers supporting the current growth of alternative proteins will continue over the next five years, at least,” according to Justin Sherrard, Global Strategist – Animal Protein. “This means alternative proteins have the potential to capture a material share of animal protein demand growth in the EU, and also capture more market share in the US and Canada”.
This growth should also serve as a wake-up call to the animal protein sector, as we do not see doing nothing as a rational response. The persistent drivers behind the growth in alternative proteins offer clear opportunities—and if animal protein companies do not seize these, they will turn into threats as other F&A companies respond.
These opportunities include investing in developing alternative protein sources, in addition to learning from the companies already active in this space about product innovation, positioning, and marketing.
What’s the deal with alternative protein products? Rabobank identifies three main types:
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