Meat Alternatives Attract Record Investment

Plant-based meat alternatives have attracted record investment and are becoming as affordable as conventional meat, says a report by the US$68 trillion-backed FAIRR initiative based on a six-year investor engagement with large food companies including Kraft Heinz, Walmart, Tesco and Mondelez. The alternative protein sector has seen steady growth in recent years, with global plant-based meat sales surpassing US$5 billion, and plant-based milk sales nearly reaching US$18 trillion in 2021. The total private investment in ‘alternative proteins’ reached a record US$1.7 billion in the first half of 2022, an increase of 2% from last year.  Mondelez has launched plant-based Philadelphia cheese products at the same price range as the dairy versions and in the UK Tesco’s vegan ‘Plant Chef’ range is 11.6% cheaper per kilo than comparable own-brand meat products in the UK. The report also found that 35% of food giants have set a target to increase sales of meat and dairy alternatives, an increase from 28% in 2021, both to meet consumer demand and to meet climate goals. Sofia De La Parra, Sustainable Protein Engagement Lead, the FAIRR Initiative, said: “With so many companies publicly declaring net-zero commitments, product portfolio diversification away from animal agriculture will be essential to meet these without resorting to offsetting”.    

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