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”.
We are delighted to have launched Climate Transition Proteins progress report, which outlines the latest findings from the Sustainable Proteins engagement!
— FAIRR Initiative (@FAIRRInitiative) October 26, 2022