ALTERNATIVE PROTEIN MARKET Challenges and Opportunities

Key challenges faced by alternative protein market includes producing products with ideal taste and texture that can compete against meat and animal protein products. While manufacturers have made progress in developing plant-based and cultured meat products, consumers still perceive their taste and texture as not being at par with traditional meat options. Achieving the juiciness, tenderness and other textural qualities of conventional meat remains a difficult task. For instance, according to a 2021 report by the U.S. Environmental Protection Agency, while 30% of U.S. consumers want to consume more plant-based meat products, only 5% are frequent buyers.

Market Opportunity- Expansion into emerging markets

Major opportunity for alternative protein market lies in expanding to emerging markets across the globe. While developed markets in North America and Europe have led the early adoption of plant-based and cultured meat, there has been huge untapped potential in developing countries with rapidly growing middle-class populations and appetite for meat. Regions like Latin America, Asia Pacific and Africa are increasingly urbanizing with changing diets.