New Report Reveals Record Investments Being Committed by Food Giants in Alternative Proteins
Twenty-three of the world’s largest food businesses, including ingredient suppliers, manufacturers, and retailers were canvassed by FAIRR, which has published its latest report finding that a record $1.7 billion has been invested in alternative proteins in the first half of 2022 alone.
The report reveals that 35 percent of the 23 companies have timelines and numerical targets in place for raising sales of meat and dairy alternatives, compared to 28 percent last year. Companies also reported a greater ability to offer plant-based meat and dairy alternative products at similar price points of animal-based offerings, leading FAIRR to forecast that plant-based products will reach price parity as early as 2023, and by 2031 at the latest.
Despite record investment and interest in protein alternatives, FAIRR expressed concern over companies overlooking alternative proteins as a means of minimizing climate impacts and risk, going on to raise questions regarding the credibility and ambitions of net-zero targets in the sector.