What’s driving the fast-growing market for alternative proteins?
The market for alternative proteins is experiencing major growth with forecasts calling for hundreds of billions in market share; meantime meat-based proteins are expected to decline.
What's driving this growth? View the infographic below for 10 key reasons.
Food providers are going through a period of rapidly developing change which is placing more pressure and importance on procurement teams maintaining effective cost-margins for several reasons, such as:
• Supply chain challenges have created demand for a supply chain robust enough to withstand market shocks that have led to recent lack of supply, product gaps and ultimately empty shelves.
• Consumer behavior has changed significantly because of the pandemic. Consumers select, pay for, and collect their food in different ways than in 2019.
• Rising costs of sourcing commodities and ingredients. Plus, rising indirect costs due to structural and supply chain issues, rising shipping costs, demand bounce back, poor harvests, and more.
• Remaining competitive requires balancing the choice between passing on costs to end consumers and risking lower competitiveness or prioritizing competitiveness and facing a reduction in margins.
• Sourcing more attractive commodities in order to save costs. Supermarkets and food convenience companies are looking to source food commodities at better rates to protect their margins and growth.
The growth of consumer demand for alternatives to traditional meat-based proteins is one of the biggest developments affecting retailers and food manufacturers today.
The sector has already experienced much change and upheaval due to the global pandemics, and now must meet the demand for alternative proteins through rapid processes of innovation and investment.
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