The alternative meat, eggs, dairy, and seafood market will reach at least $290 billion by 2035 as customers drive growth in plant- and animal cell-based alternatives, according to a new report by Boston Consulting Group and Blue Horizon Corp. This could make up 11 percent of the overall protein market.
Benjamin Morach, a BCG managing director and partner, said in a statement, "Alternative proteins could soon match animal protein in taste, texture, and price. We expect parity to spur a new wave of growth, catapulting what is a fairly nascent market today into the mainstream, yielding significant environmental benefits, and facilitating even faster growth."
The report outlines three predicted stages of growth and when they will happen. First, plant-based alternatives such as burgers, dairy, and egg substitutes made from soy, pea, and other proteins will achieve parity in 2023, if not sooner. Second, alternative proteins made from microorganisms like fungi, yeasts, and single-celled algae will reach parity by 2025. And third, alternatives grown directly from animal cells will reach parity by 2032.
This growth presents opportunity for investors, according to Björn Witte, BHC managing partner and CEO.
"The alternative protein arena is wide open, and progress is happening fast. There is a real opportunity here for investors to make their moves early and become integral players in the future of food. But to successfully navigate the industry, they must hone their technological knowledge and ensure they're one step ahead of potential disruptions," he said in a statement.
Related: Convenience, Comfort, Plant-Forward Drive Specialty Frozen Food Sales; Plant-Based Proliferates in 2020.