A new report by Meticulous Research reveals that the Alternative Protein Market is expected to reach $27.05 billion by 2027, growing at a CAGR of 11.2% during the forecast period 2020-2027. A major shift in the global market’s consumer behavior is increasing interest in alternative protein sources from plant-based to insects. Also, a growing number of people are turning to products that are less taxing on the environment.
Before the COVID-19 pandemic, plant-based food makers were attracting investment from venture capital firms and major established meat supply companies. Investments in alternative-protein manufacturing companies have risen in recent years, as numerous start-ups sell plant-based proteins. Nestle, Cargill and Tyson Foods have all been developing plant-based meat brands alongside their more traditional meat products. And even after the pandemic hit, some plant-based meat manufacturing companies announced new investments. For instance, Impossible Foods raised US $500 million in funding to develop new plant-based meat alternatives in lamb, goat and fish.