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Food Industry Is ‘Leaning In’ to Alternative Proteins, Good Food Institute Reports

Three new reports from the nonprofit The Good Food Institute detail a shifting landscape across the global food system as the plant-based, precision fermentation, and cultivated meat sectors show significant growth and widespread acceptance. The trio of Good Food Institute (GFI) reports comes on the heels of the 2022 industry snapshot report from the Plant Based Foods Association, published earlier this week. Both organizations’ reporting shows major market potential: the plant-based food sector hit a record $8 billion in sales last year as the nascent cultivated meat and precision fermentation sectors raised nearly $2 billion combined while plant-based innovators raised $1.2 billion. U.S. Retail Plant-based sector saw 44% 3-year dollar sales growth (-3% unit 1-year sales), 80% repeat rate. Global meat production is projected to nearly double by 2050, GFI says. Unique investors in the space also grew 19 percent with 679 investors for the year with average investment sizes higher than in 2021. The dark horse in this race though appears to be precision fermentation. GFI notes that while funding decelerated YoY in an unstable market, there are still significant progress markers for the novel tech sector. The APAC region saw fermentation funding grow nearly 70 percent and Europe grew 37 percent. The category also saw its unique investors jump 38 percent to more than 700, a “trend likely to continue,” GFI says.



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