World population is expected to hit a whopping 10 billion people by the year 2050, this means more mouths to feed and more protein consumed by the expanding world populations. As global incomes rise and economies improve across Asia and Africa, consumers will demand more and more meat. This increase in demand according to the United Nations Environment Programme (UNEP) will account for a 56% increase in the food produced in the world today and a 70% increase in global demand for proteins.
Alternative proteins is a general term that covers both plant-based and food-technology alternatives to conventional meat production. renowed investors like Bill Gates, Katy Perry, and Serena Williams are jumping on the bandwagon. The economics seems to be simple enough, with the increased demand for protein, the sector should continue to grow- as long as supply is able to meet the demand. This seemingly shouldn’t be a problem as the market for alternative proteins has been growing over the past half decade with companies such as Beyond Meat, Impossible Food, Air Protein and Prime Roots- to name a few, springing up from San Francisco, to Singapore and Israel housing the most popular ones. In 20 years, according to a 2021 study, the worldwide market for all types of meats, alternative and otherwise, will be $1.8 trillion. Annual plant- based alt-protein sales by then could reach $450 billion. Cultured meats, such as Upside’s chicken, will likely be even more popular, according to Kearney, with annual sales reaching $630 billion.