The plant-based protein industry is rapidly growing, with Bloomberg Intelligence recently predicting the market share could grow from $29.4 billion in 2020 to $162 billion by 2030, representing 7.7% of the total global protein market. As the size of the plant-based protein segment grows so does the interest of the type of companies competing in this industry. It’s not just startups anymore, as large established, global companies have shifted their focus to create more plant-based products to better meet and capitalize on this growing demand.
There are several obstacles companies need to overcome as plant-based proteins continue to capture market share. Reaching price party with animal proteins on a cost-per-pound basis will be important for cost-conscious consumers. Other key barriers to overcome for widescale consumer acceptance include the taste, texture, color, and nutritional profile of plant-based proteins.