2023 State of the Industry Report
Plant-based meat,
seafood, eggs, and
dairy
Table of contents
Editor’s note............................................................................................................................................................................................................................................... 4
About the Good Food Institute...................................................................................................................................................................................................7
Executive summary..............................................................................................................................................................................................................................9
Commercial landscape........................................................................................................................................................................................................................................... 9
Sales........................................................................................................................................................................................................................................................................................10
Investments....................................................................................................................................................................................................................................................................10
Science and technology..................................................................................................................................................................................................................................... 10
Government and regulation........................................................................................................................................................................................................................... 10
Commercial landscape.................................................................................................................................................................................................................. 14
Facilities.............................................................................................................................................................................................................................................................................. 14
Company landscape...............................................................................................................................................................................................................................................16
Involvement by diversi
fied companies.............................................................................................................................................................................................. 18
Partnerships................................................................................................................................................................................................................................................................... 19
Product launches.......................................................................................................................................................................................................................................................21
Activity in blended meat.................................................................................................................................................................................................................................... 24
Consumer insights............................................................................................................................................................................................................................. 26
Conventional meat consumption, reduction, and substitution................................................................................................................................ 26
Consumer awareness and use.................................................................................................................................................................................................................... 29
Consumer motivations.........................................................................................................................................................................................................................................31
Sales.............................................................................................................................................................................................................................................................. 36
U.S. retail sales overview.................................................................................................................................................................................................................................. 36
Categories......................................................................................................................................................................................................................................................................... 38
U.S. consumer dynamics and research..............................................................................................................................................................................................40
Global retail sales overview........................................................................................................................................................................................................................... 41
U.S. foodservice sales overview................................................................................................................................................................................................................ 44
Investments............................................................................................................................................................................................................................................49
Liquidity events........................................................................................................................................................................................................................................................... 55
Other
financing............................................................................................................................................................................................................................................................ 55
Science and technology................................................................................................................................................................................................................ 58
Research across the technology value chain...............................................................................................................................................................................59
Environmental and social impact.............................................................................................................................................................................................................67
Health and nutrition............................................................................................................................................................................................................................................... 69
Scienti
fic ecosystem growth..........................................................................................................................................................................................................................70
Government and regulation.......................................................................................................................................................................................................74
Global public funding............................................................................................................................................................................................................................................ 74
Regulation by country/region.......................................................................................................................................................................................................................76
Global cooperation and coordination.................................................................................................................................................................................................. 80
Outlook........................................................................................................................................................................................................................................................ 83
2024 outlook................................................................................................................................................................................................................................................................. 83
Long-term outlook................................................................................................................................................................................................................................................... 84
External projections............................................................................................................................................................................................................................................... 85
Acknowledgements..........................................................................................................................................................................................................................92
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 2
Editor’s note
Over the past decade, the global plant-based food
market has grown substantially. This has been
largely driven by companies launching products that
appeal to mainstream consumers by mimicking the
taste, texture, and functionality of conventional
animal products. In 2023, new distribution around
the world led to pockets of regional sales growth,
particularly in markets where plant-based categories
are still emerging. Yet a number of challenges
persisted in more mature markets, including the
United States, where retail dollar and unit sales for
plant-based foods declined from 2022.
In the United States, plant-based price increases
coincided with elevated inflation and tightened
consumer budgets, and purchase dynamics
indicated weakening consumer engagement in many
plant-based categories. Plant-based meat sales
declined more sharply than plant-based food sales
overall, and surveys of lapsed consumers showed
that plant-based meat products are largely not
meeting consumer expectations, particularly in
regard to taste, texture, and price. Funding
constraints, scaling complexities, and a rise in
misinformation and disinformation all posed
additional obstacles to growth.
Yet U.S. consumers say they’d be more willing to eat
plant-based meat if it tasted better, became more
affordable, and overall provided a clear value. There
also remain strong consumer tailwinds supporting a
shift toward increasing consumption of plant-based
foods. None of the challenges facing plant-based
foods are insurmountable, but they do require
significant increases in government and private
sector support, with an eye toward meeting
consumer needs. Companies can innovate to
improve the eating experience of their products and
optimize production to deliver better affordability.
The industry can collaborate to better communicate
the benefits of plant-based meat and the unique
value of their products to consumers.
The past year saw progress made up and down the
supply chain. New products with improved health
propositions hit the shelves. Large companies
released plant-based alternatives to popular
branded products, leveraging those brands’ equities.
Research continued to optimize plant protein
cultivation, take advantage of agricultural
by-products, and create processes and ingredients
that more closely match the sensory attributes of
conventional meat, seafood, egg, and dairy products.
Despite tough market conditions, the stark realities of
our food system remain: Global meat consumption is
projected to rise significantly by 2050, and animal
agriculture alone accounts for between 11 and 20
percent of greenhouse gas emissions. Taken together,
these projections point to the urgent need for the
kinds of solutions provided by alternative proteins.
If the world is to achieve our climate, biodiversity,
public health, and food security goals, reimagining the
way meat is made will be as essential as the global
transition to renewable energy. When compared to
conventional meat, alternative proteins dramatically
reduce emissions, feed more people with fewer
resources, reduce pandemic and antibiotic-resistance
risks, and free up lands and waters around the world
for restoration and recovery.
GFI’s annual State of the Industry Reports equip
food system stakeholders with an in-depth
understanding of the alternative protein market and
its challenges and opportunities. These reports also
serve as a global call to action:
Alternative proteins are agricultural
innovations that, with proper levels
of government and private support,
will help ensure planetary and public
health, transforming our global food
system for the better.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 3
Plant-based meat is a powerful tool for tackling such
challenges. At scale, alternative proteins including
plant-based meat, seafood, eggs, and dairy could
enable a shift toward less resource-intensive ways of
producing protein. But first, the industry must
overcome challenges like distorted nutrition
narratives and premium pricing compared to
conventional meat, and must continue to improve
taste and sensory attributes so that plant-based
products more closely resemble meat. The next
generation of consumers is signaling enthusiasm for
plant-based meat as a solution to food made with
fewer resources and less harm to the environment.
With additional funding and support, the industry is
poised to satisfy that growing interest.
This report details the innovations and developments
that moved the field forward in 2023. But there is still
much to be done. As a nonprofit and international
network of organizations, GFI is accelerating
alternative protein innovation and bringing more
people into the field. Policymakers and governments,
scientists and students, industry leaders and global
citizens can all ensure that the sector of
nature-positive proteins continues to progress,
offering the world a far more sustainable food future.
With gratitude and deep respect to all those on this
journey, we invite you to dig deep into this 2023
State of the Industry Report.
Best,
Caroline Bushnell
SVP of Corporate Engagement
Liz Specht, PhD
SVP of Science and Technology
Jessica Almy
SVP of Policy and
Government Relations
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 4
About GFI’s State of the Industry Report series
GFI’s State of the Industry Report series serves as our annual alternative protein sector deep-dive. The
series compiles business developments, key technologies, policy updates, and scientific breakthroughs
from around the world that are advancing the entire field. This year’s reports include:
Cultivated meat and seafood
Plant-based meat, seafood, eggs, and dairy
Fermentation: Meat, seafood, eggs, and dairy
Global policy: Public support, regulation, and labeling
The Plant-based meat, seafood, eggs, and dairy report synthesizes 2023 updates across the global
industry focused on plant-based alternatives to conventional animal products. For a primer on the latest
science and technological developments of plant-based alternative proteins, please visit GFI’s science of
plant-based meat deep dive page.
Symbols to look for
Throughout the 2023 State of the Industry Report series, look for symbols highlighting how developments in the
past year advanced the alternative protein sector in the areas of health and nutrition, sustainability, and
path-to-market progress. Dig deeper and Opportunity icons are calls to action for researchers, investors, and
others seeking to learn more and advance the
field.
Health
Sustainability
Opportunity
Path-to-market
Dig deeper
Please note that The Good Food Institute is not a licensed investment or financial advisor, and nothing in this report
is intended or should be construed as investment advice.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 5
About the Good Food Institute
As a nonpro
fit think tank and international network of organizations powered by philanthropy, GFI works alongside
scientists, businesses, and policymakers to make alternative proteins as delicious, affordable, and accessible as
conventional meat. In Asia Paci
fic, Brazil, Europe, India, Israel, and the United States, our teams are mobilizing
the international community to use markets and technology to replace harmful practices with ones that are better
for the climate and biodiversity, food security, and global health.
We focus on three programmatic priorities:
1.
Cultivating a strong scientific ecosystem
GFI’s science and technology teams map out the most neglected areas that will allow alternative proteins t
compete on taste and price. We produce open-access analyses and resources, educate and connect the ne
generation of scientists and entrepreneurs, and fund research that benefits alternative protein developmen
across the sector.
2.
Influencing policy and securing government investment
GFI’s policy teams ensure that alternative proteins are a part of the policy discussion around climate chang
mitigation and global health. In every region where we have a presence, we advocate for government
investment in alternative proteins and educate regulators on novel proteins such as cultivated meat.
3.
Supporting industry to advance alternative proteins
GFI’s corporate teams are replicating past market transformations and partnering with companies and
investors across the globe to drive investment, accelerate innovation, and scale the supply chain—all faster
than market forces alone would allow.
This State of the Industry Report series, as well as all of GFI’s open-access insights and data, are made possible by
gifts and grants from our global community of donors. If you are interested in learning more about giving to GFI,
please visit here or contact philanthropy@g
fi.org.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 6
Executive summary
Executive summary
The plant-based meat, seafood, egg, and dairy
sectors experienced both headwinds and tailwinds in
2023. While some regions, especially those with
emerging plant-based markets, saw growth in
product distribution, U.S. sales of plant-based foods
declined as inflation continued and many consumers
signaled that products weren’t yet meeting their
expectations on taste, texture, and affordability.
Governments such as Canada, Denmark, and Germany
increasingly committed significant public funding to
plant-based research, while private investment into the
sector fell—albeit at a slower rate than global venture
funding across all sectors. Plant-based meat products,
on average, continued to be sold at significant price
premiums compared to conventional meat, and
sensory gaps to conventional meat remained. All the
while, consumers—especially in the United States and
Europe—contended with high interest rates and
elevated inflation, limiting consumers’ willingness to
spend on higher-priced protein products.
Amid these conditions, the industry continued to
mature. New scientific and technical groundwork
was laid. Companies conducted analyses that proved
out sustainability benefits of plant-based products.
Governments and investors financed researchers
and companies. And manufacturers introduced new
products, developed strategic partnerships, and built
new production facilities. However, although pockets
of progress across categories and geographies are
clear, plant-based meat is facing significant
challenges. The sector needs more progress on price
parity, taste parity, manufacturing capacity, and
consumer understanding, especially in nutrition, if it
is to deliver on its promise of serving as a
commonplace center-of-plate protein for
mainstream consumers.
Plant-based meat, seafood, eggs, and dairy, part of
our 2023 State of the Industry Report series, takes a
field-wide, global view of the progress made over the
past year.
Commercial landscape
New products and categories
Hundreds of new plant-based meat, seafood, egg,
and dairy products hit retail shelves in the U.S.
market in 2023, including plant-based steak, sushi,
boiled eggs, Wagyu-style beef, ribs, and more.
Retail and foodservice trends
● Large companies continued to engage in the
sector, including the release of plant-based
versions of popular branded products like
Tyson plant-based nuggets, Nestlé
plant-based mince meat and plant-based
Häagen-Dazs products, and Kraft Heinz
plant-based cheese slices and a plant-based
version of Kraft Mac & Cheese product.
● Plant-based meat continued to launch on menus
at major chains globally including Burger King in
Scandinavia, Subway in Europe, Taco Bell in the
United Kingdom, and Starbucks in Malaysia.
● Impossible Foods launched a lower-fat version
of their signature plant-based beef, Impossible
Beef Lite, with 75 percent less saturated fat.
New partnerships
Companies continued to collaborate to develop new
products, scale production, and leverage
mainstream distribution channels. Notable strategic
partnerships in 2023 included Modern Plant-Based
Foods and Carbone Restaurant Group developing
plant-based pizzas; JUST Egg and Cheryl’s Cookies
developing plant-based cookies; and MorningStar
Farms and Pringles developing a new line of
plant-based chicken fingers.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 8
Manufacturing capacity
Continuing to expand manufacturing capacity and
further develop supply chain infrastructure will be
critical to the success of plant-based proteins. New
facilities opened in 2023, including SunOpta’s
285,000-square-foot facility in Texas, which will
manufacture plant-based milk and creamer. Many
more facilities broke ground, such as one for German
plant-based food company Planteneers in Illinois, or
were announced, such as agricultural company
Bunge committing $550 million to build a new
facility in Indiana.
Sales
Total U.S. retail plant-based food dollar sales were
$8.1 billion in 2023, a slight decline from $8.2 billion
in 2022. Plant-based meat and seafood sales
declined, which indicates that opportunities exist to
better meet consumer needs on key product
characteristics like taste and price.
● Eighty-one percent of households that
purchased plant-based foods in 2023 purchased
more than once throughout the year.
● Plant-based milk held nearly 15 percent market
share of total milk dollar sales in 2023.
● Across the majority of plant-based categories,
repeat purchase rates held relatively steady year
over year.
Investments
According to GFI’s analysis of data from the Net Zero
Insights platform, plant-based meat, seafood, egg,
and dairy companies raised $907.7 million in 2023
(representing 11 percent of all-time investment),
bringing total private investments in the sector to
$8.5 billion. The number of unique investors in
plant-based companies grew by 10 percent to more
than 1,293 unique investors.
Science and technology
New sources of plant-based ingredients, new ways
to cultivate these plants, and novel processes to
optimize taste, texture, and nutrition were key
technological themes driving research for
plant-based foods in 2023. Advances were made in
ingredient development, from new animal-free fats
and emulsifiers to novel aquatic, leguminous, and
upcycled protein sources. Improved scalability of
traditional texturization methods like extrusion was
achieved, and promising newer bottom-up methods
like fiber spinning and a patent-pending
“process-controlled microstructure design”
expanded available technologies for scalable
plant-protein texturization. In 2023, Beyond Meat
released their second ISO-reviewed Life Cycle
Assessment (LCA) which showed the Beyond Burger
3.0 patty generates 90 percent fewer greenhouse
gas emissions, uses 97 percent less water and land,
and requires 37 percent less non-renewable energy
than an average conventional beef patty.
Government and regulation
Milestones in 2023 government support of
plant-based alternative proteins spanned the globe.
In the Americas, Canada continued its investment
leadership with CAD 150 million ($110 million) in
public funding that will support plant-based protein
market growth, while in Europe, the United Kingdom
and Germany both announced large commitments to
alternative protein R&D and commercialization.
Government support of alternative protein startups
and product development was announced in Brazil,
Japan, Singapore, South Korea, and more.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 9
Table 1: Invested capital in plant-based meat, seafood, eggs, and dairy
Category
2023
2006–2023
Highlights
Total invested
capital
$908MM
$8.5B
2023 invested capital represented 11% of all-time
investment.
Invested capital
deal count
125
1,211
2023’s largest investment was the $300 million
convertible note raised by Oatly.
Unique
investors
187
1,293
The number of all-time unique investors grew by
10% in 2023.
Liquidity event
capital
$389MM
$25.7B
Above Food, a plant-based ingredient and end
products company, announced plans to merge with
Bite Acquisition Corp., a publicly traded special
purpose acquisition company (or SPAC). Above Food
was valued at $319 million in the announced deal.
Source: GFI analysis of data obtained from Net Zero Insights platform
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 10
Figure 1: Timeline of key plant-based updates in 2023
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 11
Commercial
landscape
Commercial landscape
Overview
The global plant-based meat, seafood, egg, and dairy
industry continued to grow and evolve in 2023.
Euromonitor’s estimate for the total global retail
sales of plant-based meat, seafood, milk, yogurt, ice
cream, and cheese was $29 billion in 2023
(Euromonitor does not report on plant-based eggs).
Despite a 34-percent increase over 2019 sales
($21.6 billion), the global market for alternative
proteins remains small compared to conventional
animal products. Advancements in product
innovation, affordability, accessibility, and more are
needed to grow this industry. New activity in 2023
included the announcement and/or completion of
new facilities, the launch of new products, and the
formation of strategic partnerships. Some key trends
that emerged include:
● Large food and meat companies continued to
engage in the sector including Tyson, Nestle,
and Kraft Heinz.
● Products continued to be added to menus at
major chains such as Burger King, Subway,
Taco Bell, and Starbucks.
● Companies expanded distribution into new
markets and new channels such as
noncommercial foodservice environments like
airlines, hospitals, and schools.
● New formats, product types, formulations,
and line extensions launched in the global
market including plant-based steak, sushi,
and boiled eggs.
● Companies and organizations formed new
partnerships to advance current and future
products and grow the sector as a whole.
These events from 2023 all contributed to an
ever-evolving global market for plant-based
alternatives. Continued activity such as the examples
described in this section will be key to delivering
products that meet consumer needs across regions
and allow these products to compete with
conventional foods.
Check out our monthly Alternative Protein
Opportunity newsletter for updates
Across the globe, plant-based products
launch or expand distribution every week.
GFI’s monthly Alternative Protein Opportunity
newsletter tags and categorizes notable
plant-based distribution updates, new
product launches, partnerships, facility
openings, and more, helping you keep up with
the fast-moving plant-based landscape.
Sign up here.
Facilities
Continuing to build manufacturing capacity and further
develop supply chain infrastructure for plant-based
proteins will be critical to the success of the industry in
the short and long term. GFI’s latest analysis
underscores the opportunities that exist to optimize
the manufacturing landscape for plant-based meat.
Retrofitting existing facilities, developing strategic
contract manufacturing partnerships, and building new
facilities will be important in the growth of the industry
across the globe.
In 2023, a variety of companies and organizations
announced, broke ground on, and opened facilities
throughout the world.
Opened in 2023
● Food and beverage producer SunOpta opened a
$125 million, 285,000 square-foot plant-based
beverage production facility in Texas, which
created 175 jobs and will allow the company to
double their plant-based beverage business by
2025 over 2020 levels.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 13
● Plant protein manufacturer Ojah, which
specializes in high-moisture extrusion
technology, expanded their Netherlands facility
from 6,500 square meters to 10,000 square
meters, more than doubling their current
production capacity.
● Plant-based baby formula brand Else Nutrition
added a second U.S. powder production facility
and began manufacturing at a new plant in
Europe as the company aims to triple their
production capacity.
● United Arab Emirates-based food producer The
IFFCO Group opened their first 100-percent
plant-based meat factory in the Middle East. The
Dubai facility is producing The IFFCO Group’s
THRYVE brand of products made from fava beans.
● Plant-based oils and food producer AAK
officially opened their Innovation Center of
Excellence in Zaandijk, the Netherlands, which
aims to improve the taste and functionality of
plant-based products.
● Sweden-based Lantmännen Biorefineries
opened a $77 million wheat protein extraction
facility in Norrköping, Sweden to broaden their
production capacity.
● Spain-based Mommus Foods opened a new
factory that has the capacity to produce 100,000
units per month of plant-based cheese.
● France-based ingredients company Roquette
opened a new €4.5-million innovation center
that provides technical and R&D support,
equipment, labs, and scale-up testing for the
plant-based ingredients market.
● Chicago-based food and commodities company
ADM opened an 800-square-meter plant-based
innovation center in the United Kingdom that
includes a kitchen, chef’s presentation theater,
and flavor development lab.
● ADM also purchased Canadian pulse processor
Prairie Pulse, adding another facility to their
plant protein operations.
Broke ground in 2023
● The University of British Columbia broke
ground on a 9,500-square-foot Food & Beverage
Innovation Centre intended for both teaching
and product development. The facility is
expected to be complete by 2024, and one of its
research projects will include the development
of a plant-based Wagyu-style beef product.
● German plant-based food company Planteneers
has started construction on a plant-based meat
production facility in Illinois that is expected to
open in summer 2024.
Announced in 2023
● French plant-based meat producer Umiami
announced their acquisition of a
14,000-square-meter Unilever factory in
Duppigheim.
● Large agricultural company Bunge committed to
invest around $550 million in a new Indiana
facility for soy protein concentrate for use in
plant-based foods and other products.
● Climax Foods, a Berkeley-based alternative
dairy company, announced the construction of
their first production facilities, timed with the
introduction of their first artisanal plant-based
cheeses in Los Angeles, New York, and San
Francisco.
● Danone North America announced a plan to
invest $65 million over the next two years to
build a new bottle production line in Florida that
will help expand production of key U.S. brands,
including Silk coffee creamers.
● ADM and Marel are partnering on an alternative
protein taste and texture innovation center in the
Netherlands, which is expected to open in the
second half of 2024.
● Plant-based food supplier Finnebrogue invested
£2.8 million to upgrade their plant-based meat
facility in Northern Ireland. The upgrade will
reduce carbon dioxide emissions and increase
capacity.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 14
● New Zealand beverage manufacturer Free Flow
Manufacturing announced plans to open the
country’s first dedicated plant-based milk facility
in 2023.
● Canadian plant-based company No Meat
Factory announced plans to open their first U.S.
facility in Stanwood, Washington, producing a
line of plant-based meat products.
A few trends emerge from the facility news above.
Many companies, including AAK, Roquette, and
ADM opened innovation-focused facilities. Other
companies expanded current facilities or entered
new markets for the first time. Continuing to
prioritize research and development to create tasty
and affordable products while growing production
to improve accessibility are crucial actions needed
to address industry barriers and challenges.
Company landscape
Tables 2 and 3 provide alphabetized lists of the top plant-based meat and milk brands by Euromonitor’s global
retail dollar sales estimates in 2023.
Table 2: Brands with the most total plant-based meat & seafood retail dollar sales globally (alphabetized)
Brand
Parent company
Headquarters
Year founded
Beyond Meat
Beyond Meat Inc.
United States
2009
Field Roast
Maple Leaf Foods
Canada
1991
Gardein
Conagra
United States
1919
Garden Gourmet/Hälsans Kök
Nestlé SA
Switzerland
1866
Impossible
Impossible Foods Inc.
United States
2011
Lightlife
Maple Leaf Foods
Canada
1991
Morningstar
Kellanova
United States
1906
Quorn
Monde Nissin Corp.
United Kingdom
1985
Rügenwalder Mühle
Rügenwalder Wurstfabrik Carl
Muller GmbH & Co KG
Germany
1834
Yves Veggie Cuisine
The Hain Celestial Group Inc.
United States
1993
Source: Euromonitor International Limited [2023] © All rights reserved. Data displayed is from Staple Foods 2023, retail value RSP, Meat &
Seafood substitutes top global brands, listed in alphabetical order.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 15
Table 3: Brands with the most total plant-based milk retail dollar sales globally (alphabetized)
Brand
Parent company
Headquarters
Year founded
Almond Breeze
Blue Diamond Growers
United States
1910
Alpro
Danone Group
France
1919
Coconut Palm
Coconut Palm Group Co Ltd.
China
1956
Dou Ben Dou
Fujian Dali Food Co Ltd.
China
1989
Kikkoman
Kikkoman Corp.
Japan
1917
Lolo
Wanxiang Sannong Co Ltd.
China
1969
Oatly
Oatly
Sweden
1994
Silk
Danone Group
France
1919
Vitasoy
Vitasoy International Holdings Ltd.
China
1940
Yangyuan
Hebei Yangyuan Zhihui Beverage Co Ltd.
China
1997
Source: Euromonitor International Limited [2023] © All rights reserved. Data displayed is from Dairy Products and Alternatives 2023, retail
value RSP, Plant-based milk, top global brands, listed in alphabetical order.
More information on these and other companies is available in GFI’s company database.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 16
Involvement by diversified companies
Many of the global leaders in consumer packaged goods (CPG) and meat production have some level of
involvement in the alternative protein industry. Whether through investment, acquisitions, partnerships, or
production, this engagement can and has played an impactful role in supporting the growth of the sector.
Table 4: Conventional companies with involvement in plant-based meat, seafood, eggs, and dairy
Source: GFI analysis of publicly reported industry news and events
Table 5: Conventional companies with involvement in alternative proteins
Source: GFI analysis of publicly reported industry news and events
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 17
Partnerships
Partnerships in the plant-based sector play a major role in the growth and success of the industry. Companies and
organizations can share knowledge and expertise to develop new products, optimize inputs, conduct research,
scale production, and share distribution channels to make these products more accessible across markets.
While not comprehensive, the list below highlights some notable partnerships from 2023.
Table 6: Partnerships table
Product development partnerships
Many of the partnerships happening in the plant-based industry are centered around product development as
companies collaborate to leverage each other’s product knowledge, infrastructure, and brand equity.
Companies/organizations
Details
Modern Plant-Based Foods & Carbone
Restaurant Group
Developing plant-based pizzas
CP Kelco & Chr. Hansen
Developing shelf-stable plant-based yogurt
SimpliiGood & Haifa Group
Developing spirulina products
Nepra Foods & a U.S. bread company
Developing gluten-free bread with plant-based eggs
Schouten Europe & Grassa
Developing alternative protein products from grass protein
More Foods & Tivol
Developing plant-based meat products from pumpkin seeds
Vly & KWS
Developing plant-based foods from pea protein
Plant Based Seafood Co. & ICL Group Ltd.
Developing technologies for plant-based seafood
JUST Egg & Cheryl’s Cookies
Developing plant-based cookies with plant-based eggs
MorningStar Farms & Pringles
Developing a new line of plant-based chicken fingers
Plant Based Foods & Violife
Developing plant-based ready-to-eat meals
Alpha Foods & The EVERY Company
Developing a range of plant-based foods
Foody’s & Cocuus
Developing 3D printed plant-based bacon
DayDayCook & Nestle
Developing a range of plant-based meal products
Hunger Brands, Heura Foods, & Väcka
Developing a plant-based meat brand
Alpha Foods & Eat JUST
Expanding Alpha Foods’ plant-based breakfast items
Green Rebel & AirAsia
Providing plant-based meat on inflight menus
Wunderkern & Bauer
Developing alternative dairy products
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 18
Ingredient-focused partnerships
One key to developing and improving products is optimizing ingredients. In 2023, a variety of partnerships
focused on plant-based ingredients.
Companies/organizations
Details
Ready Burger & Givaudan
Working to improve fat used in burgers
Nepra Foods & Scoular
Develop and market specialized plant-based ingredients
Megmilk Snow Brand Co. & Agrocorp
International
Making plant-based ingredients for alternative meat and dairy
products
Amfora & McClintock LLC
Improving protein content and yields of soy varieties
Roquette & Daiz
Producing texturized, pea-based protein ingredient
Cargill & Cubiq Foods
Incorporating plant-based fats into ingredient offerings
R&D partnerships
Organizations are coming together to tackle major research needs and uncover opportunities across the
plant-based sector.
Companies/organizations
Details
Hunch Ventures & Earth First Food Ventures
Build Net-Zero Food Innovation project
Group of public and private Netherlands entities
Identify food safety and quality risks in plant-based products
Protein Industries Canada & Wageningen
University
Support alternative protein research and development
Food Systems Innovations & Noa Weiss
Launching an AI tool to optimize plant-based proteins
Scaling and distribution partnerships
Growing scale and increasing the distribution of products is a signi
ficant barrier in alternative proteins. Partnerships
in this area can allow companies to access existing infrastructure to reach more markets and consumers.
Companies/organizations
Details
Fresh Del Monte & Vertage
Scale production of plant-based cheese products
DUG & Haofood
Expanding plant-based milk brand to China
Vgarden & MCT Dairies
Expanding plant-based products to the United States
PURIS & Palmer Holland
Expanding PURIS’ distribution of pea ingredients
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 19
Product launches
New plant-based products are hitting grocery
shelves every year, and distribution on current
products is expanding. While not a comprehensive
list of every launch in 2023, below are some notable
launches that demonstrate the ever-changing
plant-based landscape.
Retail
Large food and meat companies continue to get
involved in the plant-based sector. A variety of
companies announced plant-based product
launches in retail in 2023.
● Tyson Foods, a leading U.S. meat company,
introduced plant-based nuggets under their
flagship brand. The decision marked the first
time plant-based products are available under
the Tyson brand rather than the Tyson-owned
Raised and Rooted brand. The nuggets are
available in both retail and foodservice in the
United States.
● Nestlé, the world’s largest food and beverage
company, announced the launch of shelf-stable
plant-based meat brand Maggi Veg in Chile. The
Maggi Veg line includes plant-based minced
meat made from soy. The company also debuted
their first plant-based line of Häagen-Dazs
products set to appear first in Canada.
● Kraft Heinz launched Kraft Heinz Not Company
plant-based cheese slices in retail stores across
the United States and their NotMayo product in
U.S. Target locations. The partnership with NotCo
also produced a plant-based version of the
classic Kraft Mac & Cheese product. They also
debuted three new flavors of their plant-based
Philadelphia Cream Cheese line across the
United States after a successful trial.
Retailers are also getting involved. Whether it be
through developing their own private label line of
plant-based products or making commitments to
expand store sets, retailers are demonstrating their
commitment to plant-based foods.
● Albertsons, the U.S. grocery chain, is expanding
their private-label Open Nature brand with 12
new plant-based products, including shredded
cheese, yogurt, and ice cream.
● Spain-based supermarket chain Eroski revealed
a private-label range of plant-based products,
including milks, burgers, and chicken nuggets,
and more products were added in 2023.
● German budget retailer Aldi announced that
they will expand their plant-based offerings to
over 1,000 plant-based products by the end of
2024, including a variety of plant-based meat
and dairy products.
Plant-based categories, particularly plant-based
meat, continued to evolve in 2023 with innovation in
the form of new product types, formats, formulations,
and line extensions hitting retail shelves.
● Canadian plant-based seafood brand Konscious
Foods announced that their plant-based frozen
sushi range will now be available in Whole Foods
Market locations across North America.
● South Korea’s UNLIMEAT announced the launch
of plant-based tuna made from soy. UNLIMEAT’s
existing plant-based pulled pork product line is
distributed at Albertsons stores across the
United States.
● Plant-based brand Daring announced they are
releasing their first line of frozen entrees, which
will be available in several varieties and will
feature Daring’s signature plant-based chicken,
along with new teriyaki pieces and buffalo wings
products.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 20
● Impossible Foods launched a lower-fat version of
their signature plant-based beef. Impossible Beef
Lite has 75 percent less saturated fat and 45
percent less total fat than 90/10 conventional beef.
● Beyond Meat introduced Beyond Burger
Chicken-Style, Beyond Schnitzel, and Beyond
Tenders at supermarkets across the
Netherlands. The company also expanded
distribution on their Beyond Steak, the first
plant-based steak to be certified by the
American Heart Association, and Popcorn
Chicken products in the United States.
● Whole-cut plant-based meat producer Juicy
Marbles launched their plant-based filet steak at
the Austrian supermarkets BILLA PLUS and
BILLA PFLANZILLA. They also reached a
long-term distribution agreement with British
retailer Waitrose for Juicy Marbles’ plant-based
filet mignon and announced the development of
the first plant-based rib with edible bones.
● Plant-based company Crafty Counter is
launching their egg-free hard-boiled
WunderEggs made with cashews, almonds, and
coconuts into Whole Foods Market stores in the
United States.
● Israel-based Redefine Meat is now offering their
plant-based products at Shufersal, the largest
supermarket chain in Israel.
● Spanish food tech companies Foody’s and
Cocuus launched 3D-printed plant-based bacon
in Carrefour supermarkets across Spain.
Foodservice
In 2023, the foodservice sector rebounded from
historic traffic declines in 2020 due to the COVID-19
pandemic. People are returning to their favorite
restaurants and in turn, plant-based companies are
continuing to lean into this unique channel.
Foodservice environments can be pivotal in
delivering a unique, oftentimes first, experience
with plant-based alternative products, setting the
stage for future encounters.
Convenience plays a major factor in consumer
behavior, and no operators do it better than quick
service and fast-casual restaurants. Below are
examples of how chains are incorporating
plant-based alternatives into their menus.
● Starbucks Malaysia launched sandwiches
containing plant-based chicken and beef in
partnership with Green Rebel Foods.
● Jackfruit-based meat producer Jack & Annie’s is
partnering with fast-casual chain Smashburger to
offer a jackfruit burger at select Smashburger
locations in Colorado, New York, and New Jersey.
● Subway locations across Northern Europe will
now feature The Vegetarian Butcher’s
plant-based beef slices as part of the new
Plant-Based Steak Sub.
● Burger King restaurants in three Nordic
cities—Oslo, Stockholm, and Copenhagen—went
entirely plant-based for a month with burgers
made from The Vegetarian Butcher patties.
● Chile-based NotCo launched new NotCheese
products at JUMBO, one of the largest retailers
in Chile, and partnered with Burger King Peru to
provide plant-based cheese products for their
plant-based Whopper.
● Californian plant-based seafood company
Impact Food entered a strategic distribution
agreement with fast-casual chain Pokeworks.
● Fast-casual chain TGI Fridays UK announced
that Brazilian company Future Farm will supply
TGI Fridays plant-based burger patties for their
plant-based menu offerings.
● Taco Bell UK launched a plant-based seasoned
beef product at 132 locations.
● NotCo’s plant-based milk and cheese products
are now available at Starbucks locations across
Mexico and Argentina.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 21
● Fast food chain Shake Shack launched new
plant-based custard and shake products at all of
their 260+ locations across the United States.
The ice cream treats are made with the
plant-based company NotCo’s NotMilk product.
Shake Shack also introduced a plant-based
burger to their national menu.
● Caribou Coffee and Eat Just announced that
Caribou’s JUST Egg Roasted Tomato & Pesto
Flatbread is now a permanent menu option at
400 locations in the United States after
outperforming the chain’s existing vegetarian
breakfast option by 45 percent.
● Oatly partnered with Insomnia Cookies to make
available Oatly’s original and chocolate-flavored
oat milk at more than 250 Insomnia Cookies
locations in North America.
Full-service restaurants offer plant-based companies
the perfect place to deliver their product in an
elevated setting. In 2023, young brands debuted at a
variety of specialty restaurants.
● Redefine Meat, the Israel-based maker of
3D-printed plant-based meat products, said
their products are now on menus at nearly a
dozen restaurants across Italy.
● Israeli startup Chunk Foods launched their
whole cut plant-based steak at Talk of the Town
Restaurant Group’s Charley’s Steak House in
Orlando, Florida. This launch represents the first
time a steakhouse chain has featured a
plant-based steak option.
● Israel’s Yo Egg, which produces runny-yolk eggs
from chickpeas and soy, debuted at six Los
Angeles restaurants: Real Food Daily, Junkyard
Dog, Flore, Swingers Diner, Coyote Grill, and
Loma Linda’s Vegan District Asian Eatery.
● Plant-based egg company Zero Egg will launch
their Zero Egg Breakfast Sandwich at all The
Friendly Toast restaurant locations in the United
States.
Sometimes overlooked but ever-present are
noncommercial foodservice locations such as
schools, businesses, airports, hospitals,
entertainment, and more. Below are a few examples
of plant-based alternatives showing up in ubiquitous,
everyday locations that reach significant numbers of
consumers.
● After a successful pilot program, New York
City’s public hospitals began serving
plant-based meals as the primary dinner option
for inpatients at all of their 11 public hospitals.
● Movie theater chain AMC Theaters will now
feature a plant-based grilled chicken sandwich,
patty melt, and gourmet tenders made with Dr.
Praeger’s plant-based products.
● German airline Eurowings Discover is
integrating Beyond Meat’s meatballs into their
in-flight menu, becoming the first German airline
to incorporate plant-based meats on flights.
● Germany’s national train service, Deutsche
Bahn, continued their plant-forward approach
with a plant-based currywurst.
● Heura, a plant-based meat producer based in
Spain, has collaborated with over 450 schools in
the region to bring their plant-based meat to
school lunch menus.
● U.S. plant-based chicken company Rebellyous
Foods secured a distribution agreement with
Vizient, a purchasing organization for healthcare
and educational institutions in the United States.
E-commerce
E-commerce is another channel where products and
brands can get their foot in the door by selling
products directly to consumers. This platform is
important in a company’s distribution strategy,
allowing them to reach consumers quickly and
across regions while limiting upfront time and costs
needed to get products on shelves and menus.
E-commerce developments in 2023 include:
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 22
● Following a successful trial in the eastern and
midwestern United States, the Plant Based
Seafood Company’s Mind Blown Crab Cakes are
now available nationwide through online retailer
Hungryroot.
● Singaporean plant-based seafood company
Growthwell launched the HAPPIEE! brand in
the United Kingdom via Ocado’s and Tesco’s
e-commerce websites.
● Beyond Meat launched five new products in
China, including new varieties of burgers and
dumplings. The products are available at
METRO, Ole, and Sam’s Club in addition to
e-commerce platforms Tmall and Pinduoduo.
● South Korean plant-based cheese brand
Armored Fresh is launching a U.S.-wide
e-commerce platform for their plant-based
sliced, cubed, and spreadable cheeses.
● Oatly and Amazon announced a distribution
agreement that will make Oatly products
available on Amazon’s marketplaces in Germany,
France, Italy, Spain, the Netherlands, and
Belgium.
● Romil Ratra, a hotelier and restaurateur based
in India, partnered with Graviss Good Foods to
found Plantaway, a brand offering plant-based
meat, milk, cheese, dips, and dressings. The
brand will launch via its online store and other
e-commerce platforms such as Amazon, Vegan
Dukan, and Big Basket.
● India’s Wakao Foods launched a new
Continental Burger Patty made from jackfruit,
pea protein, and spices, which is now available
on Wakao’s website and select e-commerce
platforms.
Activity in blended meat
Blended meat is another area with involvement from
major conventional meat companies, recent product
launches, and new start-ups. Blended meat is
defined here as products that combine plant protein
or mycoprotein (and sometimes vegetables) with
conventional meat components to form an end
product. Hybrid meat refers to alternative protein
products made from multiple production platforms
such as cultivated fat and plant-based proteins.
More research and industry alignment are needed
around the nomenclature used to describe these
emerging product formulations.
Hormel produces their Applegate Well Carved line of
burgers and meatballs combining whole vegetables
with conventional meat. Perdue, in partnership with
the Better Meat Co., owns the brand Perdue’s
Chicken Plus, a line of kid-focused chicken products
mixing in a quarter cup of chickpeas and cauliflower
per serving. One recently announced start-up,
Momentum Foods, launched products under the
brand name Paul’s Table that feature 90 percent
plant-based ingredients and 10 percent
animal-based ingredients such as collagen and fat.
Other examples of blended meat companies include
Rebel Meat, Grateful Market, Phil’s Finest, Mush
Foods, and Nanka.
Despite recent activity in blended meat, this
category remains relatively small and discrete.
These companies and brands, as with any emerging
category, will not only have to create products that
successfully meet consumers’ needs but will also
have to craft and hone clear messaging that drives
home the benefits of these foods to consumers.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 23
Consumer insights
Consumer insights
This section focuses on U.S. consumer perceptions,
behaviors, and needs for plant-based meat
Comparisons to global consumers and specific
regions are noted, and additional consumer insights
for other regions can be found in reports by GFI’s
affiliates and partners in Brazil, Europe, Israel,
Asia-Pacific, and China.
Overview
In the United States, 36 percent of consumers
reported eating plant-based meat in 2023, with 25
percent eating it monthly or more frequently,
according to research conducted by Morning Consult
on behalf of GFI in December 2023. This research
also showed that 95 percent of plant-based meat
eaters also reported eating conventional meat, which
parallels panel data showing that 95 percent of
households that bought plant-based meat also
bought conventional meat (based on GFI and Plant
Based Foods Association (PBFA) analysis of data
commissioned from SPINS). This underscores that
omnivore shoppers are a significant market for
plant-based proteins, and suggests the food’s broad
appeal. While plant-based meat sales were down in
2023, 25 percent of Americans reported continuing
to eat plant-based meat products at least once per
month and former consumers who have not eaten
plant-based meat in the past year say they are likely
to repurchase products as taste and texture improve
and costs decline.
Research conducted by Morning
Consult on behalf of GFI
Polling firm Morning Consult conducted
multiple surveys of the U.S. population on
behalf of GFI throughout 2023 to understand
their evolving perceptions of and behaviors
toward alternative proteins. Results from our
December research are summarized
throughout this section.
Conventional meat
consumption, reduction, and
substitution
Meat consumption and the role of
protein:
Conventional meat sales in the United States have
risen every year for the past decade, according to
USDA estimates.
In recent years, protein has become an increasingly
important driver of food choice, likely contributing to
increases in meat consumption. In 2023, “high
protein” overtook “low-fat” and “low-carb” in
Google search trends for the first time (see figure 2).
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 25
Figure 2: Google searches for protein overtake other nutrition topics, 2019-2023
Source: Google Trends: Nutrition Topics in U.S., 2019-2023; numbers are indexed to maximum value of any included search during period
According to research conducted by Morning
Consult on behalf of GFI, 66 percent of U.S.
consumers claim it is important to them to eat a
high-protein diet. For most, this is due to the
association between protein and health: a 2022
Euromonitor poll of global consumers found that
more than 57 percent of consumers sought to
increase their protein intake because it is “better for
[them]” or “makes [them] feel healthier.”
Many plant-based meat brands communicate protein
content on the front and back of their packaging.
Including this metric connects with consumers who
are seeking to increase protein intake. Continuing to
develop products that contain protein content
similar to conventional meat, and communicating the
presence of that protein content on packaging, will
be important for plant-based meat companies as the
industry grows.
Meat reduction:
Despite Americans’ high meat consumption and
desire for protein, a significant number express
interest in reducing meat consumption, primarily due
to health concerns. A total of 59 percent of U.S.
adults claim to consider “negative health effects”
when choosing whether to consume conventional
meat.
But rates of vegetarianism and veganism in the
United States are low. Morning Consult’s polling on
behalf of GFI found three percent following
vegetarian and three percent following vegan diets; a
2023 Gallup poll and a 2022 McKinsey poll found
comparable rates.
While few Americans are eliminating meat entirely, a
significant minority report reducing meat
consumption.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 26
In a 2023 survey by AP-NORC, 43 percent of consumers
reported eating less meat than they used to. Morning
Consult’s polling on behalf of GFI found 11 percent of
consumers report reducing their consumption of all
major non-seafood meat types (beef, pork, and poultry)
in the past year, with 18 percent reporting eating less
beef and 18 percent less pork.
Health and social factors:
Consumers reducing meat consumption consistently
cite health as a reason, with 57 percent claiming this
contributes “a lot” or “some” to their meat reduction
(GFI/Morning Consult, Dec. 2023). An AP-NORC
survey similarly found that 50 percent of consumers
claim health as their top reason for reducing meat
consumption when asked to choose between health,
money, the environment, and taste.
The experience of the COVID-19 pandemic seemed
to influence much of consumers’ health concerns
about meat. A total of 55 percent of Americans say
they consider the use of antibiotics in meat when
choosing whether to eat meat, and 55 percent say
they consider the risk of foodborne illness
(GFI/Morning Consult, Dec. 2023). While these are
higher than the number of consumers who report
actually reducing their meat consumption, they point
to public health concerns as a tension many
consumers face. Many consumers also say they
worry about the individual health effects of meat
consumption. A 2021 study found eight to 28
percent of those surveyed were aware of increased
risks of various conditions including heart disease,
cancer, and diabetes from red meat consumption,
with heart disease awareness highest at 28 percent.
Plant-based meat is uniquely positioned as an
alternative to conventional meat that can offer
consumers the protein they want while allowing
them to reduce their meat consumption, which many
consumers say they aspire to do for a variety of
reasons: personal health benefits like lower
cholesterol and lower risk for heart disease; public
health benefits like not contributing to antibiotic
resistance: and environmental benefits like less
water and land use and fewer greenhouse gas
emissions. These aspirational benefits, if messaged
effectively and balanced with core consumer drivers
of taste, texture, and price parity with conventional
meat, are opportunities to tap into consumer drivers
that can grow the category.
Om Noms are plant-based protein strips
Photo credit: YUMASOY FOODS LTD.
Consumer awareness and use
While U.S. plant-based meat retail sales decreased
in 2023, usage patterns suggest that plant-based
meat enjoys a strong core of loyal consumers, has
room to grow with a large number of still-unaware
consumers, and that even lapsed and holdout
consumers remain open to plant-based meat if
companies continue to innovate and improve the
taste and price of their products (see figure 3).
Awareness, familiarity, and appeal:
A December 2023 poll conducted by Morning
Consult on behalf of GFI found that 58 percent of
U.S. adults claim awareness of plant-based meat and
47 percent say they are “very” or “somewhat”
familiar. While 41 percent claimed to have seen,
read, or heard “a lot” or “some” about plant-based
meat in the past year, only 10 percent claimed to
have heard “a lot,” suggesting many remain unaware
of recent coverage of the category, giving companies
room to shape perceptions (see figure 3). The more
consumers hear about plant-based meat, the more
likely they are to express an interest in purchasing it
(see figure 4).
Trial:
Only 43 percent of U.S. adults report having ever
tried a plant-based meat product (GFI/Morning
Consult, Dec. 2023). This leaves almost 6 in 10
Americans completely untapped for the plant-based
meat market. Ensuring these potential consumers
consider trying it, and that their taste, affordability,
and other product needs are met, will help set up the
category for deeper consumer engagement past an
initial trial.
Purchase and eating frequency:
While most Americans have not yet tried plant-based
meat, most who have continue to enjoy it regularly:
● 13 percent of Americans eat plant-based meat
once a week or more frequently.
● 12 percent eat it less than weekly but at least
once a month.
● 11 percent report eating it a few times or at least
once per year.
This points to a loyal core of consumers who are
likely to continue using the category in the future,
despite overall sales declines in 2023 (GFI/Morning
Consult, Dec. 2023).
Consumers’ increasing and
decreasing consumption of
plant-based meat:
A total of 51 percent of Americans have not yet tried
plant-based meat (GFI/Morning Consult, Dec. 2023).
Of those who haven’t tried it, about half don’t expect
to purchase plant-based meat in the future, while
the other half do. Meanwhile, lapsed users who
have not purchased it in the past year remain very
open to repurchasing if products more closely
match the taste and texture of meat.
Many consumers reported increasing their
consumption of plant-based meat in 2023. Morning
Consult found that 29 percent of consumers
reported eating “significantly” or “somewhat” more
plant-based meat, 42 percent ate a “comparable”
amount, and only 21 percent ate “somewhat” or
“much” less. Mintel saw even higher numbers of
consumers intending to purchase plant-based meat
products in the coming year, at 32 percent.
Overall, these usage rates align with household
penetration rates seen in retail data and suggest a
core of loyal users and further room for plant-based
meat to grow.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 28
Figure 3: Plant-based meat consumer metrics
Source: Poll by Morning Consult on behalf of GFI, n=2,228 US adults, December 2023
Figure 4: How likely are you, if at all, to purchase plant-based meat products?
Source: Poll by Morning Consult on behalf of GFI, n=2,228 US adults, December 2023
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 29
Consumer motivations
Lapsed consumers of plant-based meat tend to point
to taste and price as reasons they stopped
purchasing. Looking ahead, products more closely
mimicking the sensory experience of conventional
meat will be important to acquire new consumers
(see figure 5). Meanwhile, most consumers see
plant-based meat as healthy and believe it is as
healthy as or healthier than conventional meat.
Health as a reason to try
plant-based meat:
A 2021 survey by Consumer Reports found that 51
percent of consumers eating plant-based meat
claimed it was healthier than conventional animal
meat. And a 2023 survey by Mintel saw 55 percent
of consumers who reported increasing their
plant-based meat consumption cite health as their
top reason. Taste and environmental concerns
consistently rank as additional drivers of stated
purchase intent (see figure 6).
Perceptions and comparisons to
conventional meat:
U.S. adults rate plant-based meat positively on most
of the key factors driving their decision-making: safe,
healthy, good for the environment, and nutritious.
However, a slight minority of consumers describe the
products as tasty, affordable, and good value,
suggesting gaps remain around sensory quality and
price. A total of 45 percent of U.S. adults also
describe the products as processed, which signals
an opportunity to gain a deeper understanding of
health-related motivators and barriers (GFI/Morning
Consult, Dec. 23).
Consumers are more likely to rate conventional meat
as tasty, high-protein, affordable, good value, easy to
find, and easy to cook, and they are more likely to
rate plant-based meat as healthy, good for the
environment, and low in saturated fat and
cholesterol. This suggests many consumers already
see the unique benefits of these products, but there
is also a need for product innovation, cost reduction,
and consumer education to maximize plant-based
meat’s appeal (see figure 7).
Perceptions of plant-based meat as processed: In
2023, processed foods gained media attention.
Some coverage mentioned deliberate
misinformation and disinformation campaigns
focused on plant-based meat, as documented by a
2023 social media analysis by Changing Markets
Foundation and Ripple Research. However, most
consumers do not appear to be aware of or
concerned by these claims: a majority of consumers
in 2023 who reported hearing media coverage of
plant-based meats said the coverage was primarily
positive (47 percent) or neutral (45 percent)
(GFI/Morning Consult, Dec. 23).
Consumers report seeking out healthy and
high-protein foods. U.S. adults are most likely to
rate plant-based meat as “better” (in the case of
overall healthiness) or “equal to” (in the case of
protein) animal-based meat (see figure 7).
A majority of Americans claim it is “somewhat” or
“very” important for them to avoid eating processed
foods, and also claim to avoid foods for other
reasons, including nutritional components like
saturated fat and cholesterol where a majority rate
plant-based meat as equal to or better than
conventional meat. Plant-based meat companies
have explored marketing about or featuring on-pack
health benefits, including low cholesterol and low
saturated fat content.
While the 2022 McKinsey survey found that 43
percent of consumers want to reduce their intake of
processed food, 2023 saw few changes in consumer
behaviors around plant-based meats.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 30
Consumer opportunities
in Southeast Asia
A study conducted in late 2023 by the Good Growth
Co. and released by GFI APAC revealed that most
consumers in Southeast Asia intend to continue
eating animal meat and nearly a quarter want to
increase their consumption. Interestingly,
enthusiasm for plant-based meat was highest not
among vegetarians or even flexitarians, but among
consumers who eat the most conventional meat and
are most likely to consume more of it.
The study showed that Southeast Asian consumers
broadly view plant-based meat as a healthy and
delicious product, but that cost remains a major
barrier. If plant-based meat manages to achieve a 20
percent lower price than conventional meat, more
than 80 percent of Southeast Asian consumers say
they would buy it, including about half of those who
would otherwise reject it. Conversely, if plant-based
meat is priced 20 percent higher than conventional
meat, there are large drop-offs in potential interest
among everyone except the most enthusiastic
consumers. With the average plant-based meat
product price 35 percent higher than its conventional
counterpart, there is an enormous opportunity to
bring consumers into the category.
Since Southeast Asian consumers primarily view
plant-based meat as an opportunity to diversify their
protein consumption, interest in trying blended meat
products—which mix plant-based meat and
conventional meat within a single product—was
nearly unanimously positive, even garnering support
among consumer segments uninterested in fully
plant-based products. The vast majority (93 percent)
of surveyed consumers expressed interest in trying
blended meat, including more than 75 percent of
people who were skeptical of trying fully plant-based
meat and 80 percent of those who have eaten
plant-based meat but don’t intend to again. This
research indicates strong market opportunities for
novel protein products and innovation that can meet
consumer needs on taste and affordability.
Appealing to lapsed consumers:
Around 50 percent of lapsed consumers claim they
would buy a new plant-based meat product if they
were offered a sample and found its taste and
texture were exactly like conventional meat, and 43
percent would consider purchasing if it cost less than
conventional meat (GFI/Morning Consult, Dec. 23).
Improving taste and texture and exposing
consumers to new products should be a top priority
for plant-based meat companies as they continue to
innovate with new products, improve existing ones,
and continue working to lower prices.
Tender Food’s plant-based meat. Photo credit: Tender Food
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 31
Figure 5: Which of the following reasons, if any, would convince you to buy a new plant-based meat product?
Select all that apply
Source: Poll by Morning Consult on behalf of GFI, n=2,228 US adults, December 2023
Figure 6: How well do each of the following attributes describe plant-based meat products?
“Very” or “somewhat” well (top 2 box)
Source: Poll by Morning Consult on behalf of GFI, n=2,228 US adults, December 2023
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 32
Figure 7: Do each of the following attributes describe plant-based meat or conventional meat better?
Source: Poll by Morning Consult on behalf of GFI, n=2,228 US adults, December 2023
Figure 8: Which of the following reasons, if any, would convince you to buy a new plant-based meat product?
Select all that apply.
Source: Poll by Morning Consult on behalf of GFI, n=2,228 US adults, December 2023
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 33
Sales
Sales
U.S. retail sales overview
Over the past decade, the U.S. plant-based food
retail market has grown substantially. When GFI
began tracking plant-based food sales in U.S. retail,
we sized the 2017 market at $3.9 billion, according
to SPINS data. In 2023, the market was worth $8.1
billion. This growth has been driven by products that
appeal to mainstream consumers by mimicking the
taste, texture, and functionality of conventional
animal products.
Companies ranging from startups to large food
manufacturers generated growth through significant
innovation and investment in their plant-based
portfolios. Across categories, consumers have more
options than ever when selecting plant-based meat,
seafood, egg, and dairy products that can be
swapped in for their conventional counterparts, and
many plant-based categories increasingly make up
notable shares of their overall categories. Against
this backdrop of long-term progress, 2023 was
characterized by a challenging market environment.
Insights released by GFI and PBFA based on retail
sales data commissioned from SPINS show that the
2023 U.S. retail plant-based food market was worth
$8.1 billion. Plant-based unit sales were down nine
percent from 2022, while dollar sales were down
two percent. Plant-based food unit sales fell across
most categories tracked in this dataset in 2023,
while dollar sales increased for some. Inflation
continued to impact retail food sales as prices rose
across most categories in 2023.
Key insights
● Despite most plant-based categories
experiencing unit sales declines, plant-based
creamers, protein powders and liquids, and
baked goods and other desserts saw both unit
and dollar sales increase in 2023.
● Plant-based milk remains the largest category.
The category reached $2.9 billion in sales in 2023
managing to grow in dollar sales by one percent
while units declined eight percent in 2023.
● Plant-based meat and seafood sales declines
continued. Both dollar and unit sales fell for the
second consecutive year indicating that
opportunities exist to better meet consumer
needs on key product characteristics like taste
and affordability.
● Six in 10 U.S. households purchased plant-based
foods in 2023. The majority of U.S. households
purchased in the sector and 81 percent did so
more than once throughout the year.
Evergrain’s plant-based protein powder made with upcycled
barley protein. Photo credit: The Hut Group
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 35
Figure 9: Plant-based foods market, U.S. retail (2021–2023)
Sales data note: The data presented in this graph is based on custom GFI and PBFA plant-based categories that were created by re
fining
standard SPINS categories. Due to the custom nature of these categories, the presented data will not align with standard SPINS categories.
Source: Total market = SPINS Natural Grocery Channel + SPINS Conventional Multi Outlet Channel + SPINS Convenience Channel (powered by
Circana, formerly IRI & NPD) | 52 Weeks Ending 12-3-2023
Box 1: U.S. retail market data collection
Point-of-sale (POS) data
To size the U.S. retail market for plant-based foods, GFI and PBFA commissioned retail sales data from the market research firm SPINS.
The firm built the dataset by first pulling in all products with the SPINS “plant-based positioned” product attribute. The dataset was
further edited by adding plant-based private-label products. Inherently plant-based foods, such as chickpeas and kale, are not
included. Due to the custom nature of these categories, the retail data presented on this page may not align with standard SPINS
categories. Additionally, SPINS pulled in relevant mainstream subcategories (excluding plant-based positioned products) to create the
conventional categories discussed above. Finally, the total edibles category was pulled to bring in all grocery, frozen, and refrigerated
edible items across the retail grocery landscape as well as protein powders and bars. SPINS obtained the data over the 52-week,
104-week, 156-week, and 208-week periods ending December 3, 2023, from the SPINS Natural Supermarket Channel, SPINS
Conventional Multi-Outlet Channel, and SPINS Convenience Channel (powered by Circana).
SPINS defines these channels as follows:
● Conventional Multi Outlet (MULO): More than 110,000 retail locations spanning the grocery outlet, the drug outlet, and selected
retailers across mass merchandisers, including Walmart, club, dollar, and military.
● Natural Supermarket Channel: More than 1,900 full-format stores with $2 million+ in annual sales and 40% or more of
UPC-coded sales from natural/organic/specialty products.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 36
● Convenience Channel: More than 147,000 convenience locations that are less than 5,000 square feet, have extended hours,
stock at least 500 SKUs, and provide a mix of grocery items like beverages, snacks and confections, and tobacco.
This is generally considered the broadest available view of retail food sales, although not all retailers are represented. Some
companies, such as Whole Foods Market, Trader Joe’s, and Costco, do not report their scan data to Circana but are represented via
projections. Please note that this methodology has changed compared to that used in previous reporting by GFI. We do not recommend
comparing data released in prior years to the data included here.
Consumer panel data
To understand consumer purchasing dynamics and demographics, GFI and PBFA also commissioned consumer panel data from SPINS.
The process for pulling the panel data was separate from that for the POS data, which may result in minor category differences. SPINS
combines Circana Scan Panel with proprietary Product Intelligence to provide a unique view into shopper incrementality, loyalty,
cross-purchase, demographics, and more. SPINS obtained the data over the 52-week, 104-week, 156-week, and 208-week periods
ending December 3, 2023, from all U.S. outlets.
Categories
Plant-based food categories exist in various stages of
development, and unit sales declined across most
categories in 2023. Plant-based milk remains the
largest category with nearly 15 percent market share
of total milk dollar sales. Emerging categories such
as plant-based eggs also experienced declines in
2023 after unit sales grew 25 percent in 2022.
Closing the price gap
In 2023, every plant-based and conventional food
category GFI has data on—as well as the total food
and beverage retail category—saw average prices per
unit grow. Consumers continue to see higher prices
at the shelf, making the price gap between
plant-based and their conventional counterparts a
relevant challenge to plant-based brands hoping to
reach a broader swath of consumers.
Plant-based manufacturers can drive appeal and
establish their products as everyday options by
closing this price gap. In 2023, pound for pound, the
average price premium was 77 percent for
plant-based meat and seafood. Per dozen, the
average price premium for plant-based eggs was
317 percent, and gallon for gallon, the premium for
plant-based milk was 104 percent.
For a comprehensive overview of U.S. retail sales data, including coverage of all plant-based categories
and additional detail on the plant-based meat and plant-based milk categories, as well as consumer
purchase dynamics, check out GFI’s market data page.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 37
Figure 10: Plant-based food category dollar sales, dollar sales growth, unit sales, and unit sales growth 2023
Sales data note: The data presented in this graph is based on custom GFI and PBFA plant-based categories that were created by re
fining
standard SPINS categories. Due to the custom nature of these categories, the presented data will not align with standard SPINS categories.
Source: Total market = SPINS Natural Grocery Channel + SPINS Conventional Multi Outlet Channel + SPINS Convenience Channel (powered by
Circana, formerly IRI & NPD) | 52 Weeks Ending 12-3-2023
Figure 11: Plant-based versus animal-based price per weight comparison, 2023
Source: Plant-based meat prices per pound are based on frozen and refrigerated plant-based meat subcategories from SPINS year ending
12/3/23. Animal-based meat prices per pound are based on data for fresh meat subcategories from the Circana year ending Dec 2023.
Plant-based milk prices per gallon and plant-based egg prices per dozen are based on the custom plant-based categories created by GFI &
PBFA from SPINS data year ending 12/3/23. Animal-based milk and egg prices from US BLS statistics – December 2023 value.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 38
U.S. consumer dynamics
and research
Familiarity, awareness, and trial of plant-based foods
have grown dramatically over the last decade. In
recent years, however, the number of households
purchasing has leveled off or declined for some
plant-based categories.
There is still progress to be made on important
characteristics like taste, price, nutrition, and
convenience for plant-based meat, seafood, eggs,
and dairy to compete with the larger conventional
market. Strides forward on these characteristics will
be paramount to reaching more consumers and
driving loyalty in the long run.
Consumer demographics for overall
plant-based foods
Plant-based food category purchases resonate with
select consumer demographics. Relative to the
average household, purchasers of plant-based foods
tend to be younger, be from higher-income
households, and have graduate degrees. Asian
American consumers are also more likely to buy
plant-based foods.
In addition to sales data, other key metrics including
household penetration and repeat purchase rate
demonstrate growth opportunities for plant-based
categories.
● Six in 10 households purchased plant-based
foods in 2023. The majority of U.S. households
purchased plant-based products, similar to 2022.
● Plant-based milk had the largest share of
households purchasing among plant-based
categories. Nearly half of U.S. households
purchased plant-based milk at least one time in
2023. Additionally, nearly 80 percent of those
households were repeat purchasers.
● Plant-based meat and seafood were
purchased by 15 percent of households.
Among those households, 62 percent purchased
multiple times in the category.
● Plant-based creamers reached as many
households as plant-based meat and seafood
did. In the United States, 15 percent of
households purchased plant-based creamers in
2023, up from 11 percent in 2020.
● Many plant-based categories saw household
penetration rates fall somewhat or slightly in
2023. All plant-based categories tracked in the
dataset saw household penetration rates decline
or stay flat versus 2022 levels. Notably,
plant-based meat and seafood fell from 19
percent in 2022 to 15 percent in 2023,
indicating a need to reengage consumers.
● Most repeat buying rates held steady in 2023.
Across the majority of plant-based categories,
repeat rates held relatively steady year over year.
● Households that purchased in one plant-based
category were much more likely to be
purchasers of other plant-based categories.
For example, 25 percent of households
purchasing plant-based milk also purchased
plant-based meat and seafood, compared to 15
percent of total households. And 67 percent of
households purchasing plant-based meat and
seafood also purchased plant-based milk,
compared to 44 percent of total households.
● Households that purchased both plant-based
and conventional meat are high-value
consumers. Households buying both
plant-based and conventional meat spent 20
percent more by dollars (and 17 percent more by
units) on total food purchases than the average
household and 21 percent more by dollars (and
18 percent more by units) than households only
buying conventional meat in 2023. Price points
and household sizes likely play a role in this
increased spending. Nonetheless, consumers
purchasing plant-based meat and seafood are
valuable shoppers.
Source: Unless otherwise cited, all U.S. retail sales
and U.S. consumer dynamics data reported above
were derived from GFI’s analysis of SPINS data.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 39
Figure 12: Purchase dynamics of plant-based foods 2023
Household data note: SPINS uses a separate process from the sales data to pull household panel data which may result in minor
category differences.
Source: National Consumer Panel (powered by Circana), All Outlets, 52 weeks ending 12-3-23
Global retail sales overview
The plant-based categories discussed previously in
this chapter are not just established in the United
States but all over the globe. Global retail sales data
estimates from Euromonitor International provide a
look at how major plant-based segments fare around
the world. Euromonitor’s estimate for the total global
retail sales of plant-based meat, seafood, milk,
yogurt, ice cream, and cheese was $29 billion in 2023
(Euromonitor does not report on plant-based eggs).
Plant-based meat
Global retail dollar sales of plant-based meat and
seafood were estimated to reach $6.4 billion in
2023. The majority of those sales are concentrated
in Europe and North America.
Plant-based meat sales remain small compared to
conventional meat sales. For context, Euromonitor
estimates total conventional meat retail and
foodservice volume sales in tons to have reached
410 million in 2023 compared to plant-based meat
achieving just 656,000 tons globally.
Plant-based milk
Global retail dollar sales of plant-based milk were
estimated to reach $18.7 billion in 2023. APAC led
the way with more than double the estimated sales
of the next closest region, North America.
Plant-based yogurt
Led by Europe, global retail dollar sales estimates of
plant-based yogurt hit $1.6 billion in 2023.
Plant-based ice cream
Global retail dollar sales estimates of plant-based
ice cream were $1.4 billion in 2023. Estimated sales
were concentrated primarily in North America and
Europe.
Plant-based cheese
Estimated global retail dollar sales of plant-based
cheese reached $896 million in 2023, led by North
America and Europe.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 40
Figure 13: Global 2023 plant-based meat and
seafood retail dollar sales estimates
Source: Euromonitor International Limited, Staple Foods 2023,
Meat & seafood substitutes, retail value RSP incl. sales tax, US$.
Figure 14: Global 2023 plant-based milk retail
dollar sales estimates
Source: Euromonitor International Limited, Dairy Products and
Alternatives 2023, Plant-based milk, retail value RSP incl. sales
tax, US$.
Figure 15: Global 2023 plant-based yogurt retail
dollar sales estimates
Source: Euromonitor International Limited, Dairy Products and
Alternatives 2023, Plant-based yogurt, retail value RSP incl. sales
tax, US$.
Figure 16: Global 2023 plant-based ice cream
retail dollar sales estimates
Source: Euromonitor International Limited, Snacks 2023,
Plant-based ice cream, retail value RSP incl. sales tax, US$.
Figure 17: Global 2023 plant-based cheese retail
dollar sales estimates
Source: Euromonitor International Limited, Dairy Products and
Alternatives 2023, Plant-based cheese, retail value RSP incl. sales
tax, US$.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 41
Box 2: Global retail market data collection
Euromonitor is one of a few providers of standardized retail sales data across global regions. The company assembles data through a
combination of desk research, store checks, trade surveys, and company analysis.
Desk research relies on data and insights from a variety of sources:
● Euromonitor
● Governmental and official sources
● National and international trade press
● National and international trade associations
● Industry study groups and other semi-official sources
● Company financials and annual reports
● Broker reports
● Online databases
● Financial, business, and mainstream press
In-store checks and web scraping of e-commerce retailer sites are used to gather data on these key factors:
● Place: products tracked in all relevant channels—selective and mass, store and non-store.
● Product: innovations in products, product attributes, pack sizes, and formats.
● Price: brand price variations across channels and comparison with private-label pricing.
● Promotion: marketing and merchandising trends, offers, discounts, and tie-ins.
Trade surveys supply additional or missing data:
● Fill gaps in available published data per company.
● Generate a consensus view of the size, structure, and strategic direction of a category.
● Access year-in-progress data where published sources are out of date.
● Evaluate expert views on current trends and market developments.
Company analysis:
At a global level, Euromonitor’s research combines a mix of industry interaction and use of secondary sources such as annual accounts,
broker reports, financial press, and databases. From a data perspective, the aim is to build “top-down” estimates of major players’
total global and regional sales. At a country level, in line with local reporting requirements, Euromonitor accesses annual accounts,
nation-specific company databases, and local company websites. These are all invaluable sources in building a view of each domestic
player’s size and position within very specific categories of the industry.
Combined, these methods enable Euromonitor to assemble a rigorous dataset that provides a global perspective on sales for various
plant-based categories.
Data validation:
All data is subjected to an exhaustive review process, at country, regional, and global levels.
The interpretation and review of sources and data inputs form a central part of the collaboration between industry teams and country
researchers. Numbers are delivered to regional and global offices with an audit trail of sources and calculations to allow for a thorough
evaluation of data sense and integrity. Upon completion of the country review phase, data is reviewed on a comparative basis at
regional and then global levels. Comparative checks are carried out on per capita consumption and spending levels, growth rates,
patterns of category and subcategory breakdowns, and distribution of sales by channel. Top-down estimates are reviewed against
bottom-up regional and global market and company sales totals. Where marked differences are seen between proximate country
markets or ones at similar developmental levels, supplementary research is conducted in the relevant countries to confirm and/or
amend those findings. This process ensures international comparability across the database, that consistent category and subcategory
definitions have been used, and that all data has been correctly tested. Euromonitor makes sure that possible discrepancies between
different published sources have been reconciled and that their interpretation of opinion and expectation from each country’s trade
sources has been applied to form a coherent international pattern.
Note: Data is based on Euromonitor’s “meat and seafood substitutes” category, which includes chilled, frozen, and shelf-stable products.
Note that data may differ from previous reports. In previous reports, this Euromonitor category also included tofu (now a standalone
subcategory), and previous reports refined graphs to display only estimated plant-based meat sales.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 42
U.S. foodservice sales overview
A little over a decade ago, food expenditures coming
from away-from-home purchases surpassed
food-at-home purchases in the United States. This
trend continued as consumers shifted their food
spend to foodservice environments, until 2020 when
the COVID-19 pandemic hit and individuals turned
primarily to retail environments for food purchases.
Fast forward to 2022 and away-from-home food
purchases recovered to pre-pandemic levels of 2019
but the landscape had, nonetheless, changed
dramatically.
Circana’s data on total food operator purchases from
broadline distributors showed that in 2023, both
dollar and pound sales increased 4 percent from
2022, a third consecutive year of growth since
declines in 2020.
When compared to pre-pandemic levels of 2019,
dollar sales have grown 28 percent while pound
sales are just one percent above previous highs. This
gap between dollar and pound sales growth
represents the impact of price increases in the
sector over the last four years.
According to the U.S. Bureau of Labor Statistics, in
December 2022, food-away-from-home prices were
eight percent higher than the same month in 2021.
In December of 2023, prices were five percent
higher than 2022 levels.
Price increases across food sectors have affected
consumer behavior in the foodservice channel. In the
first month of 2023, 73 percent of U.S. adults reported
noticing that dining at restaurants cost more than it
had in the past, according to Morning Consult.
Foodservice sales, overall, have worked their way
back from 2020 losses but face new challenges. The
trend of consumers increasingly turning toward
out-of-home eating occasions over the long term
appears strong, making this channel one to
prioritize.
U.S. plant-based protein
foodservice sales
In 2023, the plant-based proteins category in
foodservice saw modest dollar and pound sales
declines, from broadline distributors to operators.
These declines follow two years of strong growth
after the major decline in 2020. Conventional meat
on the other hand saw dollar sales fall three percent
while pound sales increased by four percent, a sign
of price decreases in the latest year. Conversely,
dollar sales outpacing pound sales is a sign of
increased prices.
Despite conventional meat prices falling in 2023
versus 2022, over the last five years (2019–2023),
average prices per pound for conventional meat have
risen 18 percent while prices for plant-based
proteins are up just 10 percent.
● In sales by weight, the top product types within
the plant-based proteins category are tofu (31
percent), beef (29 percent), grain/nut/veggie
items (17 percent), chicken (11 percent), and
pork (nine percent).
● Since 2019, analogs—products meant to replicate
the taste, texture, and experience of conventional
meat—have outpaced more vegetable-forward
plant-based proteins. In 2023, analogs made up
50 percent of the total category pound sales, up
from 39 percent in 2019.
● Three emerging analog product types include
pork patties, chicken nuggets, and chicken
tenders. All three grew both dollar and pound
sales in the double digits in 2023 and now make
up 10 percent of category pound sales, up from
six percent in 2019.
● Despite conventional meat dollar sales rising 21
percent from 2019 to 2023, pound sales grew
just three percent from 2019 highs, representing
price increases of 18 percent. Price growth has
impacted on categories across the foodservice
channel over the last five years, particularly
conventional meat. This has resulted in dollar
sales often well surpassing previous highs of
2019 while pound sales remain relatively flat.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 43
U.S. plant-based milk and cheese
foodservice sales
In 2023, GFI commissioned data on plant-based
milk and plant-based cheese in the foodservice
channel.
Plant-based milk has seen impressive growth in
foodservice since 2019 with dollar sales up 81
percent and pound sales up 55 percent. Meanwhile,
conventional milk dollar sales grew 34 percent and
pound sales grew eight percent over the same
timeframe. Notably, plant-based milk made up a 12
percent share of the total milk market in broadline
distributor sales in 2023.
Plant-based cheese experienced similar trends to
plant-based proteins in 2023 with dollars down
three percent and pounds down six percent. Since
2019, dollar sales have grown 26 percent while
pound sales have declined nine percent, a sign of
significant price increases. Meanwhile, conventional
cheese saw dollars grow 18 percent and pounds
three percent since 2019.
Data reveals that U.S. consumers are shifting more
of their food expenditures to foodservice
environments. This, in turn, makes the channel a
high priority for companies to engage with early and
often. Additionally, the industry offers the
opportunity to deliver curated experiences around a
product or brand that can play an important role in
bringing consumers in and driving loyalty.
Figure 18: Total food market, U.S. broadline distributor foodservice sales, 2019–2023
Source: Circana/SupplyTrack, Product Class: Total food. Dollar and pound sales are 12 months ending December 2023 vs 4 prior years
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 44
Figure 19: Plant-based proteins market, U.S. broadline distributor foodservice sales, 2019–2023
Source: Circana/SupplyTrack, Product Class: Plant-based proteins (analogous meat alternatives, grain/nut/veggie alternatives, tofu/tempeh).
Dollar and pound sales are 12 months ending December 2023 vs 4 prior years.
Figure 20: Plant-based milk market, U.S. broadline distributor foodservice sales, 2019–2023
Source: Circana/SupplyTrack, Product Class: Milk alternatives. Dollar and pound sales are 12 months ending December 2023 vs 4 prior years.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 45
Figure 21: Plant-based cheese, U.S. broadline distributor foodservice sales, 2019–2023
Source: Circana/SupplyTrack, Product Class: Cheese alternatives.
Dollar and pound sales are 12 months ending December 2023 vs 4 prior years.
Box 3: U.S. foodservice data collection
Distributor to operator sales data
GFI, in partnership with PBFA, commissioned foodservice sales data from Circana, formerly IRI & NPD, focusing on various
plant-based and conventional categories. Circana collects point-of-sale data from selected broadline distributors for their SupplyTrack
Tracking Service. This data reflects itemized sales from broadline distributors shipped to foodservice operators. The SupplyTrack
service currently tracks 17 participating broadline distributors, data from 280+ categories, and collects 700,000+ operator purchases
monthly. SupplyTrack covers ~41 percent of the total foodservice landscape (86 percent of all broadline distribution). Broadline
distributor sales generally skew toward small-/medium-sized chains and noncommercial operators and away from large chains,
however the data reaches both commercial and noncommercial operators across sizes and the following segment types:
● Commercial: QSR, FSR, Convenience Stores, Food Stores, and Other Retail.
● Noncommercial: Education, Government, Health Care, Business & Industry, Lodging/Casino, Recreation, and other
noncommercial environments.
The SupplyTrack data obtained from Circana covers sales across the U.S. market for the five years 2019, 2020, 2021, 2022, and 2023,
all 12 months ending in December.
Read GFI’s latest deep dive on foodservice sales and consumer insights in the United States.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 46
Investments
Investments
Overview
Companies primarily involved in plant-based meat,
seafood, eggs, or dairy have raised $8.5 billion since
2006, with over half of investments coming in the
last three years alone.
While 2023 fundraising totals marked a decline from
2022 levels for plant-based food companies, other
primarily venture-backed sectors like fintech also
experienced funding declines of around 50 percent
year-over-year (YOY), reflecting the challenges of
fundraising in a subdued private capital
environment.
Various industries contended with a tepid private
funding landscape in 2023, driven by rising interest
rates, elevated inflation, and a mixed economic
outlook.
As a result, global venture funding across all sectors
fell 42 percent YOY in 2023 to its lowest levels since
2017. Climate tech equity investments decreased by
as much as 40 percent YOY, despite the sector
receiving significant government support through the
Inflation Reduction Act and other policies that
helped to de-risk and fuel investment. Investments
in food tech startups declined by 61 percent YOY.
Plant-based companies raised $907.7 million in
2023, representing a 28 percent decrease from the
$1.3 billion raised in 2022—a lower rate of decline
than overall global venture funding.
Not all regions saw decreases in plant-based
investments. Plant-based funding in Europe rose for
the second consecutive year to $584 million in 2023,
a 74 percent increase from 2022, marking the
highest annual total for the region to date. For the
first time, European investments comprised more
than half of all invested capital in the plant-based
industry for the year.
The wider alternative protein industry (inclusive of
plant-based, cultivated, and fermentation-enabled
proteins) also saw private funding fall in 2023. While
alternative protein companies raised $15.7 billion
from 2014 to 2023—over half of which was raised in
2020 and 2021—investments dipped from $2.9
billion in 2022 to $1.6 billion in 2023. That said,
these totals (and those for plant-based companies)
are likely underestimated. Some companies raised
funds that were not publicly reported under simple
agreements for future equity (SAFE) or bridge rounds
to increase financial runway. While certain deals, in
general, are not publicly disclosed, we suspect an
increased frequency of under-reporting this year
based on the larger number of SAFE and bridge
rounds and our conversations with market
participants. Some of these investments may
eventually be reported as investments in 2024.
Even in the face of fundraising challenges, the
plant-based industry continued to advance in 2023,
with companies around the world hitting key product
development, distribution, and scaling milestones.
All the while, companies continued to innovate their
processes and products.
The challenging private funding environment for
plant-based and alternative protein companies may
continue in the year ahead, especially as interest
rates in the United States, Europe, and elsewhere are
likely to remain elevated in 2024. At the same time,
alternative proteins and plant-based meat continue
to be critical tools in shifting toward more efficient
and sustainable methods of meat production. This
also makes plant-based meat, seafood, egg, and
dairy production an important ESG opportunity,
providing potential upside for investors and the
industry.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 48
With this backdrop, we expect alternative protein
and plant-based investments to evolve in the coming
years. A major transition took place in 2023 as the
overall venture funding environment moderated after
years of heightened activity, and the industry is likely
to settle on an adjusted, more realistic path in 2024.
In light of the tighter private funding environment
that is expected to persist into 2024, we expect the
alternative protein companies best positioned to
attract equity investment will be those that can
demonstrate clear pathways to revenue and
profitability.
At the same time, long-term debt, grants, and
government incentives are essential for companies
to lower their production costs and achieve price
parity as they scale production. To enable alternative
protein companies to access such funding, they will
need creative solutions in areas such as product
off-take and leveraging government and
philanthropic funding.
Fortunately, there are replicable solutions already
being implemented (e.g., school districts procuring
alternative proteins for lunch menus) as well as
those that have been successfully used in other
industries (e.g., government loan guarantees and
blended philanthropic financing for renewable
energy). Through multi-stakeholder collaboration,
these solutions can facilitate the flow of capital into
alternative proteins.
Regardless of external market forces, if governments
and companies are serious about improving food
security, reducing emissions, and achieving their
climate goals, more alternative protein funding is
needed to help companies scale, improve their
products, and reduce their costs.
Figure 22: Cumulative and annual investment in plant-based companies (2014-2023)
Source: GFI analysis of data from Net Zero Insights.
Note: Data has not been reviewed by Net Zero Insights analysts. The total deal count includes deals with undisclosed amounts.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 49
Figure 23: Investments in plant-based companies by region (2014–2023)
Source: GFI analysis of data from Net Zero Insights.
Note: Data has not been reviewed by Net Zero Insights analysts. The total deal count includes deals with undisclosed amounts.
Figure 24: Investments in plant-based meat and seafood: Top 10 countries (2014–2023)
Source: GFI analysis of data from Net Zero Insights.
Note: Data has not been reviewed by Net Zero Insights analysts. The top 10 countries were selected based on 2023 invested capital. The total
deal count includes deals with undisclosed amounts.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 50
Table 7: Deal type summary statistics
Source: GFI analysis of data from Net Zero Insights.
Note: Data has not been reviewed by Net Zero Insights analysts. These
figures represent summary statistics of invested capital rounds with
disclosed deal amounts. Deal count includes rounds with undisclosed amounts. Due to their limited number and size, this table excludes
general crowdfunding, equity, and private equity rounds. It also excludes uncategorized rounds. The total deal count includes deals with
undisclosed amounts.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 51
Figure 25: 2023 key funding rounds
Source: GFI analysis of data from Net Zero Insights.
Note: Data has not been reviewed by Net Zero Insights analysts. “2023 key funding rounds” includes investments in the 75th percentile or
higher by dollar amount for each funding round category that includes more than three deals. For funding round categories that include three
deals or fewer, all deals are included.
For a list of investors who have expressed interest in funding plant-based food, companies can
request access to GFI’s investor directory.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 52
Methodology
GFI conducted a global analysis of plant-based
meat, seafood, egg, and dairy investments using
data from Net Zero Insights. Our analysis uses a list
we custom-built in Net Zero Insights’ platform of
companies that focus primarily on plant-based
products or on providing services to those who
produce them.
Types of companies included
and excluded
● Our analysis excludes companies involved in
plant-based products that are not their core
businesses as well as companies using
plant-based ingredients other than to create or
enable alternative meat, seafood, egg, and
dairy products. Some companies included in
our list may also offer products or services that
apply to another protein category.
● For example, the $200 million that Eat Just
raised in March 2021 for use across their
product lines and the $267 million raised for
their GOOD Meat division in the funding round
completed in September 2021 are categorized
under cultivated meat. All other Eat Just funds
raised are categorized under plant-based.
● Cocuus, who produces both cultivated and
plant-based meat, was included in the
plant-based meat dataset. Companies
focused primarily on plant molecular farming
are excluded (they are included under
fermentation).
The Net Zero Insights platform contained 1,009
plant-based companies, 504 of which have disclosed
deals. Of these, 363 have deals with publicly
disclosed amounts. Net Zero Insights primarily
tracks deals from publicly disclosed sources unless
companies claim their profiles on the platform and
provide their own investment information. Because
our aggregate calculations include only companies
with deals and deal sizes available to Net Zero
Insights, they are conservative estimates.
Types of funding included
For this report, invested capital/investment comprises
accelerator and incubator funding, angel funding,
bridge funding, convertible debt, corporate venture,
equity and product crowdfunding, general debt
completed deals, debt crowdfunding, seed funding,
early-stage venture capital, late-stage venture capital,
private equity growth/expansion, capitalization, joint
venture, and private placements. Liquidity events
comprise completed mergers, acquisitions, reverse
mergers, buyouts, leveraged buyouts, spinoffs, and
IPOs, while other financing comprises completed
subsequent public share offerings and private
investment in public equity. We do not include capital
raised through a SPAC IPO until the entity has merged
with or acquired a target company.
Data provider
Please note that the figures published in this report
may differ from prior figures published by GFI as we
are now using Net Zero Insights as our investment
data provider and are continually working to improve
our dataset. To verify your company’s data on the
Net Zero Insights platform, claim your company's
profile here and help us ensure we have access to
the fullest, most up-to-date information.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 53
Liquidity events
Liquidity events represent the sale of an equity
owner’s interest in a company typically through a
merger, acquisition, buyout, or IPO. Liquidity events
are common components of industry development,
as mergers and acquisitions (M&A) allow companies
with stronger financial footing to acquire firms with
valuable technologies, manufacturing processes, and
talent. That said, liquidity event activity is also highly
dependent on the broader economic context.
Sixteen liquidity events, also known as exits, took
place in 2023.
● The most notable event was Morinaga
Nutritional Foods’ acquisition of plant-based
meat company Tofurky for an estimated $50
million. This acquisition enabled Tofurky’s
brand, Moocho, to strengthen their integrated
supply chain and for Tofurky to enter their next
stage of growth.
● Additionally, Above Food, a plant-based
ingredient and end-products company
announced plans to merge with Bite Acquisition
Corp., a publicly traded special purpose
acquisition company (or SPAC). Above Food was
valued at $319 million in the announced deal.
Once complete, the combined entity will trade
on the NYSE under the ticker symbol ABVE.
In a year when global M&A activity fell to its lowest
level in over a decade, the relatively slow pace of
notable plant-based liquidity events was
representative of the larger funding and M&A
environment. The same conditions that led to
fundraising difficulties—like economic concerns and
a tight financing environment—also contributed to
limited M&A activity.
While we expect plant-based liquidity event activity
to accelerate in the coming years, as seen in the
trajectories of other transformative innovations like
electric vehicles, the rate at which it does so will also
hinge on conditions like interest rates, economic
sentiment, and views of the sector.
Other financing
Some public companies pursue financing paths such
as subsequent public share offerings and private
investment in public equity (PIPE) deals.
Four such deals took place in 2023. The two most
notable were by plant-based companies
Bettermoo(d) and Sensible Hot Dogs, who raised
$7.4 million and $12 million in post-IPO equity
financing, respectively. As more plant-based
companies begin trading publicly, we expect to see a
higher number of other financing rounds.
Note: Unless otherwise cited, all of the information
presented in this Investments section is from GFI’s
analysis of data from the Net Zero Insights platform.
Please note that aggregated data has not been
reviewed by Net Zero analysts.
Disclaimer: The Good Food Institute is not a licensed
investment or financial advisor, and nothing in the
State of the Industry Report series is intended or
should be construed as investment advice.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 54
Figure 26: Plant-based companies’ global liquidity events (2014–2023)
Source: GFI analysis of data from Net Zero Insights.
Note: Data has not been reviewed by Net Zero Insights analysts.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 55
Science and
technology
Science and technology
Overview
Establishing taste and price parity for plant-based
foods compared to their conventional animal-based
counterparts remained top priorities for researchers
and manufacturers in 2023.
Among the many ways the industry advanced toward
those goals included: impressive gains in new farming
techniques that optimize plant protein cultivation,
innovative uses of agricultural by-products, and
research to create processes and ingredients that
more closely mimic the sensory attributes of
conventional meat, seafood, egg, and dairy products.
Additional challenges that continue to affect the
plant-based protein industry include manufacturing
capacity and scale. Workforce development, supply
chain bottlenecks, and limited production capacity
have affected the industry’s ability to scale. The
industry relies heavily on science and technology to
help solve these and other hurdles to bring
plant-based proteins to the table. In 2023
companies focused on:
● Adapting diverse crop cultivation strategies to
specific regional conditions and needs by
exploring indoor, vertical, and aquatic farming
techniques.
● Leveraging upcycled ingredients from
commercially available sidestreams, such as
protein-rich byproducts from potato, cabbage, or
broccoli processing.
● Enhancing plant protein formulations with
innovative fats and binders.
● Texturizing proteins at scale and with novel
technologies, such as cold structuring and
spinning.
● Establishing alternative protein innovation
centers specifically aimed at providing training
opportunities, reducing supply chain frictions,
and pinpointing consumer preferences for
plant-based foods.
Efforts across the value chain will help incrementally
lower costs and improve the taste of plant-based
products. However, for the sector to achieve the next
level of competitiveness, more open-access
collaborations between companies, governments,
academics, and other stakeholders are critical. In
2024, GFI will explore the economic viability of
plant-based meat by using anonymized industry data
to build an open-access techno-economic analysis
for the industry. We are currently recruiting partners
to contribute and comment on this study.
For more detailed information about the
technologies described below, refer to GFI’s science
of plant-based meat explainer, including deep dives
into crop development, ingredient optimization, and
end-product formulation and manufacturing.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 57
Research across the technology value chain
Figure 27: Plant-based meat production
Crop development: Enhancing plant
diversity, quality, and protein
content for optimal downstream
production
Crop development traditionally focuses on
identifying and breeding crops with beneficial traits,
namely high crop yield, pest resistance, and drought
resistance. Along with these more conventional
efforts, discovering and breeding crops with high
nutrient density and good ingredient qualities will
bolster the development of plant-based foods,
making them more nutritious and tasty while
minimizing downstream processing costs.
Identifying and leveraging favorable crop
traits and associated genes
In 2023, scientists across academia, industry, and
governments identified crop genes associated with
favorable traits for high-quality protein ingredients.
Researchers at the UK’s John Innes Centre
described the underlying genetic sequence
responsible for high-iron peas, while University of
Copenhagen researchers discovered a gene
mutation that prevents the production of bitter
compounds in white lupins. Understanding crop
traits, like micronutrient density and flavor
compound concentrations, and the genes that
contribute to them, will be crucial to continue
impactful commercial breeding programs that
improve protein quantity and quality. One such effort
from The European Cooperation in Science and
Technology (COST) is the DIVERSICROP Action,
which aims to identify genotypes and regional
environmental constraints that limit the production
of underutilized crops including peas and chickpeas
and develop strategies to increase their adoption by
farmers.
Beyond identifying genes, a number of excellent
breeding efforts were announced this year:
● The Legume Generation project in Europe, with a
value of €8.6 million, promotes legume breeding
efforts for Europe’s protein supply. They are
connecting leading European plant research
institutions with plant breeders working with
soybeans, lupins, peas, lentils, common beans,
and clover.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 58
● Amfora partnered with AI company McClintock
to expedite the readiness of their high-yielding,
high-protein soybean varieties, specifically bred
for plant-based protein production.
● Plantae Bioscience created yellow peas with
reduced levels of bitter saponin compounds
using CRIPSR gene editing techniques.
Soy breeding company Benson Hill also
earned ProTerra’s Sustainability
Certification, a global standard that
evaluates products for sustainable
agriculture and labor practices, for their
non-GMO soy portfolio.
Cultivating novel crops at commercial scale
The Food and Land Use Coalition identified
diversifying protein sources to include alternative
proteins as one of “ten critical transitions that would
enable food and land use system to provide food
security and healthy diets for a global population of
over nine billion by 2050, while also tackling our core
climate, biodiversity, health, and poverty challenges.”
Within the sustainable protein category, there are
even more opportunities to vary our plant protein
sources. Expanding the portfolio of ingredients used
in plant-based foods can expedite product
heterogeneity and contribute to sustainable
agricultural productivity, with on-farm crop
diversification positively affecting biodiversity and
ecosystem services and food system resilience.
However, the commercial success of these novel
ingredients often depends on crop source supply
chain availability and economics. As a result, it is
vital to advance the cultivation of these novel
sources.
In 2023, crop cultivators optimized the growth of
many novel plant protein sources. Researchers at the
University of York, with funding from Innovate UK,
began cultivating vertically farmed high-protein
amaranth crops with an aim to grow plant protein
and reduce UK imports of soy and pea. Vertical
farming allows the crop to be grown and harvested
year-round. Meanwhile, Texas A&M AgriLife
Research and AgriVentis Technologies scientists
are exploring the cultivation of mung beans in Texas.
Mung bean, typically grown in South Asian countries,
is a drought-resistant legume with great potential as
a scalable source for alternative proteins (see GFI’s
full report on The Untapped Potential of Mung
Beans).
Aquatic plant species are increasingly being explored
for their utility in plant-based foods. They offer
fast-growing protein sources that do not require
arable land. However, their commercial cultivation
must be adapted to lower ingredient costs.
Duckweed (i.e., water lentils, Lemna) is a
nutrient-dense, water-floating plant that can contain
up to 40 percent of high-quality protein. Recognizing
its value, Sustainable Planet is focused on utilizing
desertified land to grow duckweed in a large-scale
production process that allows the plant to be grown
in saline water.
For more details about how this protein can be
implemented as a binder, see the
Subcomponent improvements section.
Seaweed is also a promising aquatic plant ingredient
source with great functional properties. To expand
seaweed cultivation, North Sea Farmers is testing
the viability of growing seaweed in between turbines
of offshore wind farms in the Netherlands. The
project recently received €1.5 million from Amazon.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 59
Aquatic plants might be key in unlocking one of the world’s most sought-after
proteins; RuBisCO. A protein that is nutritionally and functionally superior to
both animal and plant proteins, is allergen free, and if produced properly, is
neutral in taste & color. This protein will be a critical component in the food
industry’s transition to a sustainable agri-food ecosystem without animal harm
and social disruption.
Tony Martens
Co-Founder, Plantible Foods
Ingredient production: Refining and
scaling plant protein fractionation
To generate ingredients, crops undergo fractionation,
which is the process of splitting them into more
enriched components. These components comprise
mainly proteins, lipids, carbohydrates, fibers, and
small molecules, such as nutrients, colors, or flavors.
Fractionation has historically focused on extracting
oils and carbohydrates, but raw ingredient
optimization focused on plant protein enrichment is
essential to create flavourful and affordable
plant-based meat, seafood, egg, and dairy products.
The choices in protein fractionation techniques
influence protein yield, fraction composition,
physicochemical and structural properties, and
ingredient functionality, all of which can affect the
sensory characteristics, nutrition, and cost of the
end product.
Generating protein ingredients from
novel sources
In 2023, the plant-based food industry also explored
a number of novel aquatic, leguminous, and
upcycled protein sources to diversify the library of
plant proteins and their resulting functionalities
available to food formulators.
While some researchers are optimizing the
cultivation of aquatic plants, as mentioned
previously, others are also exploring applications of
their fractionated components. HN Novatech
discovered a heme ingredient that is extracted from
seaweed and provides a meaty flavor. Four distinct
flavors–beef, pork, chicken, and lamb–have been
developed, demonstrating the tunability of the
ingredient.
Beyond pea, other legume ingredients are also being
explored as protein sources, resulting in novel
products with unique properties. For example:
● ChickP designed chickpea protein isolate-based
cheese prototypes to demonstrate the excellent
gelation and emulsification capabilities of
chickpea proteins.
● InnovoPro showcased their chickpea protein
ingredient’s ability to function as a dairy or egg
replacement in plant-based baked goods and
chocolate.
● Haofood formulated their plant-based pork
mince and plant-based chicken products using
peanut proteins.
● Kraft Heinz announced it is planning to leverage
bean diversity to expand their plant-based
products portfolio.
Leveraging byproducts for plant-based
food production
Circular bioeconomies use renewable natural
capital to produce food and other goods more
efficiently, affordably, and sustainably and can help
cut costs and environmental impacts of agricultural
and food losses and wastes.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 60
Alternative protein production offers fantastic
opportunities for many commodity crop industries to
achieve circular bioeconomies across their supply
chains. In fact, soy protein is a popular base for
plant-based foods because it is an affordable
sidestream of the soybean oil industry. Still, while
soy protein is arguably the most established plant
protein supply chain, companies continue to seek
strategies to optimize sidestream processing of
soybean meal. For example, to circumvent the
challenges in the transportation of materials from
regions of production to processing facilities, Bunge
NA broke ground on a soy protein concentrate
production facility next to their existing soy
production plant.
In 2023, the plant-based food industry
demonstrated its appetite to continue utilizing
sustainable, upcycled protein ingredients by looking
beyond soybean meal.
Planetarians uses spent yeast from commercial
fermentation facilities with soybean meal, to
produce a meat product from just two ingredients.
Other companies are exploring the
commercialization of protein production from unique
sidestream sources:
● Potato protein: Branston, one of the United
Kingdom’s largest potato suppliers, will begin
ingredient production from their new potato
protein facility in early 2024. While potato has
low protein content, the protein is coveted for its
complete essential amino acid profile and
excellent binding, gelation, and emulsification
abilities. As a result, Avebe launched a new
potato protein ingredient for use in plant-based
dairy and other foods.
● Cabbage protein: Naylor Farms, a leading
producer of cabbage for coleslaw in the United
Kingdom, announced they are investing €35
million in an eco-conscious factory designed to
extract plant-based protein from cabbage.
● Broccoli protein: Upp company is upcycling
protein from broccoli sidestreams while
optimizing broccoli harvest by minimizing waste
and harnessing machine learning technology.
● Pumpkin seed protein: Seductive Foods is
making dairy alternatives with regenerative
hemp and upcycled pumpkin seeds. Pumpkin
seed-based meat is being explored by More
Foods and Osem-Nestlè.
● Stone fruit seed protein: Kern Tec makes
plant-based milk from stone fruit seeds.
While challenges in technology development,
logistics, and lack of established infrastructure
remain, sidestream utilization has tremendous
potential to increase food production while cutting
costs, environmental impacts, and agricultural
waste. However, further research into regional
byproduct availability, supply chain development,
and collaborations across the value chain are
required to optimize the use of sidestreams for
alternative proteins.
Progressing ingredients from lab to
commercial scale
Besides scoping innovative protein sources, the
industry is also focused on refining, scaling, and
commercializing plant protein production.
NIZO provided a series of helpful insights into
protein fractionation for Food Navigator on
membrane filtration, flavor improvement, polyphenol
reduction, and avoiding microbial contaminations, to
help protein ingredient producers fine-tune their
processes.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 61
In terms of commercial expansion, ADM acquired
Prairie Pulse, Inc., doubling their pulse crop
cleaning, milling, and packaging capacity in
Saskatchewan. Moreover, DIAZ is leveraging a
high-pressure process to germinate whole soybeans,
a process they claim elevates the flavor and texture
of soybeans without additives, and they plan to use
their most recent funding to build a new
40,000-square-foot facility capable of producing
8,000 tons of plant-based meat per year.
For those looking to scope their product’s commercial
viability, Burcon NutraScience Corporation is now
offering pilot plant processing and scale-up validation
as a service to partners and customers, presenting an
opportunity for companies to optimize novel protein
fractionation sources and processes.
Component improvements:
Advancing the functionality and
acceptability of plant-based food
formulations
In the vast space between harvesting primary
ingredients and creating ready-to-consume products,
many enterprises are working to create
multi-ingredient components for better plant-based
products, including fats, texturized proteins, binders,
colors, and more. Whether created in-house by
plant-based meat manufacturers or by B2B-focused
companies, these building blocks are crucial to
creating plant-based products that meet consumer
demand for taste, price, and nutritional value.
For more information about fermentation and cultivated technologies, please explore their
2023 State of the Industry reports.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 62
Table 8: Company updates for plant-based alternative fat products
Company
Product
Fat type
Shiru
OleoPro
Adipose
CUBIQ and Cargill
Go!Drop
Adipose
Kerry
SucculencePB
Adipose
Lypid
PhytoFat
Adipose (pork belly fat)
Vegetarian Butcher (Unilever)
NoBacon 2.0
Adipose (bacon fat)
KaYama
Not available
Adipose
HIFOOD and Alianza
MirrorTissue
Adipose
Gavan
FaTRIX
Butter
Bunge
Beleaf PlantBetter
Butter
Willicroft
Willicroft Original Better
Butter
Reaching taste parity through protein
texturization advancements
Texturization, the process of creating desirable 3D
structures from native plant protein ingredients, is
essential to match the mouthfeel, appearance, and
eating experience of animal-based meat.
Of the many texturization methods, extrusion
remains the most widely used in the plant-based
meat industry for its scalability and adaptability. This
year, the scalability of extrusion reached new heights
with the release of Clextral’s high capacity die (HCD)
technology that doubles the capacity of the extruder
for a throughput of up to 1200 kg/hour. The HCD is
equipped with a double parallel outlet, allowing for
two product belts to exit the die at the same speed in
continuous flow. This level of throughput, previously
unachieved by the industry, will be key to expanding
global plant-based meat production capacity,
especially as even moderate growth may outstrip the
industry’s ability to meet demand (see GFI’s
plant-based meat manufacturing capacity and
pathways for expansion). Scalability advances
continue in shear cell technology as well. Rival
Foods, a company spun out of Wageningen
University, is pioneering the use of shear cell
technology to construct whole-muscle cuts. They
announced the launch of their chicken alternatives in
food service outlets in the Netherlands.
Spinning and other bottom-up approaches to plant
protein texturization hold great potential for
recreating the texture and mouthfeel of animal
proteins more precisely. Spinning technologies, for
example, form thin fibers that can then be
assembled into larger structures reminiscent of
animal muscle tissue. Even though spinning
techniques are widely used in the textile,
automotive, and polymer industries, they are
notoriously difficult to scale for food applications.
However, Simulate is pioneering their chicken breast
produced using fiber spinning. Earlier this year,
Project Eaden announced innovative spinning
technology and plans to leverage it to produce
marbled steak alternatives. Other bottom-up
approaches were unveiled this year, including the
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 63
“process-controlled microstructure design”
patent-pending technique that Heura developed for
their plant-based ham. Additionally, New School
Foods launched their whole-cut salmon produced
using a proprietary cold processing technique.
Bringing it all together with binder
ingredients
Binders play a big role in texturization, as well as
product handling and overall performance. Although
commonly used binders include natural and
modified starches, methylcellulose, and fibers, there
has been a push in recent years for binders that are
at once more effective, nutritious, and recognizable
on a label.
This rings particularly true for those aiming to
replace methylcellulose, a modified version of the
natural plant polymer cellulose that has unique
gelling properties especially suited to plant-based
meat applications. This year, a partnership between
Plantible and ICL rose to the challenge. The
partners announced plans to launch ROVITARIS, a
methylcellulose alternative that boasts high protein
content and functionality through its key ingredient
of RuBisCO protein harvested from duckweed. Due
to the solubility and gelling behavior of the protein,
which forms thermo-irreversible gels below typical
cooking temperatures, ROVITARIS may have an even
more favorable gelling profile than methylcellulose.
This announcement came on the heels of Plantible’s
launch of their first product Rubi Whisk, a
plant-based egg replacement for baked goods and
other applications, which takes advantage of
RuBisCO protein’s exceptional amino acid profile and
emulsification and gelation properties. On top of
possibly outperforming traditional ingredients,
duckweed is an incredibly sustainable RuBisCO
source, as previously discussed.
Motif FoodWorks, known for both innovative
ingredients and end products, broke the traditional
mold of plant-based binders with their release of
APPETEX, a hydrogel-based ingredient that
enhances the experience of plant-based foods by
providing a more realistic springy, juicy chew.
Instead of focusing on gelation, thickening, or
binding properties alone, Motif went after recreating
the texture of animal connective tissue by using a
combination of proteins and carbohydrates.
While we are still focused on addressing the two main ingredient challenges for
consumers in plant-based foods—taste and texture—we see white space to
innovate around fat technology, improved nutrition, and evolved substrates that
expand the profile of alternative protein applications.
Dilek Uzunalioglu, Ph.D.
Senior Director, Food Discovery and Design,
Motif FoodWorks
Brennan Burks
Senior Director, Marketing & Investor Relations,
Motif FoodWorks
End product formulation:
Producing products consumers
love at an affordable price
Though unit sales of most U.S. retail plant-based
food categories declined in 2023, a plethora of new
products were launched across all outlets.
Several 3D-printed products were launched this
year, including Revo Foods hybrid plant- and
mycoprotein-based salmon filet, Steakholder
Foods plant-based eel, and six products from
Redefine Meat including various minced and pulled
products such as pulled pork, lamb kofta mix,
burgers, and bratwurst.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 64
Important developments in 3D-printing technology
and scale-up this year signal exciting product and
experience launches to come, including Foody’s and
Coccus joining forces to launch the first large-scale
facility for 3D bioprinting plant-based meat and
SavorEat unveiling their custom
plant-based-burger-printing robot.
Plant-based companies strove for further taste and
experience parity with other new formulation
methods such as the cold process technique
pioneered by New School Foods (described
previously), Nissin Foods’ unique layering process to
produce eel, and even Juicy Marbles’ introduction of
edible bones into a plant-based rib product.
Blending with animal-based ingredients
could help align products with consumer
taste expectations
Blended products, produced using both plant- and
animal-based ingredients, continued to advance this
year both in conventional meat companies as
reported last year, and in newer dedicated
enterprises.
Momentum Foods launched their first line of
products under their consumer-facing brand Paul’s
Table. The products, such as pulled pork and carne
asada, feature 90 percent plant-based ingredients,
including soy and brown rice for health and
environmental benefits, and 10 percent
animal-based ingredients, including collagen and fat
for sensory quality and experience.
A second dedicated blended meat company,
Asentia, emerged from stealth mode with plans to
launch a line of unique products including truffle
mushroom meatballs and bourbon bacon artichoke
sausages. With appropriately nuanced messaging
and customer value propositions, along with more
research and product development, blended
products may hold tremendous potential to bring
consumers to the category.
Optimizing products with every tool in the
alternative protein “toolbox”
The interplay between plant-based, fermented, and
cultivated alternative proteins will improve products
across the whole sector. Hybrid products using
plant-based and fermented or cultivated
components continued to emerge this year with the
announcement of several launches and initiatives:
Plant-Based + Fermentation:
● Plant-based cheese maker Daiya invested in
fermentation technology to create
next-generation products.
● Plant-based fish startup Oshi and The Better
Meat Co. successfully co-raised funds for a
collaboration to develop hybrid salmon.
● Beyond Meat revealed efforts to create
whole-muscle steak using fava beans and
mycelium.
Plant-Based + Cultivated:
● SciFi Foods opened a pilot plant and announced
their first product will combine cultivated and
plant-based ingredients.
● Big Idea Ventures launched Nexture Bio, a
biomaterials company focused on plant-based
scaffolds for cultivated meat.
● Tender Foods received National Science
Foundation funds to develop whole-cuts of
plant-based meat enhanced by cultivated
animal cells.
Applying artificial intelligence to
plant-based food production
Artificial intelligence (AI) and machine learning (ML)
are being used to expedite plant-based product
development.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 65
Companies known for applying these technologies
announced major partnerships and product
launches. Climax Foods, makers of ML-optimized
plant-based cheese, launched their own blue cheese
in select restaurants across the country and teamed
up with Bel Group to create a new plant-based
version of BabyBel which they plan to launch by the
end of 2024. NotCo, which uses AI to create
plant-based products and aims to become a B2B
food AI platform, launched mac & cheese and
mayonnaise with Kraft Heinz this year and
announced a new partnership with Mars Wrigley.
Nonprofits recognize the potential of AI/ML to
advance the entire alternative protein sector,
launching initiatives to help companies utilize these
technologies. Protein Industries Canada launched a
virtual, three-month training program for companies
to learn how to use and apply AI. Food System
Innovations announced the launch of
GreenProteinAI, an initiative to improve plant protein
texturization using AI.
Environmental and
social impact
Every stakeholder in the plant-based value chain,
from crop cultivators to end-product distributors and
consumers, must remain committed to improving
environmental and social impact to reap the full
benefits of the protein transition.
One powerful way to measure environmental impact
is through life cycle assessments (LCA), a systematic
research methodology used to compile the flow of
materials, energy, and resources associated with a
product or service. Because it is difficult to trace
each ingredient back to its origins, especially when
new and proprietary processes are involved, some of
the most telling LCAs come from plant-based meat
manufacturers themselves, such as Beyond Meat
and Impossible Foods, who have each
commissioned LCAs comparing their products to
animal products.
In 2023, Beyond Meat released their second
ISO-reviewed LCA which examines the
environmental impacts of Beyond Burger compared
to animal beef. The study is an update to a 2018
study, both in terms of several data and modeling
upgrades as well as the Beyond Burger recipe itself,
which now reflects version 3.0 released in 2021. The
LCA shows the overwhelmingly positive benefit of
substituting beef burgers with plant-based
alternatives. According to the results, a Beyond
Burger 3.0 patty generates 90 percent fewer
greenhouse gas emissions, uses 97 percent less
water and land, and requires 37 percent less
non-renewable energy than an 80/20 animal beef
patty. Alongside the LCA, Beyond Meat released their
updated environmental, social, and governance
(ESG) report outlining the company’s mission and
strategy to improve human health, climate change,
resource consumption, and animal welfare.
A study released by Profundo this year went beyond
individual plant-based products to examine the
environmental impacts of a broader shift to plant
proteins, including a mix of pulses, tofu, plant-based
meat, and fermentation-derived meat. It outlines a
variety of substitution scenarios, from the producer
to the consumer level, in regions with exceedingly
high animal protein consumption, namely the Global
North and some countries in Latin America and Asia.
The results are striking. For example, substituting
just 30 percent of meat in the selected regions with a
mix of alternative proteins would:
● Save more than 700 million tons of CO
2
equivalent, or the annual emissions of Canada.
● Free up 3.4 million km
2
of land, roughly
equivalent to the area of India, with potential for
crop cultivation, habitat restoration, and carbon
sequestration.
● Save almost 19 km
3
of blue water, or the
equivalent of 7.5 million swimming pools.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 66
The report also highlights the importance of grocery
and foodservice retailers. Just six of the leading
grocery and food service providers with international
operations–Carrefour (France), Lidl (Germany),
Ahold Delhaize (Netherlands), Tesco (United
Kingdom), Sodexo (France), and CP All
(Thailand)–could have an outsized impact if some
meat sales were replaced with a mix of plant
proteins.
Substituting 50 percent of beef, pork, and chicken
sales with plant proteins by 2030 would save 40
percent of GHG emissions, 41 percent of land use,
and 30 percent of the blue water use associated
with meat production, as shown in figure 28.
Finally, two seminal studies released in 2023
examined the consequences of land use change if
the world shifted to more plant-based products. The
impacts of substituting plant-based meat and milk
products could be multiplied by afforestation,
reforestation, or crop production for human
consumption on the land made available from
reduced meat production, which had not been
discussed at length in LCAs to date.
The studies also examine the implications these
changes would have for biodiversity goals, food
security, climate change, and more. Future land-use
studies should provide nuances for specific
geographies and point to alternative proteins as an
efficient land-use solution to enhance local and
global sustainability goals.
Figure 28: Environmental impact of shifting to plant-based protein
Hypothetical calculation of top 6 global food retailers and foodservice companies
shifting 50% of animal protein sales to plant-based protein
The potential impacts of substituting 50 percent of meat sales with plant-based proteins in just six leading grocery and food service companies
(Carrefour, Lidl, Ahold Delhaize, Tesco, CP All, and Sodexo)
Source: Kuepper, B., Impacts of a Shift to Plant Proteins – Effects of reduced meat production on GHG emissions, land, and water use, Profundo
(2023).
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 67
Health and nutrition
Though it is increasingly clear and widely accepted
that eating plants is important for health, there
continue to be research gaps, misinformation, and
misconception regarding plant-based meat.
However, a healthy diet includes a wide variety of
foods and can often benefit from the incorporation of
plant-based meat. Developing and sharing clear,
understandable nutrition data about plant-based
meat is just as critical as product reformulation
efforts that improve its nutrition profile.
Public awareness of the NOVA classification system,
designed to categorize foods according to their level of
processing, continued to spread this year, even
touching some parts of regulation (see the Government
and regulation section). Though many plant-based
meat products fall in the “ultra-processed” category,
research released this year suggests that this
designation does not consistently speak to the
“healthfulness” of the category.
A WHO-backed study published in The Lancet
examines the link between the consumption of
specific categories of ultra-processed foods,
including animal-based products and plant-based
alternatives, and the risk of multimorbidity from
cancer, cardiometabolic diseases, and type 2
diabetes.
Importantly, plant-based meat, breads, and cereals
were associated with reduced risk, while animal
products and sugar-sweetened beverages presented
the highest risk. Most other food categories did not
show a risk association. This result is consistent with
the fact that plant-based meat does not neatly follow
the definition of “ultra-processed” and shows that
the designation may be too broad.
Though there is still ample opportunity for further
medium- and long-term research, randomized
controlled trials investigating the effects of
consuming plant-based meat are some of the best
indicators of health and nutrition for the category.
This year, the Gardner group from the Stanford
University School of Medicine, known for their work
on the subject, conducted a trial on identical twins to
determine the effects of healthy omnivorous versus
vegan diets, including meat alternatives (also the
subject of a 2023 Netflix documentary series, You
Are What You Eat: A Twin Experiment). All
participants were exposed to vegetables, legumes,
fruits, whole grains, nuts, and seeds, with or without
the presence of animal products. Over just eight
weeks, the vegan diet led to lower low-density
lipoprotein (LDL) cholesterol, insulin levels, and body
weight, showing the benefit of a healthy plant-based
diet. Further research from the Soy Nutrition
Institute found that plant-based meat can help
facilitate and maintain a plant-predominant diet.
Health- and nutrition-related association support
for alternative proteins was apparent in 2023 with
the first American Heart Association (AHA)
certifications for plant-based meat. Both Beyond
Steak® and Impossible Beef Lite® were certified by
the AHA heart-check program, designed to
showcase heart-healthy nutrition profiles.
Beyond Meat showed further commitment to
nutrition by launching the GoBeyond RD hub to
enhance engagement with dietitians and nutrition
experts. The Physicians Association for Nutrition
(PAN) also released a position paper on plant-based
meat products, acknowledging their potential as a
healthy, sustainable, and convenient alternative to
animal meat. The position paper summarizes
research around the nutritional value of plant-based
meat, includes recommendations for choosing
products with improved nutritional profiles, such as
those low in saturated fat and fortified with
micronutrients, and concludes with an endorsement
for the sector to keep producing products and
research that support long-term health and
sustainability goals.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 68
Scientific ecosystem growth
Technical hubs across the plant-based scientific
ecosystem can accelerate innovation and progress.
They can also shorten product supply chains, provide
opportunities for early innovators to enter the
industry, and minimize duplicative efforts, spurring
joint research and development. In 2023, a number
of these innovation centers were launched by
governments and industry:
● AAK, a plant-based oils and food producer,
opened the Innovation Center of Excellence in
the Netherlands, where researchers are
advancing technologies to improve the taste and
texture of plant-based foods.
● Cargill opened their new European Protein
Innovation Hub with a kitchen and modern pilot
plant, allowing industry customers to
co-formulate and test recipes with Cargill.
● ADM established their Customer Creation and
Innovation Center in England, which also
features a kitchen and flavor development lab
available for customer collaborations.
● Bühler opened their Application and Training
Centers in Switzerland, with each center
focusing on critical needs for plant-based
processing: flavor creation, food creation,
protein application, and energy recovery (joining
existing chocolate, extrusion, pasta, and grain
centers).
● The Food Industry Research and Development
Institute of Taiwan established a Plant Milk
Research and Development Center to boost
Taiwan’s protein-rich milk alternative supply
chain and innovation.
● The Technion—Israel Institute of Technology
announced the establishment of the Sustainable
Protein Research Center, meant to support
innovators across technological readiness levels
from research to entrepreneurship and
commercialization support.
● Recognizing the importance of centers that bring
together experts across disciplines, UK
Research and Innovation launched a call for
proposals to actualize alternative protein
research centers.
● The Tropical Food Innovation Lab at the Institute
of Food Technology has been inaugurated in
Campinas City, Brazil. The Lab is a collaborative
space created by a consortium of companies,
including Cargill, Bühler, and Givaudan,
dedicated to developing sustainable, affordable,
nutritious, and tasty solutions based on national
biodiversity. As part of this initiative, Bühler
provides dry and wet extrusion lines to produce
plant-based products, strengthening the
Brazilian alternative protein industry.
For products to be successful from their research
and development stage through commercialization,
collaborations between companies and governments
are crucial.
As part of their strategy to further position Canada as
a global leader in the global food system shift,
Protein Industries Canada established international
research collaborations with Wageningen University
& Research and Innovate UK. Notably, Protein
Industries Canada and Innovate UK announced a
joint call for collaborative R&D projects focused on
plant-based foods and ingredients for $20 million.
Additionally, Enterprise Singapore announced a call
on alternative proteins for Singaporean startups to
partner with companies from Israel, Sweden, and
Switzerland on R&D, commercialization, and
business expansion projects. More collaborations
between multinational governments, academics, and
companies like these will help accelerate
plant-based meat, seafood, egg, and dairy innovation
and production in the coming years.
While significant bottlenecks still exist for the
plant-based industry, strategic collaborations and
open-access research can help address those
bottlenecks, drive innovation, and elevate the
industry.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 69
Progress toward
price parity
Cost is consistently a main driver for food purchases,
and with inflation and rising interest rates, creating
affordable products is now more important than ever.
For the plant-based industry to commercially produce
protein alternatives at price parity to animal products,
much more information is needed to understand what
the main cost drivers are across supply chains.
Techno-economic analyses (TEAs) project costs for
prototypical processes based on standard unit
operations, projected capital expenditure, and
operating costs. Open-access models based on
primary data would be invaluable for the industry,
providing insight into what are the most prevalent
bottlenecks to reducing plant-based food prices. As
mentioned earlier in this chapter, recruitment is
underway for GFI’s planned survey of industry data to
build an open-access TEA for the industry.
In 2023, promising strides were made toward
curtailing the costs of plant-based foods by a variety
of stakeholder types. Plant-based chicken company
Rebellyous Foods manufactured equipment
designed for plant-based meat production with
automation and estimated that their implementation
reduces energy costs by 80 percent, material waste
by 99 percent, and workforce costs by 90 percent. In
2024, Rebellyous plans to partner with USDA or FDA
food processing facilities to install their patented
system. German retail food market chains Lidl,
followed by Kaufland, dropped prices of their
plant-based products to that or lower than their
animal counterparts to spark consumer interest in
sustainable alternatives.
To appeal to the majority of consumers, it is critical
for plant-based meat, seafood, egg, and dairy
products to reach or beat price parity compared to
their conventional animal-based counterparts. A
variety of factors across the value chain affect the
cost of production, and thus retail price, for
plant-based foods, from how much financial support
farmers have to cultivate crops to the scale, labor,
energy, and other resource costs associated with
ingredient and end-product production. Moreover,
the public funding provided for the research,
commercialization, and promotion of alternative
proteins can actively lower production costs by
alleviating capital expenditures and operating costs
while enhancing demand for plant-based foods.
Rebellyous Foods Kickin' Nuggets
Photo credit: Rebellyous Foods
Progress toward
taste parity
The plant-based industry remains determined to
achieve widespread taste and experience parity as
shown by the many advancements outlined in this
section.
However, sensory gaps between plant and animal
proteins remain a barrier to consumer adoption,
particularly in the plant-based meat category. In
addition, Rabobank insights show that possible
oversaturation of the space with derivative and
low-quality products has left the plant-based
industry vulnerable.
Moving forward, R&D and production efforts must
refocus on high-quality, nutritious, innovative
products that meet or exceed consumer
expectations. This requires a deep focus on
understanding consumer experience through
well-designed sensory evaluation studies conducted
at all stages of product development and beyond.
To that end, several efforts to improve sensory
experience understanding were announced across
the technology stack this year:
● Bell Flavors & Fragrances invested in a new
state-of-the-art consumer science sensory
center set to open in 2024.
● Flavor and fragrance giant Givaudan partnered
with Thimus, a neuroscience company, to
uncover hidden dimensions of consumer
experience including emotion, motivation, and
subconscious processes.
● Food Navigator covered the merits of time-based
sensory experience mapping with input from
CampdenBRI.
● Researchers at the Sensory Science Evaluation
Laboratory at Texas A&M University conducted a
“mouth behavior study” to understand how
consumers’ meat preferences are influenced by
how they eat their food.
● Canadian researchers announced a
collaboration to use the mid-IR beamline at the
Canadian Light Source to develop a deeper
understanding of the chemical groups and
microstructures that influence the texture and
taste of plant-based foods.
● The European Cooperation in Science and
Technology (COST) launched FLAVOURsome
Action to stimulate the creation of shared
knowledge on flavor research and boost
innovation in the plant-based food industry.
Moving forward, AI may play a useful role in tailoring
plant-based products to consumer preferences.
Companies developing products in this space include
Bite.ai, Gastrograph, and Tastewise, who announced
the launch of TasteGPT this year and discussed plans
for TastryAI, a novel chemistry and AI-enabled
consumer preferences prediction system.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 71
Government
and regulation
Government and regulation
Overview
Governments around the world bolstered their
support of plant-based proteins in 2023. The year
also saw an increase in global confidence that these
new foods could impact jobs, economic growth,
climate change, and public health. As global leaders
like Canada, Denmark, and Singapore recommitted
to expanding their domestic plant-based food
industries, newer players such as France, the United
Kingdom, South Korea, and Germany allocated
significant resources to plant-based proteins.
Governments are recognizing plant-based proteins
as a promising solution to reducing greenhouse gas
emissions from food systems. The United Nations
Climate Change Conference, COP28, in Dubai
focused on food system transformation as essential
to meeting global climate goals (and two-thirds of
the food provided was plant-based). Meanwhile, the
United Nations Environment Programme released a
report at COP28 that confirmed plant-based foods’
potential to benefit the climate, environment, and
global health, and provided a comprehensive list of
supportive policies governments might adopt to
speed their development and deployment.
Governments also invested in plant-based foods as
an economic driver to bolster local agricultural
sectors and incentivize farmers to cultivate nutritious
and profitable protein-rich crops for new, high-value
markets. Canada, the global leader, affirmed its
strategy of public support with another nine-figure
investment in Protein Industries Canada, which
largely focuses on plant protein development, over
the next five years, while both Denmark and South
Korea released national action plans for building
their own industries.
Globally, plant-based foods were increasingly
recognized as benefiting both the economy and the
environment in 2023. Government strategies for
supporting these technologies matured and grew,
bringing new types of public investment and
supportive policies.
Global public funding
Americas
Governments across the Americas invested in
plant-based proteins, working to advance both the
science and the commercial capacity of the industry.
The leader in the Western Hemisphere is Canada,
which has invested hundreds of millions of dollars in
its domestic industry through Protein Industries
Canada (PIC), a supercluster of companies,
research institutions, and nonprofits working on
every aspect of plant-based proteins from crop
development to product marketing. In early 2023,
the federal government renewed PIC’s funding for
the next five years with CAD 150 million ($110
million), bringing the country’s total committed
funding to CAD 353 million ($260 million) from 2018
to 2028. Canadian public funding also supported
multiple research projects at the University of
Saskatchewan seeking to perfect proteins made
from pulses, legumes, and oilseeds—all Canadian
agricultural specialties.
The United States also supported plant-based
proteins through research, including National
Institute for Food and Agriculture-funded research
projects at Virginia Tech and North Carolina A&T
State University, as well as an almost $1 million
grant from the National Science Foundation for a
collaboration between the Tufts University Center
for Cellular Agriculture and a plant-based food
startup, Tender Foods, to evaluate hybrid
cultivated/plant-based products. Finally, the
Department of Energy’s Advanced Research
Projects Agency (ARPA-E) awarded $1.7 million to
Umaro Foods, a California-based startup that makes
plant-based protein from seaweed, to evaluate how
processing their seaweed could sustainably
produce valuable rare earth elements and platinum
group metals, in addition to delicious and healthy
food.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 73
In 2023, Brazil bolstered its alternative protein
research ecosystem, including through an ongoing
research project to develop a hybrid plant-based and
cultivated sausage at the Brazilian state research
agency, Embrapa.
Europe
Europe continued to support plant-based
alternatives through research and development and
commercialization projects, recognizing the sector’s
potential benefits for the climate, economy, and
farmers.
As part of an ongoing effort to lift up algae as a
resource, the EU’s European Maritime and
Fisheries Fund funded a €2 million ($2.2 million)
“Seafood Alg-ternative” project to develop seafood
derived from microalgae and other sources.
The regional leader in plant-based foods, Denmark,
followed 2022’s announcement of the world’s
largest fund for plant-based foods with the world’s
first National Action Plan for Plant-Based Foods,
including increased funding for research and
development. The first round of applications for the
country’s previously announced $195 million
plant-based fund, Plant Foundation, received
“overwhelming” interest with over 100 applications
from industry, startups, and research centers in its
first year.
France was not far behind in 2023, significantly
increasing the amount of research funding available
for developing the country’s pulse crop into
alternative protein products through projects such as
SOYSTAINABLE, AlinOVeg, LETSPROSEED, Just
Adopt pulses from Cook to forK (JACK), and more.
The French government also supported plant-based
protein companies in developing commercial
capacity: in late 2022 the government awarded €7.4
million ($7.9 million) to help French company
Umiami purchase and retrofit an agricultural
production facility outside Strasbourg as part of their
“Première Usine” (“First Factory”) program, which
helps pioneers of new technologies establish
commercial viability at an industrial scale. The
project also received €3 million ($3.2 million) in
incentives from France’s Grand-Est region. In 2023,
two
government-funded seed funds led a funding
round to help Umiami launch their whole-cut
plant-based products in the United States.
The United Kingdom, which also increased support
for alternative proteins in 2023, funded three
research projects on plant-based alternative proteins
through a program supporting low-emission food
production systems. Four plant-based technology
companies were selected through Innovate UK’s
Better Food for All competition as well. Innovate UK
also funded a two-year project to derive plant-based
protein from amaranth leaves, which are easy to
grow in vertical farming operations in the United
Kingdom. The government of Ireland also supported
research on plant-based foods, with the Department
of Agriculture, Food, and the Marine awarding over
€1 million ($1.1 million) to a project at University
College Cork and Technological University Dublin
to evaluate fermentation as a tool in plant-based
food processing.
Germany announced €38 million ($41 million) in
federal funding for a sustainable protein transition in
2024, including funding for innovating in alternative
protein production, promoting the nutritional value
of alternative proteins, and aiding farmers and
companies to transition from animal agriculture to
plant-based, cultivated, or fermented protein
production.
On the sub-national level, the state of Catalonia in
Spain invested €7 million ($7.32 million) in a Center
for Innovation in Alternative Proteins (CiPA), which
will help alternative protein businesses scale up
production.
Asia Pacific
Governments in the Asia Pacific region continued
supporting plant-based foods, though new initiatives
among the region’s top alternative protein funders
were few.
Singapore, the regional leader, continued investment
in plant-based food research and development
through the well-funded Singapore Food Story 2.0
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 74
research program. In 2023, Enterprise Singapore, a
government agency focused on small and medium
businesses, launched a Food Technology Program to
help alternative protein startups, including
plant-based foods, enter the market in mainland
China.
South Korea and Japan both announced new support
for plant-based food in 2023. The national
government of South Korea released a plan for
plant-based foods, including a research center and
an initiative to develop plant-based proteins from
domestic crops. At the end of 2023, Japan’s
Ministry of Agriculture, Forestry, and Fisheries
announced a small business grant of ¥917 million
($6.5 million) to Umami United, a Japanese startup
making plant-based eggs, to help with product
development and expansion into the U.S. and
European markets.
In 2023, two of Australia’s six state governments
boosted their local plant protein industries by
supporting farmers and food producers with targeted
public investments. The government of Western
Australia allocated A$5 million ($3.3 million) to
support the construction of a factory that will
produce oat milk enriched with lupin protein, both
from locally grown crops. New South Wales allocated
A$2.2 million ($1.6 million) for an Alternative Protein
Application Centre that will develop large-scale
processes and conduct R&D on all pillars of
alternative proteins, including fermentation,
cultivated meat, and plant-based foods.
The New Zealand government’s Endeavour Fund
awarded almost NZ$12 million ($7 million) in
funding to a project called “Plant-Based Food
Ingredients: a Systems Approach to Sustainable
Design,” which will develop alternative protein
products made from domestic crops such as green
peas, oats, and hemp.
Regulation by country/region
Food regulations and labeling laws worldwide
continue to affect where and how plant-based foods
can be sold. In the United States and other
countries, plant-based meat and dairy producers
face censorship from national and local regulators.
Some of these policies have been suspended, while
others have been successfully challenged in court.
Australia/New Zealand
In 2022, an Australian Senate inquiry into the
appropriate terminology for plant-based meat
published results recommending that labeling
restrictions be introduced to prevent plant-based
producers from using meat-like terms such as “beef”
and “chicken.” Following that inquiry, in April 2023
the Alternative Proteins Council (APC) published
updated Industry Guidelines for the Labelling of
Meat Alternative Products in Australia and New
Zealand, and in August 2023 the APC developed an
equivalent set of guidelines for plant-based dairy
alternatives. Both sets of guidelines are voluntary.
The guidelines for plant-based meat recommend
that producers use qualifiers such as “plant-based”
or “meatless” to describe their products. The
guidelines also recommend that producers do not
use animal imagery or terminology on their
plant-based products that may be confusing for
consumers. The guidelines for dairy alternatives
recommend similar qualifiers such as “plant-based”
or “dairy-free.” The dairy alternative guidelines also
recommend that producers use the characterizing
ingredient of the product in its name (for example,
“soy ice cream” or “almond-cashew milk”).
Brazil
Brazil does not yet have specific regulations focused
solely on plant-based products, but the Brazilian
Health Regulatory Agency (Anvisa) and the
Ministry of Agriculture, Livestock, and Food
Supply (MAPA) both steer the regulatory agenda for
plant-based products in the country.
In 2022, regulatory studies on plant-based products
prepared throughout 2021 by the Institute of Food
Technology at the request of GFI Brazil were
finalized and delivered to the responsible authorities
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 75
as a basis for constructing regulatory text to be
submitted for public consultation in 2023. Following
this, in July 2023 the Secretary of Agricultural
Defense of MAPA published Ordinance #831/2023,
launching a public comment period on a regulatory
proposal for plant-based foods in Brazil.
The regulatory proposal would establish minimum
requirements of identity and quality for plant-based
meat alternatives, as well as visual identity and
labeling rules for these products. It would require
plant-based product labels to include (at minimum):
1) the name of the product; 2) on the main panel of
the product, the phrase “vegetable equivalent to
[corresponding product]”; and 3) a notice that the
product does not replace its animal equivalent in
nutritional or functional terms. The public comment
period on this regulation closed on September 15,
2023, and there has been no further legislative
action on the regulation at the time of this report.
Canada
In October 2023, the Canadian Food Inspection
Agency (CFIA) updated its guidance on “simulated”
meat and poultry products, which include
plant-based products. CFIA clarified that it is
permissible for plant-based products to use
meat-like descriptive terms such as “burger,”
“sausage,” or “jerky” so long as the food does not
resemble a meat or poultry product and is not likely
to be mistaken for a meat or poultry product.
European Union (EU)
The European Union prohibits companies from
labeling plant-based dairy products with terms such
as “milk,” “cheese,” and “butter” unless the
products also contain animal-derived dairy.
Plant-based dairy manufacturers are allowed to label
their products as, “alternative to [milk, butter, yogurt,
etc.].” Similarly, manufacturers are allowed to use
dairy-adjacent descriptive terms such as “creamy”
or “buttery” to describe plant-based products.
While EU consumers largely embrace plant-based
products, some countries within the European Union
have introduced label censorship legislation for
plant-based foods.
Following pressure from Polish agricultural
organizations, the outgoing Polish government
proposed a draft decree in 2023 that would censor
the use of terms such as “ham,” “smoked meat,” and
“sausage” for plant-based products. Similar
attempts to censor meat-adjacent terms on
plant-based products have also been made in France
and Italy. The French government introduced a bill in
2023 that would ban common meat terminology on
plant-based products, and the Italian government
passed a bill that would ban the production of
cultivated meat and ban common meat terminology
on plant-based products.
Despite these labeling setbacks, other EU countries
are embracing plant-based products. Denmark
launched an Action Plan for plant-based foods in
October 2023. The plan provides an overview of
various initiatives that would strengthen the
prevalence of plant-based foods throughout the
value chain. It also addresses funding and subsidies,
advice for startups, and initiatives to attract
investment and strengthen Danish plant-based
exports. Specific actions include a five-year
plant-based eco-scheme that will pay 580 million
Danish kroner ($85 million) in bonuses to farmers
who grow plant-based protein crops for human
consumption, training chefs on how to prepare more
plant-based meals, and increasing the focus on
plant-based diets in the education system.
The Netherlands and Finland are also taking
measures to encourage the consumption of
plant-based foods. The Health Council of the
Netherlands presented an advisory report to the
Dutch government in 2023 recommending that
policy measures be taken to guide the population to
adopt an increasingly plant-based diet. A Finnish
Innovation Fund issued a report in 2023 on the role
of plant-based and cellular agriculture in the
transformation of the Finnish food system, which
included suggested pathways for decreasing land
use and energy consumption by increasing
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 76
plant-based protein sources. These initiatives may
help pave the way for positive regulatory
developments regarding plant-based proteins in the
European Union.
India
The Food Safety and Standards Authority of India
(FSSAI) finalized Vegan Foods Regulations in 2022,
establishing a regulatory framework for foods and
food ingredients that are free from animal products.
Under these regulations, plant-based food producers
must apply to FSSAI for approval of their products to
be labeled as vegan, and once approved, products
must use a government-designated logo. It became
mandatory for vegan product producers to comply
with these regulations starting in January 2023.
Norway
In 2023, Norway published the sixth edition of the
Nordic Nutrition Recommendations (NNR2023),
which constitute the basis for national dietary
guidelines and influence nutrient recommendations
and other health policies in the Nordic and Baltic
countries. The result of five years of work by several
hundred researchers and experts, the NNR2023
recommends a predominantly plant-based diet as
being best for both human and environmental health.
Specifically for each food addressed, the
recommendations evaluated not only the food’s
human health effects but also its environmental
impact, to find that plant-based foods tend to be the
better option in both categories.
South Africa
In 2022, South Africa announced that it would
enforce a ban against the use of “meaty” terms such
as “burger” and “nugget” on plant-based products.
However, enforcement of the ban was halted in 2023
by a reprieve that the Johannesburg High Court
granted to plant-based food manufacturers to allow
them to continue to sell their products until May
2023. At the time of this report, enforcement of the
ban remains halted.
In another win for plant-based labeling in South
Africa, in 2023, plant-based food company Fry
Family Foods won an appeal initiated in 2022
against the Food Safety Agency (FSA) and Red Meat
Industry Forum after these groups objected to a
direction issued by the FSA declaring the naming and
labeling of six of Fry’s products to be in
contravention of South Africa’s processed meat
regulations for using meaty terms. After this win, the
Appeal Board ruled in August 2023 that the
Department of Agriculture, Forestry, and Fisheries
should be directed to develop regulations
specifically for alternative meat products.
South Korea
In November 2023, South Korea’s Ministry of Food
and Drug Safety published Alternative Foods
Labeling Guidelines prescribing standards and
methods for labeling plant-based products. The
guidance restricts the use of animal food names
such as “beef” and “milk.” The guidance does permit
the use of words that describe the nature of the
product (such as “bulgogi” or “hamburger”) on
plant-based product labels. The guidance also
permits the inclusion of the name of the substitute
raw material used to make the product, instead of
animal meat. So, labeling a product as a
“plant-based hamburger” or “bulgogi made from
soybeans” is allowed.
Switzerland
Current legislation in Switzerland does not provide
clarity about the correct naming of plant-based
foods. It simply mandates that a product label
provides sufficient information so that customers
can “distinguish it from products with which it could
be confused.” However, a court case in Switzerland
could construe it as banning the use of animal meat
names in conjunction with plant-based products.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 77
The Zurich Cantonal Laboratory, which oversees
food and water safety in the canton, objected to the
plant-based company Planted Foods using the
words “chicken” and “pork” on their pea-based
products, despite these products also being clearly
labeled as vegan. A Zurich court decided in
November 2022 in favor of Planted Foods, but the
case is now moving to federal court after Swiss
authorities refused to accept the cantonal ruling. At
the time of this report, there has been no decision
from the federal court.
United Kingdom
Having left the European Union in 2020, the United
Kingdom has made no changes to retained EU
regulations which preclude the ability of plant-based
dairy products to use protected dairy terms like
“whey” and “milk.” As of February 2024, UK trading
standards officers are continuing to consider
tightening their interpretation of these regulations to
forbid brands from using deliberate misspellings
(such as M!lk) and play on words (such as Sheese).
The United Kingdom has diverged from the European
Union in passing new legislation on precision-bred
plants in 2023. This Act will create a new regulatory
framework for crops produced using new genetic
technologies, but only for genetic changes that could
have occurred naturally or been created through
traditional breeding techniques.
United States
Federal regulations
In February 2023, the U.S. Food and Drug
Administration (FDA) released draft guidance on
plant-based milk labeling. The non-binding guidance
recommends that plant-based milk companies label
their products with the term “milk” and clearly state
the plant source of the milk, such as “soy milk” or
“cashew milk.”
The guidance correctly recognizes that plant-based
milks are not trying to convince consumers that they
are the same as dairy milk, and that consumers are
not confused by the use of the word “milk” on
plant-based products. Rather, using the term “milk”
for plant-based dairy beverages helps consumers
understand the taste, texture, and potential uses for
those beverages. The FDA guidance, however, also
includes an unnecessary labeling scheme that
recommends adding nutritional statements to
plant-based milk products that compare them to
cow’s milk, despite the fact that FDA does not have
nutritional standards for cow’s milk and plant-based
milk products (like all packaged food products in the
United States) already include a Nutrition Facts
Panel on their labels.
Although the draft guidance does not have the force
of law, it reflects FDA’s thinking on the laws and
regulations it may eventually implement. Companies
often interpret FDA guidance as being similar to
binding FDA regulations. Moreover, draft guidance
that sets forth a labeling scheme provides a hook for
opportunistic class action lawsuits challenging any
product label that does not comply with the scheme.
Given these realities, companies are unlikely to risk
noncompliance with the draft guidance. FDA
accepted public comments on the draft guidance
through July 31, 2023, and has yet to issue any final
rule on plant-based dairy labeling.
State regulations
Some states have introduced laws to censor or
prohibit the use of conventional meat and dairy
terms on plant-based product labels. Many of these
laws have been challenged in court or amended to
include safe harbor provisions to clarify that
conventional meat and dairy terms can be used on
plant-based products along with appropriate
qualifiers. Several other states have introduced label
censorship bills that would prohibit plant-based
product labels from including terms traditionally
associated with animal agriculture, but so far, these
bills do not seem to be moving forward in the
legislative process.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 78
GFI, along with other organizations, continues to
carefully monitor label censorship bills that are
introduced and fight label censorship laws that place
unfair restrictions on plant-based products:
● In Louisiana, GFI and co-counsel Animal Legal
Defense Fund (ALDF) sued the state on behalf
of Tofurky, arguing that the state’s label
censorship law violates the First Amendment
right to freedom of speech and the Fourteenth
Amendment right to due process. In April 2023,
a federal appeals court upheld the law but
narrowly interpreted it to find that the law only
applies to cultivated meat companies that
intentionally try to mislead consumers about the
nature of a product.
● In Missouri, a federal district court declined to
grant Tofurky and GFI a preliminary injunction (a
halt on enforcing the law while the case is
pending) on the grounds that Missouri’s label
censorship law was not likely to apply to
Tofurky’s product labels. In 2021, a federal
appeals court upheld this ruling. The case
returned to the district court where it is currently
pending with an amended complaint.
● In Oklahoma, ALDF brought a new challenge to
the state’s label censorship law on behalf of
plaintiffs Tofurky and the Plant Based Foods
Association after a district court had denied a
motion to prevent enforcement of the law. The
complaint alleges that Oklahoma’s law is vague,
overly burdensome, unconstitutional, and is
preempted by federal law. At the time of this
report, the case remains pending in federal court.
● In Texas, GFI and co-counsel ALDF challenged the
state’s label censorship law on behalf of plaintiff
Tofurky. The complaint argues that Texas’s law is
vague, unreasonably burdensome, preempted by
federal law, and unconstitutional under the First
Amendment right to freedom of speech. This
litigation is continuing in the district court.
Global cooperation
and coordination
Codex Alimentarius Commission (CAC)
In April 2023, the Codex Secretariat issued a circular
letter seeking comments from member countries
and observers on specific topics that would require
the development of a Codex standard related to new
food sources and production systems (NFPS), which
includes plant-based foods. The circular letter also
sought comments about the appropriate procedural
methods within Codex to address NFPS. Members
and observers, including GFI, commented on
whether the current Codex procedural mechanisms
are appropriate to address NFPS issues and raised
aspects relevant to NFPS standard-setting that had
not yet been considered by the Commission. The
topic of NFPS was discussed at the 46th convening
of the entire Commission (CAC46) in December
2023, and it was decided that current Codex
procedural mechanisms were sufficient to address
any future NFPS issues that may arise. Several Codex
members indicated an interest in submitting specific
proposals for new work related to NFPS in the future.
Food and Agriculture Organization
In November 2023, the United Nations Food and
Agriculture Organization (FAO) hosted the Food
Safety Foresight Technical Meeting on New Food
Sources and Production Systems in Rome. The main
objective of the meeting was to evaluate food safety
issues associated with innovative food sources,
including plant-based products. The meeting
concluded that the food safety implications for
plant-based foods vary depending on the types of
plants being utilized and how they are harvested,
stored, transported, and processed. The meeting
also noted that the food safety risks present in
plant-based foods can likely be mitigated through
proper labeling, consumer education, and other
regulatory mechanisms.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 79
COP28
The year also brought new ideas on how
governments might collaborate on alternative
protein development, not only for their mutual gain
but also for advancing the common good.
The United Nations Environment Programme
released a report at COP28 in Dubai that assembled
a strong list of potential actions governments could
take individually and in concert. In a section on
multilateral cooperation, the report suggests that
governments embark on cooperative research
efforts, evaluate and revise trade policy to be more
supportive, develop international food safety
standards, and collaborate with development
finance institutions to build capabilities worldwide.
Also at COP28, 159 countries, including the United
States, China, the EU27, and Brazil, signed the
Emirates Declaration on Sustainable Agriculture and
Food Systems, committing to addressing emissions
from food systems in their 2025 Nationally
Determined Contributions (NDCs). While the
declaration does not mention alternative proteins
outright, supporting alternatives to animal
agriculture will be necessary to keep the world
within 1.5°C of warming.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 80
Outlook
Outlook
Overview
To better understand the plant-based meat, seafood,
egg, and dairy sectors’ current state, it’s useful to
contextualize the plant-based market’s performance
in the broader food and agriculture ecosystem.
According to Euromonitor, the global market for
plant-based meat experienced slight growth in 2023
as did the global market for conventional meat and
seafood. That said, both sectors faced notable
challenges in 2023 that helped define the
near-to-medium-term outlook for the categories.
Just as select companies in the plant-based meat
sector fell short of forecasts in 2023, several large
conventional meat companies also underperformed
relative to expectations. Tenuous consumer financial
standing worked to depress demand for many animal
protein types, particularly in U.S. retail. Plus,
supply-side pressures, like Highly Pathogenic Avian
Influenza (HPAI), mixtures of over-and-under supply
in various markets, and elevated input costs
squeezed meat producers’ margins. These factors
and others led to a decline in animal meat volume
sales at U.S. retail in 2023, according to SPINS data.
As a result, conventional meat leaders like Tyson
Foods, Hormel Foods, JBS USA, Smithfield Foods,
and others took cost-cutting actions and/or lowered
their 2024 forecasts in reaction to 2023’s financial
performance. Specific sectors, like the U.S. pork
market, saw retail dollar sales fall by roughly 10
percent from 2022 levels, largely in response to
elevated prices. Last year’s struggles weren’t unique
to the meat sector, as dairy companies and even
grocery chains also shifted their strategies to
respond to the current environment.
Despite recent struggles for conventional meat
companies, the FAO expects global meat
consumption to rise by at least 50 percent from
2012 levels by 2050. Plant-based meat can play a
crucial role in addressing the growing demand for
meat while improving personal, public, and planetary
health outcomes. To do so, the category needs to
make a clear and convincing value proposition to
consumers while navigating current economic
headwinds.
What does the future hold for the plant-based meat
industry? The remainder of this section will explore
the category’s near- and long-term outlooks, along
with expert insights and external forecasts.
2024 outlook
Words such as “shakeout,” “normalization,” and
“stabilization” were frequently used to describe the
dynamics of the plant-based meat sector in 2023.
The factors that shaped the environment in 2023 are
likely to extend into 2024.
Tight consumer budgets were a key challenge for
both animal- and plant-based protein companies in
2023. Elevated prices across sectors squeezed
consumers’ willingness to spend on higher-priced
protein products, impacting demand for plant-based
meat—which, on average, remains at a premium to
most conventional meat products. And grocery bill
anxiety doesn’t seem to be subsiding: U.S.
consumers cited food prices as their top economic
concern—ahead of labor, housing, and national
debt—as 2023 came to a close.
At the same time, consumer credit continues to rise
and personal savings rates remain near their lowest
levels in over a decade, putting additional strain on
household finances. Similar challenges persist in the
European Union, the Middle East, Asia Pacific, and
elsewhere. Projected slower growth in animal
protein production in 2024 poses an opportunity for
plant-based brands to close the price gap relative to
conventional products (while also meaning
consumers will likely continue to pay more at the
grocery store). These headwinds don’t dictate how
plant-based brands will perform in 2024, but they do
highlight the importance of plant-based companies
communicating to consumers the unique value their
products can provide.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 82
On the other side of the supply-and-demand
equation, shifts in the plant-based ingredient supply
chain are likely to affect the plant-based meat,
seafood, egg, and dairy sectors in 2024. For
example, high protein content (HPC) pea protein—a
key ingredient in several plant-based products—is
poised to face countervailing duties of 112 to 270
percent on imports from China into the United
States. The change is expected to have ripple effects
across the sector. If imposed, these duties could
push North American companies to either source
more pea protein from the United States and Canada
or reformulate certain products while potentially
causing an influx of Chinese pea protein into Europe.
Plus, some ingredient suppliers are rethinking
previous plant protein expansion plans, potentially
putting a lid on U.S.-sourced ingredient availability.
The net effect on the industry is uncertain, but
companies will need to adjust their strategies in
response to the change, especially as they offload
existing inventory over the year.
The environment for private funding will also play a
role in the plant-based market in 2024. With interest
rates likely to remain elevated in the United States
and Europe, companies may have more difficulty
accessing financing than they did a few years ago,
and investors and stakeholders will expect the
capital that companies do raise to go further and last
longer. To fill this gap, governments around the world
must step in to support businesses across the
plant-based supply chain through investments in
R&D, grants, loans and loan guarantees, and other
forms of financing.
On that front, the progress made in 2023 with
governments prioritizing plant-based foods as
climate and food security solutions bodes well for
the future of the sector. However, more work needs
to be done to close the gap between investments in
alternative proteins and other climate solutions,
which have received many multiples more funding.
In the face of these challenges and opportunities,
plant-based companies continue to innovate to offer
tastier, more accessible, and healthier products to
consumers. Progress on those metrics will persist in
2024, and brands will aim to reach consumers about
the benefits of their products. But to make market
expansion a reality, governments, investors, and
companies around the world need to increase their
commitments to plant-based proteins by continuing
to invest in R&D, infrastructure, and tasty, affordable,
and delicious plant-based products.
Long-term outlook
About half of the world’s habitable land is used for
agriculture, which means that global food system
change is necessarily an enormous, intensive, and
lengthy pursuit.
Scaling a sector from virtually nonexistent to
commercial is a monumental task. Through that lens,
the alternative protein sector has already made
significant progress: The plant-based milk, meat, and
egg industries captured 14.5 percent, 0.9 percent,
and 0.4 percent, of the U.S. retail market in 2023,
respectively.
But progress is not linear, and it is not guaranteed.
The plant-based meat, seafood, egg, and dairy
industries still face hurdles on the path to robust,
long-term growth. Brands must continue to reach
consumers on the value of their products, and the
category needs to continuously work to improve
product taste and texture. Companies will have to do
so in what looks to be a tighter private capital
funding environment than in recent years. They’ll
also need to contend with a likely impending
manufacturing capacity squeeze, relatively nascent
plant-based meat ingredient supply chains, and
continued regulatory battles over labeling.
Meeting the challenge of producing affordable,
accessible, and tasty plant-based meat will require
continued innovation and investment from
companies, governments, and investors. By making
products consumers want in a way that’s healthier
for people and the planet, plant-based companies
can chart the path toward long-term growth. The
support of governments around the world will also
be crucial to the industry. Countries like
Germany—where there has been a rapid rise in
plant-based meat consumption—provide a proof of
concept for the global plant-based meat industry.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 83
The European Union, too, expects increased
plant-based demand over the next decade.
Considering these factors, plus the size of the $1
trillion global meat market, the opportunity for the
plant-based sector remains immense. With
plant-based meat household penetration still
hovering around 15 percent in the United
States—and much lower globally—there exists a
sizable runway for expansion both in the United
States and around the world. In the coming years,
brands can win over consumers, improve their
products, and create self-sustaining growth. Doing
so will require investment, collaboration, and
commitment. Given the challenges facing our planet
and global food systems, progress is not only
possible, it is necessary to meet international goals.
External projections
External forecasts of the plant-based meat, seafood,
egg, and dairy markets from consulting firms, think
tanks, and research organizations vary widely in their
estimates of the potential future of the industry, but
they all project robust growth from today’s market
size. Forecasts for 2035 range from ambitious
estimates of $88 billion to $368 billion for the
plant-based meat market alone, though some of
these forecasts were published several years ago
and no longer reflect probable outcomes for 2035.
That would represent a 14x to 58x increase from
today’s market size. Combined alternative protein
(plant-based, fermentation, and cultivated) market
forecasts for the same year range from $87 billion to
$594 billion.
Figure 29: Forecasts for global plant-based meat industry market size
Source: A.T. Kearney; UBS; Mintel; Bloomberg Intelligence; Stephens, Inc., Research Brief (3/18/2021); EY & Protein Industries; RBC Imagine.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 84
Figure 30: Forecasts for global alternative protein industry market size
*Some forecasts projected a share of the total meat market rather than the industry in dollars. For those forecasts, we estimated the dollar
size of the alternative protein sector using EY’s forecast for the total 2030 meat market.
Source: A.T. Kearney, Barclays, BCG & Blue Horizon, Bryan, Garnier & Co, Credit Suisse, Euromonitor International Limited 2023 © All rights
reserved., EY Parthenon, Jefferies, Synthesis Capital
It’s difficult to overstate the scope of investment and
innovation such market growth would demand. GFI’s
plant-based meat production volume modeling
analysis estimated that the industry would require
$27 billion in investment to build more than 800
extrusion facilities to capture even six percent of the
global meat market—in addition to significant growth
in the ingredient supply chains.
Will the plant-based meat market achieve these
projections by 2035? Meeting even the low-end
estimate would require a 25 percent compound
annual growth rate (CAGR) from Euromonitor’s
estimate of today’s market size. Since 2019, the
global industry has grown at a CAGR of roughly 15
percent. Given the current environment, these
estimated market sizes are possible, though they
would necessitate levels of public and private
investment many times higher than today’s norms.
Vast increases in support for alternative proteins are
justified by their potential climate, public health, and
food security benefits. Companies need to continue
to innovate to meet consumers’ wants and needs
while bringing costs down.
While consumers’ financial standing, the health of
individual alternative protein companies, and the
media’s sentiment regarding alternative proteins are
constantly changing, the challenge before us is not.
Animal agriculture, including the crops and pastures to
feed those animals, accounts for between 11 and 20
percent of all emissions (FAO, Nature Food), and if
governments and investors around the world are serious
about meeting key climate benchmarks, they must step
up to position the sector for long-term success.
Disclaimer: The Good Food Institute is not a licensed
investment or financial advisor, and nothing in the
State of the Industry Report series is intended or
should be construed as investment advice.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 85
Conclusion
In 2023, plant-based meat, seafood, eggs, and dairy
offered consumers a healthy, sustainable alternative
to their conventional equivalents everywhere from
fast-casual restaurants to schools, and even, for the
first time, at a steakhouse chain. Over the year,
plant-based protein products not only met consumers
in diverse aspects of their lives but also advanced in
their sophistication. New, refined product launches
included plant-based steaks, sushi, and boiled eggs.
Total global retail sales reached $29 billion, up 34
percent from five years ago.
Despite this progress, plant-based proteins faced
economic headwinds as the global economy
continued to slow and private investments tailed off
their previous highs. These products also do not yet
consistently meet consumer expectations for taste,
price, and nutrition. In spite of these sobering facts,
we remain optimistic about the future of plant-based
meat as a promising agricultural innovation with
far-reaching implications for planetary and public
health, a strong bioeconomy, and more resilient
global security. In that spirit, we offer these
reflections and calls to action for the year ahead.
A global protein transformation will require
strong, system-wide participation.
Where do you see yourself?
By delivering delicious, affordable alternative protein
products to mainstream consumers, companies can
realize a significant market opportunity to satisfy a
growing consumer interest in sustainable foods. The
research community can lean in by encouraging more
scientists, from varied disciplines and at different
points in their careers, to jump into the alternative
protein field. The world’s policymakers can invest in
critical R&D to advance alternative protein science,
manufacturing incentives to help scale up, and policies
that level the playing field to allow alternatives to
compete on taste, price, and convenience. And
philanthropy can advance the alternative protein
ecosystem by unlocking early breakthroughs and
greater investment from governments and the private
sector. System-wide participation can address the
industry’s biggest technical challenges, inspire
research, create growth opportunities, and ensure
these sustainable foods can benefit everyone.
We always keep the long view in sight.
What steps can you take toward a
long-term goal?
The alternative protein industry is still developing, and
yet we see the growing recognition that plant-based
meat and other alternative proteins are a solution to
reducing greenhouse gas emissions from food systems
and feeding more people with fewer resources.
Advances in plant-based meat are escalating, and the
policy and regulatory landscape is looking brighter as
more governments and agencies look to alternative
proteins to offer solutions to serious global issues like
food security and environmental degradation.
Consumers want sustainable options, but they don’t
want to compromise on taste, price, or convenience.
Navigating and building the path to scale and adoption
will take years. Staying on this path while overcoming
obstacles and headwinds will be critical to success.
Believe change is possible.
What inspires your vision?
At GFI, we bring determination and informed
optimism to our work because we know a better food
future is achievable. We see these same traits in
those who pushed plant-based meat forward this
year, many of them highlighted in this report. Across
sectors and regions, there is a growing
understanding of the importance of finding viable
alternatives to conventional animal agriculture and
huge opportunities for companies who get involved
in this space. Just as the world is changing how
energy is made, we need to change how meat is
made. Alternative proteins can satisfy growing
demand, reduce pressure on the planet, and create
future-resilient jobs and livelihoods. Alongside other
advances and innovations, alternative proteins can
help write the next chapter for food and agriculture
around the world.
To those who are in this work already, we hope GFI’s
2023 State of the Industry Report, Plant-based
meat, seafood, eggs, and dairy gives you a detailed
look at this rapidly evolving sector. For those new to
the field, welcome. Stay a while, grow with us, and
change the world.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 87
Expert predictions
Sherene Jagla
Chief Demand Officer,
Impossible Foods
This industry has come a long way over the last several years, but
we’re just getting started. The plant-based meat category is $7.5
billion globally, and the global animal meat category is $1.4 trillion.
If we as an industry want to seriously compete, we have to keep
innovating and delivering products that are as good or better than
their animal meat counterparts. This includes creating new products
as well as evolving existing offerings to be even more delicious and
nutritious, which is something the animal can never compete with.
Tony Martens
Co-Founder, Plantible Foods
It goes without saying that we will continue to see major food supply
disruptions in the coming decade and that therefore an overhaul of
our supply chain is not only a tool to combat climate change, but a
tool to combat resource scarcity and prevent global famine. We
believe that plant-based foods will become the standard and not the
exception 10+ years from now, but we need to be realistic in our
projections and need to make sure that we focus on the right market
opportunities in the near-term, to make sure that we get where we
must be in the long-term.
Roberta Alessandrini, PhD
Physicians Association for Nutrition
In the short term, I hope to see a greater diversification of plant
protein ingredients used in plant-based products. Consumers want to
eat a variety of plant proteins throughout the day. Diversification
might also be beneficial from the nutritional standpoint as variety is
one the most important pillars of healthy diets. Looking ahead in the
long term, I see the plant-based protein industry expanding more into
public catering. Alternative protein will be served in schools, prisons,
and hospitals. Plant-based protein will be recognized as a healthier,
more environmentally sustainable, and hopefully cheaper option
than conventional meat.
Lucho Lopez-May
CEO, NotCo
For Kraft Heinz and Kraft Heinz Not Company, our ambition is to lead
the future of food and we can’t do it alone. We are accelerating
innovation and growth with partnerships and bringing outside
expertise to augment what we can do. The Kraft Heinz partnership
with NotCo is a perfect example of this. Less than two years ago, we
announced our joint venture and today we’ve launched delicious,
quality products at record speed. It’s incredible.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 89
Jay Margolis
CEO, SPINS
Looking ahead, I’m particularly excited about the larger potential for
plant-based nutrition and protein for kids, and the opportunity to
satisfy additional nutrition and dietary needs with plant-based
products, such as kosher and allergen-free—combinations we are
increasingly seeing in our data as resonating.
Of course, as the plant-based market enters the mainstream, there is
a natural slowing of growth in some categories, which we are already
seeing. This has been exacerbated by inflation pressure and an
overall decline in purchase volume, creating a real imperative for
brands to keep the engine of innovation and alignment to customer
needs and expectations strong.
Neeru Ravi
Principal, Boston Consulting Group
Innovation is critical to drive the industry forward. In recent years,
companies have significantly improved the taste, texture, and price of
alternative meat, but many consumers believe that there is still a gap
between it and traditional meat. Beyond closing this gap and
reaching parity, alternative protein companies should aim to surpass
traditional products in meeting consumers’ core needs such as taste
and health.
Dilek Uzunalioglu, PhD
Senior Director, Food Discovery
and Design
Brennan Burks
Senior Director, Marketing & Investor
Relations, Motif FoodWorks
As an ingredient innovation company, we are always thinking about
what comes next. While we are still focused on addressing the two
main ingredient challenges for consumers in plant-based
foods—taste and texture—we see white space to innovate around fat
technology, improved nutrition, and evolved substrates that expand
the profile of alternative protein applications.
2023 State of the Industry Report / Plant-based meat, seafood, eggs, and dairy 90
Acknowledgements
Authors
Mackenzie Battle, Ben Pierce, Michael Carter, Jessica
Colley Clarke, Liz Fathman, Daniel Gertner, Emma
Ignaszewski, Dr. Nikhita Kroger, Taylor Leet-Otley, Dr.
Priera Panescu
Editors
Jessica Colley Clarke, Liz Fathman, Tara Foss, Emma
Ignaszewski, Maille O’Donnell
Additional acknowledgments
GFI would like to thank these additional colleagues
for their insights and contributions.
Jessica Almy, Helen Breewood, Caroline Bushnell, Raquel Casselli, Kelli Cromsigt, Ammelia Dai, Heather Deal,
Bruce Friedrich, Emily Giroux, Joe Gagyi, Mirte Gosker, Ryan Huling, Ann Ittoop, Doris Lee, Carlotte Lucas, Heather
Mount, Aviv Oren, Divya Saravana, Ilya Sheyman, Dr. Liz Specht
Cover image is courtesy of The Green Mountain. The image features The Green Mountain’s plant-based pepper
medallions.
©2024 The Good Food Institute. All rights reserved. Permission is granted, free of charge, to use this work for educational purposes.
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