Alternative protein industry faces rise globally in 2024 – The Good Food Institute
Plant-based food sales rise globally while US numbers continue to slip; whole food options gain popularity.
GLOBAL – Investment in alternative proteins continues to slide in 2024, but sales of plant-based meat and dairy alternatives are climbing worldwide, according to the latest State of the Industry reports by the Good Food Institute (GFI).
The annual publications assess the progress and setbacks of three key sectors: plant-based foods, fermentation-derived proteins, and cultivated meat.
While investor interest is declining, the reports highlight a steady increase in global retail sales and growing public funding for alternative protein innovation.
The data shows that although consumer attitudes remain divided—driven by concerns over cost, flavour, and processing levels—the international market is seeing growth.
According to the GFI, global sales of plant-based foods rose by 5% from 2023, reaching a total of US$28.6 billion.
Non-dairy alternatives generated the most revenue, up by 5% to US$22.4 billion, while plant-based meat and seafood products grew 4% to US$6.1 billion.
After plant-based milk, the most consumed categories globally are meat, seafood, and vegan yoghurt.
Europe leads the market, recording US$9.7 billion in sales of plant-based meat, seafood, and dairy products, followed by the Asia-Pacific region with US$8.9 billion and North America at US$7.3 billion.
However, the US market paints a different picture, with overall plant-based food sales dropping by 4% year-over-year to US$8.1 billion.
Non-dairy milk, the country’s largest category, fell by 5% to US$2.8 billion in sales.
Meat and seafood substitutes also declined, down by 7% to US$1.2 billion, though the rate of decline was slower than the previous year.
Whole foods and niche categories gain ground
Despite the dip in major product lines, consumer demand for protein contributed to an 11% increase in sales of protein powders.
Traditional plant-based staples such as tofu, tempeh, and seitan saw a 7% boost, indicating a shift in preferences toward less processed options.
The strongest growth in the US came from vegan desserts and baked items, which grew by 13%.
Plant-based eggs saw a modest 2% rise in retail, attributed in part to supply issues from avian flu affecting conventional eggs.
In foodservice, vegan egg sales rose significantly by 28%, although analysts note that unit pricing data was affected by packaging changes in leading products.
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