Increasing affordability for end consumers has been a critical driver of plant-based adoption, particularly in middle-income countries. The cost of alternative protein production is expected to reach price parity with traditional meat by 2025, and even undercut the prices by 2030
Increasing affordability for end consumers has been a critical driver of plant-based adoption, particularly in middle-income countries. The cost of alternative protein production is expected to reach price parity with traditional meat by 2025, and even undercut the prices by 2030. Moreover, improving the quality of plant-based products is further accelerating the mass adoption of alternative proteins globally.
At the current rate, the alternative protein market is expected to record double-digit growth annually, with the expectation to reach a market value of US$153 billion by 2030. Both affordability and improved quality of plant-based products have resulted in this wide adoption, which has called for innovation and strategic partnerships in the segment to serve the surging demand.
Taco Bell partnered with Beyond Meat
Food businesses are quickly pivoting and changing their strategies while incorporating alternative plant-based proteins to stay ahead of the curve. Recently, food giantTaco Bell has partnered with plant-based giant Beyond Meat to develop and explore a new plant-based protein. While there has been no revelation about the new product that the partnership aims to explore, the gigantic strategic collaboration depicts the surging demand for plant-based food.
In the United States, almost 6 out of 10 consumers have either adopted a part-time vegan diet or a plant-based diet. Looking at the latest plant-based push, Taco Bell has launched a new meatless protein made from chickpeas and peas in the US market. Over the next year, the fast-food giant aims to ramp up its existing meatless options in the country for serving the growing demand.
Cargill’s strategic partnership with Bflike to enter plant-based market
In April 2021, Cargill has partnered with Bflike – a startup from the Netherlands – which licenses its ingredient solutions and proprietary technology to food companies. With this partnership, Cargill is looking to strengthen its position in the plant-based food alternatives market while enjoying a more affordable and faster route.
The 50 - 50 strategic partnership between the plant-based startup and agribusiness leader has benefits for both. Bflike will bring its technology and recipes, whereas, Cargill will be leveraging its established ingredient and food solutions capabilities. Moreover, plant protein producers and retailers who are looking to license food technology from Bflike will also benefit from this strategic partnership with Cargill.
Through this partnership, Cargill is looking to exceed the expectations of the consumers, while enriching their diets with a more sustainable option in different geographies.
