Within the macro trend of alternative proteins, a number of areas are attracting increased attention. Let’s look at the trends that will make 2022:
We might just be on the verge of witnessing animal-free-dairy arriving on the market. Companies like Perfect Day (US) or Remilk (Israel) use a fermentation process rather than the traditional animal-required way. They’re not “plant-based”, but they are vegan. The proteins they produce are identical to those found in cow’s milk. Those with a milk allergy should avoid them.
Mycoproteins are fungi-based. Their doughy protein substance has a fibrous meat-like texture and can be used as a key ingredient to make meat substitutes. They are characterized by a rich nutritional profile, relatively inexpensive production costs, and a low environmental impact. Quorn has long used Mycoproteins in its products. We may also see mainstream FMCG companies get into the Mycoproteins game. Note that mycoproteins are considered vegan and plant-based.
In the last few years, cultivated meat (also called cell-based meat, cultured meat, lab grown meat etc…) have made a lot of progress to prove viability. Singapore has already approved a framework for cultivated meat, and some industry experts think approval from the FDA in the US could happen this year. We’ll soon see cultivated fish, steak, chicken, and more start to be served. The brands in the field want to follow Gastro First strategy with partnerships with renowned chefs such as Jose Andres (Good Meat) and Dominique Crenn (Upside Food).
While there might not be many restaurants doing drastic pivots to all plant-based menus, there will be more restaurants and chefs de-emphasizing meat — as well as adding and labelling vegan options on the menu. There will also be more restaurants leading with these offerings and using it in marketing making it clear to consumers that they offer an inclusive dining experience, and that they are eager to use plant offerings as a competitive advantage against others.
While highly regarded chefs go all-in on plant-based fine-dining such as Alexis Gauthier’s Soho (London, UK) and Daniel Humm’s Eleven Madison Park (New York, USA), it can be expected to see more fine dining establishments make a pivot to de-emphasize meat, and offer plant-based dishes that use creative house-made proteins.
A host of all plant-based e-commerce stores have been popping up over the last several years, and in 2022, food service operators focusing on plant-based are not to be ignored.
The last few years have seen celebrities infusing dollars into plant-based and future food brands whose values align with their own. Leonardo DiCaprio is betting big on cultivated meat, with investments in Wildtype, Aleph Farms and Mosa Meat. Jay-Z was an early investor in Impossible Foods and Oatly. Football player Delle Alli invested in TiNDLE. The list goes on and will only get longer.
The last few years have seen banner IPOs from leading plant-based brands. In 2019, Beyond Meat went public with one of the most successful IPOs ever. Oatly went public in 2021 with a valuation of $10 billion. Expect to see more food-tech companies going public in North America in 2022.
