- According to Lux Research, the alternative protein market is booming and has the potential to comprise up to one-third of the protein market by 2054, picking up the slack for meat and seafood as their growth slows over time.
- Over the next decade, soy could be the leading alternative protein source and make up more than 80% of the alternative protein market by 2024.
- Rice and canola may be the two fastest-growing protein crops by acreage planted in the next decade, and other alternative protein sources include pea, flax, lupin, insects, algae, and synthetic biology sources.
According to the study, with the rapid growth of the world's population, alternative proteins will have to step up to keep the world fed as the primary sources of protein can't keep up the pace. "Consumer preference, concerns over the planet’s ability to produce sufficient meat, impact of livestock agriculture on the environment, and mounting scientific advances are driving the changing protein demand," Lux Research analyst Camilla Stice said in a press release.