Advancing the alternative protein sector requires significant public, private investment, GFI says

While the US has made significant strides in recent years, it still lags behind its international peers in public investment for alternative proteins, Carter told FoodNavigator-USA.

“When we look at the leaders in that space, it is a lot of countries that have nationally determined a strong economic and social benefit to alternative proteins,” Carter noted.

Countries like Denmark and Canada have identified protein-rich crops as a key export market and invested heavily in developing high-protein content crops and new products, fostering economic growth and sustainable agriculture, according to the report​.

The European Union also has made substantial investments in biotechnology and biomanufacturing infrastructure. In contrast, the US has only recently begun to catch up, with alternative proteins mentioned in President Joe Biden’s executive order on the bioeconomy and subsequent funding opportunities from various government agencies.

Alternative proteins experienced a pivotal year in 2023

Governments and regulatory bodies worldwide demonstrated increasing support for alternative proteins, marked by substantial investments and groundbreaking policy changes.

The cultivated meat sector reached a significant milestone as the first products from UPSDE Foods and GOOD Meats were approved by FDA and USDA. However, following the regulatory green lights, this year both Alabama and Florida passed legislation banning the production and selling of cultivated meat​, with additional states​ examining similar laws.

Global public investment in alternative proteins grew in 2023, totaling $523 million, for “an all-time investment total” of $1.67 billion, according to the report. Government funding directed $190 million toward research and development, $162 million for commercialization, and $170 million for initiatives that combined both.