What the headlines missed about alt proteins in 2024
16 moments that show a motivated industry focused on the long game
Seeing the whole alternative protein picture
They say you shouldn’t judge a book by its cover, but what about judging an industry by its headlines? It can be easy to do–particularly with industries in the making like alternative proteins. But as my colleague Dara Homer aptly notes in a recent GFI blog,
“Headlines have never been the best way to capture everything that happens in a given year. Too often, quiet moments and milestones go unnoticed, even as they collectively shift the world forward in major ways.”
At GFI, it’s our job to take note of both the major milestones and the moments that may have flown under the radar. In an increasingly noisy environment, those moments can be easy to miss–especially for those who don’t eat, sleep, and breathe alt proteins like we do.
In the spirit of celebrating our wins and building momentum for the year ahead, it seems appropriate to reflect on some of what the alternative protein community has accomplished in the last year.
Governments around the world showed their support for diversifying meat production
Two cultivated meat companies celebrated major milestones. Aleph Farms secured pre-market approval for their cultivated beef. This regulatory milestone is the first ever for non-chicken cultivated meat anywhere in the world and the first for cultivated meat of any kind in the Middle East. Just months later, Australian startup Vow launched its Japanese quail in Hong Kong, making Hong Kong the third market in the world (after Singapore and the U.S.,) where consumers can legally purchase cultivated meat.
In a strong show of support from the Japanese government, IntegriCulture and UMAMI UNITED each received multi-million dollar grants totaling $19.6 million from Japan's Ministry of Agriculture, Forestry and Fisheries to scale their respective alternative protein businesses.
Superbrewed Food Inc. received a “No Questions Letter” from the U.S. FDA for its biomass protein, paving the way for food and beverage brands to adopt bacterial biomass and single-cell protein ingredients more widely.
The European Innovation Council (EIC) Accelerator and the SMEs Executive Agency (EISMEA) awarded a €2.4 million (about $2.6 million) grant to Swedish startup Millow.co to help scale production of its meat analogs, which are made from 50 percent mycelium and 50 percent locally grown oats.
More than a billion people worldwide follow halal food standards, and thanks to a 2024 ruling, they’re now closer to enjoying cultivated meat. After a year of deliberation, Singapore’s halal certification authority announced that under certain conditions, cultivated meat consumption can be permissible as halal.
Protein Industries Canada unveiled a $6.9 million funding initiative to bolster the nation's supply of protein-rich hemp and sunflower ingredients to bridge the gap between consumer needs and the current performance of plant-based proteins. The project will explore novel applications for hemp and sunflower flour and cater to food and beverage manufacturers seeking to develop more nutritious and delicious plant-based meat products.
Bright spots emerged amid a challenging funding environment
Fungi-fueled Meati™ Foods reported that they raised more than $100 million in Series C-1 funding. The funding supports the company's recent expansion into 2,000 Kroger stores bringing their total distribution footprint to 6,000+ locations across the United States since launching into retail last year.
Plantible, a startup producing duckweed protein, closed a $30 million Series B funding round to scale up production at its Texas farm and fulfill commercial agreements with several large food companies. According to the company, Plantible’s duckweed protein, RuBisCO, offers several key advantages compared to other plant-based proteins. It is a complete protein containing all essential amino acids, with a protein digestibility (PDCAAS) score of 1.0 (equivalent to animal protein) and a neutral taste profile in finished products.
Ecovative, the company behind mycelium-based bacon brand MyForest Foods, secured $28 million that will be used, in part, to expand their bacon from 600 stores to thousands of retail locations. According to Green Queen, four of the five largest investment rounds for alternative proteins in 2024 belong to fermentation companies, and two of these deal with mycelium.
Alternative protein facilities launched around the world are creating real jobs in real places
GEA Group began construction on a technology center for the production of alternative proteins in Janesville, Wisconsin. Scheduled to open in 2025, the center will help GEA support food and beverage manufacturers to meet the demand for alternative proteins while creating future-resilient jobs and inclusive economic opportunities for the local communities. Senior GEA representatives have emphasized the importance of this project as an engine for future growth and innovation in the Midwest, a region with a strong agricultural tradition.
Cauldron Ferm announced that the Queensland Government will support the development of an industrial-scale precision fermentation facility. The facility will be the first and largest end-to-end contract manufacturer for bioproducts in Asia-Pacific, with a projected annual output of over 1,000 tons. It will deploy Cauldron’s hyper-fermentation technology for cost-effective and resource-efficient production of alternative proteins.
Microalgae protein company Brevel has opened its first commercial facility with the capacity to produce hundreds of tons of microalgae protein powder to serve the global alternative protein space. This is great progress for the emerging precision fermentation industry, which has the potential to bring new products to market with enhanced sensory and nutritional profiles at a fraction of the environmental footprint of their conventional animal-based counterparts.
Alternative protein research hubs formed around the world, setting the stage for innovation in 2025 and beyond
A global network of alternative protein research centers has been established, priming the industry for transformative advancements in science and innovation. Building on this foundation, the Earth Fund invested $90 million in 2024 to launch Bezos Centers of Sustainable Protein at North Carolina State University, Imperial College London, and the National University of Singapore. Philanthropic support for alternative proteins, like the Earth Fund’s investment in centers of excellence, can signal proof of concept for private investors and inspire government investment.
Illinois invested $5 million to expand the Integrated Bioprocessing Research Laboratory (IBRL) in May. Months later, the White House’s Tech Hubs Program awarded $51 million to IBRL’s growing Illinois Fermentation and Agriculture Biomanufacturing Hub at the University of Illinois Urbana-Champaign to advance precision fermentation and support alternative protein companies in Central Illinois and across the Midwest.
The University of California, Davis launched the Integrative Center for Alternative Meat and Protein (iCAMP), dedicated to advancing the alternative protein sector with a focus on large-scale commercialization and technological advancement of plant-based, fermentation-derived, and cultivated meat. The center is designed to bring together researchers, academic institutions, industry professionals, food innovators, and other stakeholders to share their knowledge, address gaps in alternative protein research, and develop a roadmap toward a sustainable food future.
The UK Research and Innovation invested £15 million ($19.8 million) to launch a National Alternative Protein Innovation Center. The center has also secured an additional £23 million in private funding commitments, preparing it to connect researchers across the country and develop new products from innovation to commercialization.
Food for thought
Alternative proteins entered the conversation in big ways in 2024. Here are some thought-provoking articles from a memorable year.
On water: Farmers are facing the challenge of growing vast amounts of crops to feed livestock—an inherently inefficient process—resulting in the depletion of our finite water supply. In this Fast Company piece, Matt Hotze, senior director of science and technology at GFI, highlights the growing threat of severe water shortages in the United States, particularly along the Colorado River. Additionally, in this compelling interactive piece, The New York Times highlights the severe impact of America’s growing consumption of chicken and dairy on already strained underground water supplies.
On the importance of public investment: To level the playing field between alternative proteins and traditional animal products, public funding and government support are key. In 2022, Congress allocated about $5 million annually—just a sliver (0.1%) of the USDA's $5 billion R&D budget—toward in-house research on alternative proteins. While this marks a promising start in getting plant-based and cultured proteins on policymakers' radar, much more investment is needed to fuel the rapid growth and innovation required to transform the industry. As Jessica Almy, GFI’s senior vice president of policy and government relations, explains in this Vox article, the future of alt proteins depends on scaling up support to match the urgency of the challenge.
On Asia-Pacific going all in: GFI's first column for Nature Magazine covers how the Asia-Pacific region is leading the charge in alternative protein development, investment, and scientific progress. While harnessing the full potential benefits of alternative proteins is both a scientific and a commercial challenge, many countries in the region are leaning in with government funding initiatives to accelerate innovation in the field.
On relieving pressure on an overfished ocean: With global seafood demand projected to surge by around 80 percent by 2050, ocean ecosystems are being pushed to their limits. As GFI India's Jaanvi Parekh highlights, some coastal communities in India are already feeling the strain. Alternative seafood offers a sustainable solution to meet rising demand while fostering resilient jobs and livelihoods that reduce the climate and biodiversity impacts of traditional seafood consumption.
On strengthening both national security and a global bioeconomy: In this timely New York Times op-ed, Jacob Dreyer unveils a powerful opportunity: nations that embrace alternative proteins can enhance their national security while helping shape a more robust and resilient global bioeconomy. He suggests that China’s strategic investments in alternative protein innovation to sustainably feed its growing population should serve as both a challenge and a call to action for the United States. With its thriving alternative protein sector, the United States is primed to spearhead the next chapter of the global agricultural revolution, harnessing its inherent strengths of innovation, entrepreneurship, and agility.
Thanks to our global community of donors, we will continue highlighting wins, sharing expert insights, and working to accelerate protein innovation in 2025 and beyond. Stay in the know on the latest developments in the alternative protein industry.
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Extensive roundup - great read. Shared!