Copyright 2019 Good Food Institute. All rights reserved.

The Global Market for Plant-Based Products

David Welch

The Good Food Institute

June, 2019

Opportunities Across the Entire Supply Chain

How do we feed 10 billion people by 2050?

29% land 71% oceanEarth’s surface

71% habitable land10%

glaciers19% barren landLand surface

77% livestock

23%crops

Agricultural land

50% agriculture 37% forests11%

shrubHabitable land

1% urban

1% freshwater

33%Meat &

dairy

67%Plant-based

foodProtein supply

Adapted from OurWorldInData.org and based on UN FAO statistics

Animals are inefficient processors

9ENERGY

CALORIES

1FOOD CALORIE

= 11%CONVERTED

Plant proteins are far more sustainable

This is a consumer shift, not a fad

Source: Mintel, 2018; Supermarket News, 3/18/19; Innova

Meat substitutes accounted for 14% of global meat launches in the first nine months of 2018, up from 6%

in 2013

Eight out of ten Millennials eat meat alternatives

Sources: Mintel The Protein Report – Meat Alternatives - 2017

Mintel Meals Made with Meat Alternatives Leverage Plant Power October 2017

79% of millennials eat meat alternatives

“These numbers, coupled with the size and spending power of Millennials, indicates a strong potential market for meat

alternatives in the future.” - Billy Roberts, Sr. Food & Drink Analyst, Mintel

30%eat meat alternatives

every day

50%eat meat a few times

per week

37%plan to buy more meat alternatives

next year

Investors are seizing the plant-based opportunity

$16.9 BINVESTED

+32%DEAL COUNT (2017-2018)

212COMPLETED DEALS

214UNIQUE INVESTORS

Source: GFI custom PitchBook analysis of plant-based food companies (including fungi) 2010 – 2018 YTD

From source material to final product: How to achieve tastes and textures that mimic meat?

Plant-based Meat Production

SOURCE

The best source material for the end product is selected.

OPTIMIZE

The source material is optimized via breeding or engineering.

RAW MATERIAL OPTIMIZATION

Raw materials are isolated and functionalized by mechanical and chemical processes to create optimal ingredients for the end product.

END PRODUCT COMPOSITION AND PROCESS OPTIMIZATION

Final Product

The correct mix of ingredients and processes are established to create the desired taste, texture, smell, and structure

How to achieve tastes and textures that mimic meat?

NUTRITION

FUNCTIONALITY

PERFORMANCE

COST

PRECISION BREEDING

GENEEDITING

Optimizing Crops to Improve Raw Materials

Optimizing raw materials to improve the final product

Native tertiary protein

Cross-linking and texturization

MECHANICAL

ENZYMATIC

Four categories of alternative proteins to supply the global demand for meat, eggs, and dairy

ANIMAL CELL CULTURE

NON-ANIMAL CELL CULTURE

RECOMBINANT PROTEINS

PLANT-BASED PROTEINS

The new “feed” industry

OR

SIDESTREAM BIOMASS

• High utility for plant-based meat, egg, and dairy products

High molecular-weight proteins

• High utility for cell-based meat production; may need to supplement with fermented amino acids

Amino acids, small peptides

• High utility for microbial fermentation (production of ingredients, enzymes, growth factors, fungal protein) or scaffolding for cell-based meat

Simple sugars and longer

polysaccharides

Opportunities Across the Entire Supply Chain

PLANT-BASED FOOD

TECHNOLOGYCROP

ANALYSIS &OPTIMIZATION

FUNCTIONALANALYSIS

TRAITMAPPING

DIGITALPHENOTYPING

HIGHTHROUGHPUT

BREEDING

GENETICEDITING &

ENGINEERING

NOVELINGREDIENTS

AGRICULTURALTECHNOLOGY

COMPOSITION & PROCESS

OPTIMIZATION

COMPOSITIONALANALYSIS

STRUCTURALANALYSIS

SENSORYEVALUATION

PROCESSOPTIMIZATION

CHEMICALFUNCTION-ALIZATION

RAW MATERIALSOURCING &

OPTIMIZATIONMECHANICAL

FRACTIONATION

CHEMICALFRACTIONATION

BIOLOGICALFUNCTION-ALIZATION

MECHANICALFUNCTION-ALIZATION

COPYRIGHT 2016 GOOD FOOD INSTITUTE. ALL RIGHTS RESERVED.