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Meat with soy flavor, how does the alternative protein market work in Russia today?

Published Feb 1, 2024

Tridge summary

The global alternative protein market is growing at a rate of 10-11% annually, with a projected worth of $34-37 billion by 2029. In Russia, the market is growing by 5% per year, with soy, corn, and wheat proteins making up over 97% of total consumption. Despite import dependence, the share of imports has been decreasing, dropping to 13% by 2023. Investment in pea processing is on the rise, with significant projects planned by Yubileiny Group of Companies and ResursInvest-Development, and EFKO Group already producing 'vegetable meat' products.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Plant-based high-protein products, including the well-known meat, until recently were not considered as food for a wide range of consumers. However, recipes and production technologies are improving, and the demand for altfood (alternative food products) is growing, which means that growing and processing soybeans, as well as other crops from which high-protein raw materials are obtained, are becoming more and more promising. Journalists talked with market pioneers and learned about its prospects. According to the International Independent Institute for Investment Policy Analysis, the global alternative protein market is growing at approximately 10-11% annually. In 2021, its volume was estimated at $14-15 billion, and by 2029 it was projected to grow to $34-37 billion. According to Sofya Murzina, head of marketing research for food raw materials and additives markets at the Center for Investment and Industrial Analysis, the total consumption of plant proteins food and feed ...
Source: Oilworld

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