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Future protein sources: new opportunities in North America

29-30 October 2020 Mandalay Bay, Las Vegas, USA


Contents Tapping the alternative protein trend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

Plant-based alternatives - a growing market . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

Emerging opportunities - new sources of protein . . . . . . . . . . . . . . . . . . . . . . . . .

9

Emerging opportunities - new methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Protein sources - a commercial opportunity . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Source from the best in the ingredients industry. No bluffs, promise.

29-30 October 2020 Mandalay Bay, Las Vegas, USA

JOIN US IN LAS VEGAS www.figlobal.com/northamerica Future protein sources: new opportunities in North America


Future protein sources: new opportunities in North America The global protein ingredient market is booming and is driving industry innovation in the form of new protein sources, new production methods and new applications. Food and beverage manufacturers are constantly looking for novel ways to meet the growing consumer demand for protein intake. On the other hand, consumers are on the lookout for sustainable protein-enriched products. The narrative that plant-based proteins are heathier and can form part of a more sustainable lifestyle, is one that resonates with most consumers. In addition to plant-based protein, insect and fungi-sourced proteins are now also capturing people’s imagination, and new technologies capable of developing animal muscle from cells, are further opening possibilities for the development of bespoke proteins in the lab. As always, however, taste is king: according to research done by Mintel, when choosing which food and drinks to buy, taste is ranked as the most important factor, with 87% of consumers agreeing on this being a critical factor.1

What's most important to consumers: Food must taste good Which of the following are important to you when choosing wich food/drink to buy? Please select all that apply

Source: Fi North America and SupplySide West 2019, Food ingredients Theater1

 

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Plant-based di

What do consumers say?

Tapping the alternative protein trend

How many consumers changed their diets to lead a more All this is part of an inexorable global trend towards more sustainable consumer behaviour. Some 45% of environmentally friendly the last 2 years? global consumers say that they have changed their diets in the lifestyle last two in years in order to lead a more 45%

Plant-based diets

45% 38% 47

environmentally friendly lifestyle (30% in the US, 38% in Europe and 47% in Asia).

2,3

What do consumers say?*

38%

Global

Europe

What was the main reason for consumer to make changes to their diet? How many consumers changed their diets to lead a more environmentally friendly lifestyle in the last 2 years?

52% 51% 45% 38% 47% 30% 45%

38%

Global

Europe 52%

52% Global consumers 47%say: “I was concerned about the Asia-Pacific environment overall”

Global

Source: FMCG Gurus

51% of European consumers say: “I was concerned about a specific environmental issue (i.e. global warming)”

30%

USA 51%

Europe

57% 57% Asia-Pacific

57% of Asian consumers say: “I was concerned about the environment overall”

What was the main reason for consumers to make changes to their diet? While only 12% of consumers in the US say that they have How many consumers changed their diet to reduce meat or reduced their meat intake, compared to 35% in Europe, eliminate it completely? the market for alternative protein sources is set to continue

52%

51%

52% Global

2,3 consumers say: to diversify and grow. “I was concerned

about the environment overall”

52% Global

51% Europe

51% of European consumers say: “I was concerned about a specific environmental issue (i.e. global warming)”

57%

57% Asia-Pacific

57% of Asian consumers say: “I was concerned about the environment overall”

56%

56% of USA Reduced meat consumers say: “I was concerned about a specific 56% environmental issue (i.e. global warming)” USA

42%

42%

Global

33%35%33%12%

How many consumers changed their diet to reduce meat or eliminate it completely?

33%

35%

33%

12%

Global

Europe

Asia-Pacific

USA

Vegetarian diet

Source: FMCG Gurus

Reduced meat

Lynn Dornblaser, Director Innovation & Insight at Mintel, said during her presentation at Fi North America 19%

22%

28%

Howin many and SupplySide West 2019, Food ingredients Theater, that protein claims the US and Europe are going up Global Europe Asia-Pacific USA 42% 44% consumers every year.1 Global Europe sometimes find 33% 35% 33% 12% the taste of plantGlobal Europe Asia-Pacific USA based food Protien claims are up in food and beverage introductions and drink Vegetarian diet boring? US: Products making a high/added protein claim, 2014-September 2019

33%35%33%12%

42%

44%

22%19%22%28% 19%

22%

28%

Global

Europe

Asia-Pacific

USA

Asia-Pacific

How find p sourc

46% 31%56% 50% 57% 58%

46% 22%

46%

46%

22%19%22%28% 22%

How cons somet the tast base and bo

Asia-Pacific

31%

57%

Global

58% USA

Europe

56%

50%

Asia-Pacific

USA

Sources:*

How many consumers find plant-based protein sources appealing?

1. FMCG Gurus Sustainability survey – 26,000 consumers surveyed globally – 11,000 Europe, 7,000 Asia-Pacific and 1,000 in the USA, 2019 2. FMCG Gurus Active Nutrition survey – 26,000 consumers surveyed globally – 11,000 Europe, 7,000 Asia-Pacific and 1,000 in the USA, 2019

More insights at https://insights.figloba

57% 58% 56% 50% 57%

58%

56%

50%

Global

Europe

Asia-Pacific

USA

Sources:*

Source: Fi North America and SupplySide West 2019, Food ingredients Theater1

1. FMCG Gurus Sustainability survey – 26,000 consumers surveyed globally – 11,000 Europe, 7,000 Asia-Pacific and 1,000 in the USA, 2019

2. FMCG Gurus Active Nutrition survey – 26,000 consumers surveyed globally – 11,000 Europe, 7,000 Asia-Pacific and 1,000 in the USA, 2019

More insights at https://insights.figlobal.com/ Future protein sources: new opportunities in North America | 4


She further noted that, when asked why they eat plant-based foods, consumers ranked the taste experience, health considerations, and a desire to avoid processed foods as the top three key factors.1

Why do you eat plant-based foods?

Source: Fi North America and SupplySide West 2019, Food ingredients Theater 1

Dornblaser said that this last point can seem unbelievably counter-intuitive.

“One of the things that we have been finding is, consumers choose products for a lot of different reasons. They live their lives in very complex and contradictory ways.”1 Therefore, what consumers are seeking is simplicity. Dornblaser further noted:

“It feels like the consumers look for simple ingredients, clean label in categories and in the types of foods that they might be able to make themselves.”1 Consumers are looking for ingredient statements that are easy to understand and, when they seem too complex, the product is deemed to be too processed. On the other hand, for products consumers are not able to make themselves, or ones that are able to offer some kind of health benefits or values that are more ‘of the moment’, the concern for understanding the ingredient statements seem to diminish; which is what Dornblaser believes have been happening with many of the meat alternatives on the market.1 In terms of product trends, Dornblaser noted that snacks remain the number one category for making high protein claims. In part, this is due to changing eating patterns. Nearly everybody snacks; though, this is especially prevalent among the younger generation.1

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Source: Fi North America and SupplySide West 2019, Food ingredients Theater 1

While the snack sector continues to drive high protein claims, the trend has spread across just about every category; from dairy to beverages. Another interesting trend is the emergence of blended protein products, which can provide the taste and experience of an animal protein product with a healthier nutrition profile. While only 6% of the US adult population claims to be vegetarian, regardless of their dietary preference, Dornblaser stressed the importance of remaining aware of the fact that, for consumers, “taste always comes first.�1

Plant-based alternatives: a growing market With the demand for meat alternatives on the rise, especially among US Millennials,1 there is no denying that the industry can expect a heavier focus on plant-based substitutes in the coming years.

Source: Fi North America and SupplySide West 2019, Food ingredients Theater 1

Future protein sources: new opportunities in North America | 6


According to research done by Future Marketing Insights - a provider of market intelligence and consulting services – the plant-based meat alternative market is currently valued at $12.1 billion; with estimates of it reaching almost $28 billion by 2025 (predicting a CAGR growth of 15% over a 6-year period)4 and even $140 billion by 2029, according to analysts at Barclays.5

Alternative meat's slice of the global meat industry

1%

$14 billion today

10%

$140 billion 2029

Source: Barclays Research5

Moreover, considering how popular snacking has become, it is no surprise that the global value of the plant-based snack market has been valued at $34.7 billion dollars in 2019 alone, and is expected to grow at a CAGR of 8.7% by 2028, resulting in a staggering value of $73.6 billion.6 Looking at the US market specifically, The Good Food Institute reports several interesting industry developments occurring over the last two years. US retail food grocery sales have increased by 4% in total; while direct animal replacement plant-based product sales have grown by 18% between 2018 – 2019.7

U.S. Plant-Based Meat Market

Source: The Good Food Institute7

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Similarly, with plant-based milk accounting for nearly half of the total plant-based food market, it has led to an increased acceptance by consumers of other plant-based dairy products, such as plant-based creamer (34.3%), yoghurt (31.3%), cheese (18.3%), ice cream (+5.7%); all having seen significant increases in sales across 2018 and 2019.7

Total U.S. Plant-Based Food Dollar Sales and Dollar Sales Growth by Category 2019

Source: Source: The Good Food Institute7

Other Plant-Based Dairy Category Dollar Sales and Dollar Sales Growth 2019

Source: The Good Food Institute7

The vegan market has also greatly contributed to the growth seen in the demand for more plant-based alternatives, with the vegan cheese market expected to see a 7.6% CAGR by 2024, reaching a value of nearly $4 billion. Likewise, within the next decade, vegan yoghurt sales are said to exceed a value of $12 billion and the vegan ice cream sector is predicted to reach a value of $2.45 billion.8

Future protein sources: new opportunities in North America | 8


Plant-Based Nuggets Raised & Rooted Plant Based Nuggets comprises a blend of pea protein, bamboo fibre, egg white, and golden flaxseed, and provides 9g of protein and 5g of fibre per serving.

Source: Mintel GNPD9

The fastest growing sector, however, is expected to be that of dry egg replacers.8 Eggs are highly versatile, functional and widely consumed. Moreover, with the low level of competition that exists at present with regards to plant-based egg substitutes, it shows great potential for innovative companies to enjoy strong growth and benefit from substantial profit margins. By the end of 2026, the egg alternative market is expected to exceed a global value of $1.5 billion, which depicts a 5.8% CAGR.10

Emerging opportunities - new sources of protein The diversification of protein sources supports the move towards sustainable production, meets consumer demand for healthy and nutritious ingredients and creates narratives that resonate with consumers. Sustainable agriculture depends, at least in part, on moving away from mankind’s dependency on intensive animal-sourced protein, which has provided incentives to find and scale up new protein sources. The range of plant-based protein sources available is expanding, and the market is constantly growing more complex. As an example, there has been a notable shift from soya milk towards oat, almond, and coconut milks, and hemp is proving to be very popular in sports nutrition applications as a result of its complete amino acid profile. Chickpea, due to its ability to create a firm and stable emulsion, can be used with great success in a variety of meat and dairy alternatives, as well as baked goods. When compared to soya, peas or algae, duckweed is more digestible and therefore serves well as a meat and dairy alternative, and a snacking ingredient also. 11 Greater category transcendence of raw materials has also been noted in the industry. Pea protein, for example, is no longer only serving as great meat alternative, but also proving to be a good source of plant-based alternatives in dairy applications.8 Vly, a Berlin-based startup, makes use of yellow pea protein as a base for milk and yoghurt,8 and Paprika Chickpea Nachos with Yellow & Green Peas, are made with chickpea flour, yellow peas, green peas and black beans.

9

Oats

Peas

Fava beans

Typically dairy

Typically meat

Typically meat

meat

dairy

dairy

Source: Plant-based Market Insights Report 2019, ProVeg International 11

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Similarly, following its successful use as meat alternative, Fava beans are now also making an appearance in low-fat plant-based ice cream and, while oats have been used as a dairy substitute in milk. Gold & Green, a Finnish brand, are using this as a successful plant-based meat alternative.8 Paprika Chickpea Nachos with Yellow & Green Peas Paprika Chickpea Nachos with Yellow & Green Peas contain 40% less fat than classic tortilla chips and are said to be a good source of protein and fibre.

Source: Mintel GNPD8

This underlines the sheer variety of plant-based sources available to manufacturers. Non plant-based protein alternatives include mushrooms – which are technically fungi rather than plants – as well as algae, bacteria and insects ; with algae finding its way into products such as mayonnaise. As we’ll see in the next chapter, cutting-edge technology also has the potential to transform this sector. Meatless Nuggets Quorn Meatless Nuggets are produced from what the company calls its own sustainable unique protein, called Mycoprotein. This is a unique blend of fungalbased protein and fibre. The company says that Mycoprotein uses less land and water than animal protein production. Source: Mintel GNPD13

Pat Crowley, founder and CEO of Chapul, was the first to bring cricket protein to the US. He found that crickets – and other insects – require only a fraction of the water needed for livestock to produce the same amount of protein, whilst also requiring much less land and water as opposed to crops that have traditionally been used for meat alternatives, such as soy and wheat.14 Crowley said:

“We need to focus on less land-intensive sources of protein. I am opposed to the concept that plant-based protein is a single solution to sustainability. When compared to beef or poultry it is often much more resource efficient. But it can’t carry the weight alone.”14 Chapul’s first product was a protein bar made from cricket powder in two flavours and today, the company’s website sells pouches of cricket powder, alongside four protein bar varieties. Chapul’s Original Aztec Cricket Bar Chapul’s Original Aztec Cricket Bar is a dark chocolate, coffee, and cayenne flavoured bar, that contains protein from cricket flour. The cricket flour is described as a complete protein that promotes health of the individual and health of the planet.

Source: Mintel GNPD12

Future protein sources: new opportunities in North America | 10


Emerging opportunities - new methods New technologies are leading to new food production possibilities, such as lab-grown meat. A good example of this is the work being carried out by Californian-based Finless Foods, which grows edible sources of protein from isolated fish muscle cells. These cells are fed salts, sugars, amino acids and proteins, and developed into 3 important cell types that form muscle fibre.15

“It not only doesn’t involve killing animals for food, it not only doesn’t involve destroying the ocean ecosystem, but it also can create fish that is extremely fresh and completely mercury and plastic-free, as well as being growth hormone-free and antibiotic-free.”15 Mike Selden, Co-Founder, CEO, Finless Foods told Fi North America and SupplySide West 2019, Food ingredients Theater attendees.

“At the end, we are left with a high-quality ingredient, high-quality cell paste that has all these qualities currently found in fish.”15 Selden’s point is that this technology is not only sustainable and environmentally friendly; but also, potentially cheaper and faster than traditional production methods. Tuna farming, for example, has been a failure and the amount of tuna caught in the wild is strictly controlled. Growing tuna meat in the lab could therefore be a highly efficient way of meeting market demands; while only a percentage of a catch will end up on someone’s plate, 100% of the meat grown in the lab is edible. Selden said:

“This technology could also revolutionize the way seafood is distributed. Instead of needing a distribution network from the boat to the consumer, a more localized distribution system centred in dense urban cores can be created.”15 In other words, tuna meat could be produced in a lab in a city like Las Vegas, for example, and delivered directly to nearby restaurants and shops. One reason why lab-grown meat is increasingly seen as a viable investment is because what consumers consider to be acceptable, is changing. The same is true for insect-based protein. This is in part due to growing interest in sustainable sources of protein, as well as demand for adventurous culinary experiences. Insect-sourced protein therefore signals more than just the emergence of a new potential source; it underlines appetite for a complete rethink of current agricultural methods and technologies.

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Moving away from extraction-based monoculture, towards a more holistic ecosystem approach to food production, is something that Pat Crowley, founder and CEO of Chapul, sees as beneficial for the environment, for our health, and for businesses looking to tap sustainable sources of protein. 16 Pat told Fi North America and SupplySide West 2019, Food ingredients Theater attendees:

“My background is in studying watershed hydrology. From an ecosystem-based point of view, the more insect diversity there is in the water, the healthier the ecosystem. As biodiversity increases, you are less likely to have viral outbreaks, etc.”16 Crowley takes the same approach to food systems: for him, this is not about good versus evil, or plantbased versus animal-based; rather, it is about taking a holistic view to rehabilitating damaged ecosystems from the ground up. The more plants and animals, fungi and bacteria can be added to an ecosystem, the healthier it will be. Similarly, the more balanced our internal ecosystem of gut bacteria, the healthier we will be.

“Microbes are the drivers of life on this planet, and it is beneficial to look at them as an ecosystem; whether in our intestines or in the soil,”16 explained Crowley. To this end, insects can be seen as containing ecosystems of microbes. Crowley described them as nature’s bio-processors, taking in organic material and increasing the bioavailability of nutrients like proteins. He said:

“We take plant material, add native fungi and the output is a protein-rich insect.”16

Scaling up this biological process to meet global demand for protein will require trailblazers, but Crowley is confident that innovations like this, grounded in solving societal issues, will attract consumer interest.

“This is especially true for younger consumers. Solution-based supply chains can be an excellent conduit for storytelling.”16

Future protein sources: new opportunities in North America | 12


Protein sources - a commercial opportunity High protein snacks, blended protein products and innovations in dairy, all underline the continued popularity of protein, the opportunities for new protein sources, as well as growing consumer sophistication and knowledge. Suzy Badaracco, President of Culinary Tides said:

“The best ways for companies to engage are fourfold. First, they need to create nutritionally balanced products. They also need to make sure you are matching the proteins to the correct global cuisine; a mismatch will confuse consumers. Thirdly, if, as a manufacturer, you are tempted to create plant-forward items, create a family of items for the consumer to choose from to show your commitment. And finally, don’t forget to stick to what you do best.”17 High protein has become one of the top claims driving growth in the dairy sector, and dairy-based snacks are proliferating. The sector has begun to market itself as a naturally high source of protein. Badaracco said:

“The best option for innovation would be in refrigerated and frozen. Dairy is a complete protein. Look at the Yaar bar and Clio Greek yogurt bar.” 17

Vanilla Flavour Nordic Quark Bar Yaar Vanilla Flavour Nordic Quark Bar comprises a creamy vanilla flavour quark bar coated in Belgian chocolate. Source: Mintel GNPD18

Similarly, a number of recently launched dairy-based products also have a high protein content claim.

Plain Yogurt YQ by Yoplait Protein Plain Yogurt has been relaunched with a new brand name, previously known as YQ by Yoplait. It is 99% lactose free, gluten free and made with live and active cultures.

Source: Mintel GNPD19

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Cottage Cheese Good CULTUREÂŽ Organic Double Cream Classic Cottage Cheese contains 14g of protein. It contains pasteurised milk, containing Celtic sea salt and live and active cultures. Source: Mintel GNPD20

High protein shakes and beverages are also continuing to prove popular. Another development worth noting is that commonly used raw protein sources are no longer confined to specific product categories. Oats, for example, have long been used for milk but are now being used in plant-based meat, and pea protein is appearing in drinks. Chocolate and Banana Protein Smoothie Happy Planet Chocolate and Banana Protein Smoothie has been repackaged. The product contains 11g of proteins and is described as a rich dark Dutch cocoa blended with creamy banana and soy protein.

Source: Mintel GNPD21

Manufacturers are also becoming increasingly more successful at combining high protein with indulgence. Badaracco added:

“While it is not rocket science to put protein and fat together, the nuances are more difficult. For example, replacing indulgence with luxury, mindfulness, or an overlay of self-care and reward.� 17 High protein claims can be found across a range of snack products recently launched in the US; including chocolate bars. The protein bars market is predicted to reach $18.2 billion by 2024,22 as consumers increasingly look for wholesome on-the-go snacks. The consumer base is also constantly being widened by novel products that are being categorised with a wellness aspect, such as diabetes-friendly, digestion enhancing, and cognitive enhancement bars also.23 Egg based: Coconut Lime Protein Bar Primal Kitchen Coconut Lime Protein Bar is made with cage-free eggs and provides 8g of protein and 2g of sugar per serving. This keto-friendly bar is free from gluten and grains.

Source: Mintel GNPD23

Future protein sources: new opportunities in North America | 14


Dark Chocolate Almond Bar Genuine Health Vegan Proteins+ Dark Chocolate Almond Bar is described as a fermented bar. It provides 14g of protein. Source: Mintel GNPD24

Blended protein products are also starting to make more of an appearance on the market. Tyson Foods, for example, has launched several blended product lines that incorporate beef and pea protein isolate. Alternative protein could “someday be a billion-dollar business for our company,” Tyson Foods CEO, Noel White has predicted. 25 Teton Burger Blends Teton Waters Ranch Mushroom & Onion Burger Blends are described as a mindful mix of beef, savory mushrooms and onions.

Source: Mintel GNPD26

Falafel Seasoned Chicken & Quinoa Balls Aidells Whole Blends Falafel Seasoned Chicken & Quinoa Falafel Balls are made with spinach, creamy feta cheese and roasted green garbanzo beans. The balls feature an excellent source of 11g protein per serving.

Source: Mintel GNPD27

With proteins being an essential nutrient for the human body, there is no denying that a demand for this will always exist. Luckily, the development of emerging technologies has resulted in new and better food production methods and applications, and with the discovery of various novel sources of proteins, food and beverage manufacturers are a lot more enabled to fulfil consumer demands for providing protein in a more sustainable and cost-effective way.  

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Key takeaways • Consumers are looking for narratives that relate to sustainable production and health benefits • The growing range of non-meat-based protein sources can help manufacturers to develop attractive, appealing product narratives • Taste, however, remains the most important factor behind consumer choices • Innovative protein product launches focusing on things like digestion and cognitive enhancement are helping to widen the consumer base • On top of this, the market for plant-based meat alternatives has grown by 37% over the last two years • Manufacturers should remember that there are non-plant-based protein alternatives, including mushrooms – which are technically fungi rather than plants – as well algae, bacteria and insects • Lab-grown fish meat could provide a sustainable, environmentally friendly and efficient alternative to traditional production methods • Insect-sourced protein is beginning to overcome cultural barriers, and taps consumer interest in adventure and radically new food production methods • Blended protein products are becoming increasingly more popular and are likely to fulfil the demand from a broader range of consumers

The information provided here was compiled with due care and up to date to the best of our knowledge on publication.

Future protein sources: new opportunities in North America | 16


Sources 1

Fi North America and SupplySide West 2019, Food ingredients Theater, presentation by Lynn Dornblaser, Mintel – What's happening in protein - A look at product development and trends: https://bit.ly/2V9iKAU

2

FMCG Gurus Active Nutrition survey – 26,000 consumers surveyed globally – 11,000 Europe, 7,000 AsiaPacific and 1,000 in the USA, 2019

3

FMCG Gurus Sustainability survey – 26,000 consumers surveyed globally – 11,000 Europe, 7,000 Asia-Pacific and 1,000 in the USA, 2019

4

Meat substitutes market report, Future Marketing Insights: www.futuremarketinsights.com/reports/meatsubstitutes-market

5

Carving up the alternative meat market, Barclays Research: www.investmentbank.barclays.com/ourinsights/carving-up-the-alternative-meat-market.html

6

Plant-based Snacks Market. 2019 Analysis and Review Plant-based Snacks Market by Nature - Organic and Conventional for 2019 – 2028, Future Marketing Insights: www.futuremarketinsights.com/reports/plantbased-snacks-market

7

Plant-Based Market Overview, The Good Food Institute: www.gfi.org/marketresearch

8

Mintel GNPD: www.gnpd.com/sinatra/recordpage/7218635/from_search/RxHT3QuIxf/?page=1

9

Mintel GNPD www.gnpd.com/sinatra/recordpage/6649437/from_search/kmDKM2p4yI/?page=1

10

Egg Replacement Ingredient Market, Future Market Insights: www.futuremarketinsights.com/reports/eggreplacement-ingredient-market

11

Plant-based Market Insights Report 2019, ProVeg International: https://ubmemeaensoprod. s3.amazonaws.com/FI_fieurope/plant-based_market_insights_by_proveg_international.pdf

12

Mintel GNPD: www.gnpd.com/sinatra/recordpage/2588761/from_search/D9pvAg6yu1/?page=1

13

Mintel GNPD, www.gnpd.com/sinatra/recordpage/6858811/from_search/49PTSdtPtT/?page=2

14

Interview with Patrick Crowley, Chapul Farms – Beyond plants: Diversifying the alternative proteins market: https://bit.ly/3af7Ui7

15

Fi North America and SupplySide West 2019, Food ingredients Theater, presentation by Mike Selden, Finless Foods – The cell-based seafood revolution: https://bit.ly/2QGHNJ3

16

Fi North America and SupplySide West 2019, Food ingredients Theater, presentation by Patrick Crowley, Chapul Farms - Non-plant-based protein alternatives: insects, bacteria, fungus, and algae.

17

Interview with Suzy Badaracco, Culinary Tides, Inc – Using military intelligence techniques to predict protein trends, https://bit.ly/SuzyBadaracco

18

Mintel GNPD, www.gnpd.com/sinatra/recordpage/7217437/from_search/8y2bnp1dG4/?page=1

19

Mintel GNPD, www.gnpd.com/sinatra/recordpage/7077849/from_search/E6M4bGDnJo/?page=1

20

Mintel GNPD, www.gnpd.com/sinatra/recordpage/6911269/

21

Mintel GNPD, www.gnpd.com/sinatra/recordpage/6360065/?utm_source=fed_search

22

GlobeNewswire, Market Research Future: https://www.globenewswire.com/newsrelease/2019/07/31/1894454/0/en/Protein-Bars-Market-Size-to-Reach-USD-1-820-6-Million-by-2024-at-7-24CAGR-Predicts-Market-Research-Future.html

23

Mintel GNPD: www.gnpd.com/sinatra/recordpage/7239829/from_search/R4ji5f2uOX/?page=1

24

Mintel GNPD, www.gnpd.com/sinatra/recordpage/7034675/from_search/49PTSdtPtT/?page=1

25

Article by Elaine Watson, Food Navigator - USA - Tyson unveils blended burgers, pea protein-based nuggets: “Alternative protein could someday be a billion-dollar business for our company” https:// www.foodnavigator-usa.com/Article/2019/06/13/Tyson-unveils-blended-burgers-plant-based-nuggetsAlternative-protein-could-someday-be-a-billion-dollar-business-for-our-company

26

Mintel GNPD, www.gnpd.com/sinatra/recordpage/6980015/from_search/QdfkDEm4tt/?page=1

27

Mintel GNPD, www.gnpd.com/sinatra/recordpage/6649395/from_search/qtnLLUE6lO/?page=1

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Future protein sources: new opportunities in North America