Consumers are increasingly adopting flexitarian (meatless diet but occasionally includes meat or fish), vegetarian (meatless diet), or vegan (zero animal product diet) lifestyles due to concerns about health risks, animal welfare (factory farming), and environmental sustainability. This global factor is augmenting demand for alternative or plant-based sources of protein.
• Sector convergence is reshaping the global protein ingredients space by helping companies broaden their product portfolios to stay ahead of the competition.
• Dairy protein ingredients manufacturers are adding plant protein ingredients to their offerings by establishing partnerships with plant protein ingredients companies.
• In response to the significant prospects for alternative protein, some plant protein ingredients manufacturers are collaborating with product formulators or forward integrating to add alternative proteins to their portfolios.
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