Alt Proteins at 50% Cuts Emissions Equally

Growing the share of alternative proteins to half of the global protein market, including dairy, would reduce agriculture and land use greenhouse gas emissions by almost a third by 2050. It would mitigate 5 gigatons of CO2 equivalents annually, the equivalent of taking 50% of gas-fueled cars off the road. However, while the electric vehicle industry grew from 0.2% of total new car sales in 2012 to 18% in 2023, the alternative protein share of the protein market remains relatively small. Plant-based meat has hovered around 1% of total meat dollar sales in US retail for the past five years. These are among the findings of a new report being released today by Boston Consulting Group (BCG), The Good Food Institute (GFI), and Synthesis Capital titled What the Alternative Protein Industry Can Learn from EV Companies.

Animal agriculture produces 15% to 20% of greenhouse gas emissions, compared with 10% for passenger road transportation. But the alternative protein industry received only $635 million in government support in 2022, compared with roughly $40 billion in direct purchase subsidies for electric vehicles. This public commitment to electric vehicles has also stimulated significant private investment. By contrast, alternative protein companies raised one-eighth of the private capital of the electric vehicle industry from 2017 to 2023.

"Achieving mass adoption of alternative protein is an opportunity we can't afford to miss in the drive to cut emissions and combat climate change," said Elfrun von Koeller, BCG partner and managing director, and coauthor of the report. "There are many lessons that the industry, as well as governments and regulators, can learn from the successful electric vehicles sector, which also faced early hurdles to consumer adoption and expansion. If private companies, governments, and investors come together, they can lay the foundation for a food system that is more sustainable, as well as more secure."

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