The evolution of plant-based protein — as a substitute for animal meat and dairy products — has been rapid. Two years ago, the prevailing question about the category was “Will it last?” Today, the questions for many companies and investors are both “How big can it be?” and “How do we participate in this space?”

In the U.S., plant-based meat penetration is expected to accelerate, reaching a peak of ~15%, while plant-based dairy is anticipated to reach ~22%. This is dependent on whether the three primary barriers — regulation, technology and consumer acceptance — continue to evolve at the expected pace.

To capitalize on this momentum, companies participating in the plant-based protein revolution are focused on iterative product improvements. The essential goal is mastering the plant-based protein value chain. While it is complex, it presents multiple opportunities for companies and investors — not all of them obvious. We will examine underlying market drivers and the value chain in more detail in this Special Report.