There is a growing trend of plant-based proteins finding their way into multiple applications, according to the CEO of Kerry Group Edmond Scanlon.
Scanlon made the point as he presented Kerry Group’s interim management report for the first half of 2018 in Dublin earlier this month.
He stated that there is a growing trend of plant-based proteins finding their way into multiple applications, especially from a developed market standpoint – where “authenticity and healthfulness are important factors”.
Commenting on the situation, he said: “71% of consumers view protein from plant sources to be healthy.
“We now are at the intersection of three major trends: protein consumption is increasing; plant-based protein consumption is increasing; and snackification is driving consumers to look for more and more new protein alternatives.
“We believe we are well positioned to take advantage of these trends. We have been working in this space for quite some time.”
Speaking with AgriLand, Scanlon indicated that Kerry Group isn’t concerned regarding the growing demand for plant-based protein among consumers and whether it may negatively impact dairy products.
“We wouldn’t be concerned. We are continuing to invest in dairy, as well as continuing to be optimistic about the long-term trajectory of dairy markets and demand.
There is a growing demand for plant-based protein. It’s not something I would be concerned about. There is a trend there; whether it becomes a long-term trend or a short-term trend, I don’t know.
“The way I look at it right now is demand for protein is increasing; that includes animal and non-animal sources.
“I think, as the CEO of the organisation, it’s important for us to be able to play in both areas and make sure we can take advantage of those opportunities. I think it is going to balance itself out,” he said.