Report: Investments in Spanish Alternative Protein Companies Increased by 547% in 2024 – vegconomist

A new report by GFI Europe has found that investments in Spanish alternative protein companies reached €64.7 million last year, a 547% increase compared to 2023.

Furthermore, 41.8% of Spain’s agrifood tech startups are now working in the alternative protein space. Between 2020 and 2024, the country had Europe’s fifth-highest number of researchers in the field, and the sixth-largest number of publications.

Last year, plant-based retail sales in Spain reached €491 million, with a 9.7% increase in sales volume compared to the previous year. One in five households purchased plant-based meat at least once.

The report identifies Catalonia as a hub for alternative protein innovation, spearheaded by IRTA’s Centre d’Innovació en Proteïnes Alternatives (CiPA). This is Spain’s first public research centre dedicated to alternative proteins, coordinating research projects with universities, startups, and businesses. Other research clusters are being developed in Navarre, the Basque Country, the Madrid and Valencia regions, Galicia, and Andalusia.

Merging culinary tradition with agri-food innovation

Earlier this year, Spain’s National Food Strategy recognised that alternative proteins could play a key role in the food system. However, the new report finds that the government needs to go further to realise the economic benefits of the industry.

To achieve this, GFI Europe suggests the introduction of a national R&D fund for alternative proteins, similar to those in other European countries. The organisation also outlines the need for improved access to scale-up infrastructure to reduce production costs, along with a national commitment to promoting plant-based foods in collaboration with producers, businesses, and consumers.

Research published last year found that Spain’s plant-based market was the fourth-largest in Europe, with 10% growth forecast by 2025. Furthermore, the Spanish government introduced an AgriFoodtech Sandbox earlier this year, claimed to be the first of its kind in Europe. The initiative is designed to accelerate technological advancements in the agrifood industry.

“Spain has the opportunity to become the benchmark for alternative proteins in Southern Europe,” said Carlos Campillos Martínez, Public Affairs Manager for GFI Europe in Spain. “Our country has the scientific talent and business ecosystem to merge culinary tradition with agri-food innovation — but it needs the right support to consolidate itself as an economic, sustainable, and industrial innovation driver.”