The new food revolution is upon us. Alternative protein sources will become increasingly inevitable and necessary for economic, sustainability, environmental and health reasons. Expect plant-based alternatives, insects and cultured meat to complement existing protein (and vegetarian/vegan) options. The meat aisle will become a thing of the past. In the future, shoppers will likely embrace the protein aisle. One-in-ten global protein portions could be plant-based by 2035, implying a $290bn market. Insects and cultured meat will likely be smaller segments, albeit with the potential to grow significantly. Given the opportunity, over $3bn has flowed into start-ups across the broad space in the past year. Most businesses remain private but expect both future listings and industry consolidation. In the listed area, we favour companies which can add clear value.