The previous 12 months have seen a sharp increase in the number of alternative protein businesses that have ceased trading, come close to the brink, or been acquired. Here are all the major deals, starting September 2024.
The alternative protein sector has experienced a dramatic rise in business failures and consolidation over the past 12 months, reflecting significant market turbulence and shifting investor sentiment.
Research by Green Queen shows that between September 1, 2024 and August 31, 2025, more than 40 major alternative protein ventures have either shuttered their doors, undergone mergers, fallen into bankruptcy or liquidation, or been acquired – often at discounted valuations.
Geographic and sector breakdown
The bulk of activity occurred in Europe (23 deals) and North America (16 deals), with Asia-Pacific registering five notable events. This clustering highlights how alternative protein entrepreneurship, historically clustered in these regions, has faced pronounced headwinds from both consumer and funding challenges.
Particularly in Europe, legacy brands in the UK and the Netherlands have wound down or switched ownership, while several US-based startups, including those with substantial venture capital backing, have ceased trading or sold assets at losses.
Technology and product trends
Most casualties and transactions have been in plant-based companies (32 out of the total), whereas fermentation (7), cell cultivation (3), molecular farming (1), and blended protein (1) technologies make up far fewer. This skew suggests plant-based meat, dairy, and ready-meal startups have struggled most with scaling and profitability.
Of these, meat analogues (18 deals) and dairy alternatives (10 deals) were especially susceptible, perhaps due to intensifying competition and slower-than-expected consumer adoption. B2B protein suppliers and niche categories like honey and eggs also saw closures and restructuring, indicating market saturation or lack of stand-out differentiation.
Types of business events
Acquisitions constituted the largest share of deals (24), flanked by multiple closures (11), liquidations (4), bankruptcies (2), one merger, and several notable asset sales*.
In some cases, acquisitions afforded surviving entities access to IP or branded assets without assuming full operational risk. Other times, distressed sales reflected deep operational challenges and an inability to raise further funds.
*Note: The estimates for liquidations and bankruptcies do not include businesses that were later acquired or shut.
Macro implications
The spike in closures, insolvencies, and “fire sale” acquisitions suggests intense market correction, likely driven by rising production costs, tighter capital flows, faltering retail demand, and ongoing price sensitivity among mainstream consumers.
The sector is recalibrating around stronger, well-capitalised incumbents, with distressed startups finding new homes or dissolving. It’s clear that after years of expansion, alternative protein is experiencing its first widespread shakeout – a sign both of maturation and a need for strategic pivots in product, channel, and consumer engagement.
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