HSBC-全球投资策略-全球替代蛋白质：大盘子，小份量-2021.11-1.pdf

Future Consumer Equities Global Thematic research November 2021 By: Jeremy Fialko and Robert Price S P O T L I G H T Global Alternative Proteins Big plate, small portion We examine the alternative proteins market in depth on a global basis to assess its future prospects Our detailed analysis points to a market that has strong potential but is not accelerating, and where competition is intensifying Within our coverage of the key global players we prefer Nestlé (Buy). We downgrade Monde Nissin to Hold. We initiate coverage of Beyond Meat and Oatly, both at Reduce Play video with Jeremy Fialko and Robert Price Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Future Consumer ● Equities November 2021 Why read this report?  We examine the alternative proteins market in depth on a global basis to assess its future prospects  Our detailed analysis points to a market that has strong potential but