Plant-based meat to rise in popularity as big food firms edge into market
08 January 2020
Plant-based meat – the stuff that’s supposed to mimic the taste of meat, such as the Impossible Burger, rather than a simple tofu dog – is gaining in popularity and investor interest. IDTechEx, a research and consulting firm, projected in a recent report that the global plant-based meat market will reach $27 billion by 2030. The firm also examined some nearer-term trends that will take shape this year in the plant-based meat substitute market – including continued growth, major food company incursion, and labeling disputes.
Plant-based meat still accounts for less than 1% market share of the US meat industry, but it’s heating up. Sales grew by 40% from 2017 to 2019, and plant-based burger maker Beyond Meat saw its share price surge 500% in the three months after it went public.
IDTechEx expects sales will continue to grow in 2020, as improved product quality continues to draw in non-vegetarian/non-vegan consumers (95% of people). These consumers are less likely to compromise on quality for ethical reasons, so the R&D refinement of meat-substitute products will continue to be an important factor in sales growth.
A big factor in the rise of plant-based meat has been partnerships with fast food chains, with Burger King releasing the Impossible Burger and KFC doing a trial run of Beyond Meat chicken analogue (which sold out in half a day in Atlanta). IDTechEx predicts more fast food stores will expand their plant-based meat options in 2020.
Though only 5% of American’s are vegan or vegetarian, 54% say they want to reduce their meat consumption...
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