The plant-based meat market is projected to reach nearly $25 billion by 2030. This, of course is peanuts when measured against animal-based meats produced by cattle ranchers, hog farmers, poultry producers, and processors. In the U.S. meat product sales are about $200 billion annually and the average American eats about 222 pounds of meat per year. Globally, the industry is responsible for producing billions of pounds of meat each year and is estimated to be worth more than $1 trillion. Still, plant-based meat alternatives are growing business fueled by a number of factors, including concerns about the environmental impact of traditional meat production, the health benefits of plant-based meats, and the increasing popularity of vegetarian and vegan diets.
There are a few plant-based meat companies in the food industry. Some of these companies are Beyond Meat, Impossible Foods, and Hampton Creek. Plant-based meats are made from plants and are supposed to taste and look like meat. These companies are growing in popularity because people are looking for healthier and more sustainable options. There are many different types of meat substitutes, such as tofu, seitan, and tempeh. These products are made from plant-based proteins and are a great source of fiber and protein. They can be used in recipes to replace ground beef, chicken, or pork.
Meat consumption is projected to rise 76% by 2050, and traditional animal agriculture is struggling to keep up. So while overall, this is good news for the cattle, pork, and poultry producers – which are expected to see strong growth in demand for their products – meeting this rising demand will require significant investment in new processing plants and other infrastructure, as well as increased efficiency throughout the supply chain. The industry is trying to make in roads by developing plant-based meats that will help meet the demand.
Consumers who choose meat substitutes cite various reasons, including health issues, environmental impact and animal welfare. Plant-based meats are often seen as a healthier alternative to traditional meat products, and they can also be cheaper. While plant-based meats are likely to be cheaper there are exceptions and some plant-based meats can be more expensive than their meat counterparts. However, this tends to be the case with more premium products, such as those made from seitan or mushrooms.
It’s debatable whether or not plant-based meats are close enough to the real thing to threaten the traditional meat industry. The marketing departments of plant-based meat companies claim that their products look, taste, and feel like real meat. In reality, they’re made from ingredients like soy, wheat, peas, beets, and coconut oil. While the media looks fondly on the plant-based meat sector some industry analysts caution that it still faces hurdles such as whether the sector may be a novelty/fad and are pessemistic that the category will be able to produce enough profits and returns to keep investors happy and the major players afloat. Others believe that cell-based meats based will replace plant-based meats in the quest for meat alternatives. Cell-based meats are meat products produced from cells instead of animals. While cell-based products are in the early stages, they too have the potential to revolutionize the industry.
If history and shelf space are any guide to the future then we know that it will be consumers, and not producers or marketers, who decide how much market share plant-based meats conquer.