Plant-based meat cooking up a treat on Wall Street
Print Edition
No longer at the food fringes, plant-based meats are selling well in supermarkets and emerging as a hot commodity for fast food chains, industrial food companies and Wall Street investors.
JPMorgan Chase & Co has estimated the market for plant-based meat could easily top US$100 billion in 15 years.
Barclays says the 鈥渁lternative meat鈥 market could account for around 10 percent of all global meat sales, or up to US$140 billion in 10 years.
Burger King has been testing since April a vegetarian version of its flagship 鈥淲hopper,鈥 while McDonald鈥檚 has unveiled a meatless burger in Germany. KFC is studying non-meat options for its menu.
Alternatives to meat are not new, of course, but startups and other growing players in the business have taken advantage of newer technologies to simulate the taste and texture of authentic meat more comprehensively.
At the same time, more consumers are opting for plant-based products out of concern for the environment, animal welfare and health reasons.
The best-known new ventures Impossible Food and Beyond Meat have had difficulty at times meeting surging demand for their products, even as Wall Street has bet on their potential.
On its first day on Wall Street as a publicly traded company, Beyond Meat surged 163 percent.
Impossible Burger, which is already sold in more than 7,000 restaurants in the US and Asia.
Sales of alternative meat jumped 23 percent in 2018 in the US, according to the Food Institute.
Yet that accounts for just 1 percent of the total market for meat, much lower than the 13 percent of milk represented by non-dairy sources such as soy, almond and coconut.
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