Vegan, plant-based โmeatโ yields mouth-watering profits
Who needs beef, chicken or pork?
Thatโs what an increasing number of Americans are saying. And companies have noticed, as they offer ๐a range of meat alternatives.
โInterest is booming in plant-based meat analogues and lab-grown meatโ alternatives,โ according to PreScouter, a research firm, in .
Besides potentially big profi๐ทts, alternative meat advocates say these products are๐ better for the environment.
Variati๊ฆฌons include plants such as soybean๐ฐs, tofu, mushrooms, lentils and several fruits. They can replace meat in ground beef, sausages and bacon strips, among other foods.
JPMorgan Chase says the market for plant-based meat alternatives could top $100 billion in 15 years. Barclays, in , also predicts๐ฆ the potential for alternatives is hug๊ฆe.
In part, new veggie products โฆare popular because of their promise to reduce greenhouse gases. Alternative meat advocates argue these products might even persuade some to switch from traditional meats.
Animal agriculture is responsible for approximately 18% of human-caused greenhouse g๊ฉตas emissions globally, according to the PreScouter report.
โOne way to๐ฆฉ ๏ฌght these environmental issues is to s๊งtop or reduce consuming meat,โ the PreScouter report says.
Indeed, Barclays sees opportunity there. โDue to rising demand and a growing population, global meat consumption is on the rise, especially in the US,โ Barclays wrote.โ โWe believe therefore that there is a bigger market opportunity for plant-based (and maybe even lab-g๊งrown) protein than was projected for electric vehicles 10 years ago.โ
Barclays says that today, al๐ฅternative meats are๐ณ $1.4 billion, or 1%, of the global meat industry. By 2029, it predicts alternatives will be $140 billion, or 10%.
PreScoutเผer lists dozens of companies working with fa๐st-food chains such as McDonaldโs, KFC and Burger King.
Burger King recently launched the vegetarian Impossible Whopper. It has โbecome one of the most successful product launches in brand history, leading to outstanding comparable sales of positive 5% this past quarter,โ a BK spokeswoman said. It is being tested in 180๐ฆ American and 20 European markets.