According to the Financial Times, US sales of plant-based food are growing 10 times faster than the rest according to research Group Nielsen.
As consumers reduce their meat intake, manufacturers are racing to exploit the trend and interest in plant-based burgers is growing fast.
2 US companies are emerging as winners in the market, Impossible Food (https://impossiblefoods.com) and Beyond Meat (https://www.beyondmeat.com). Those 2 players were able to receive over $500m investment from the West Coast investors in the last few years.
Impossible Food struck a partnership with Burger King and launched the Impossible Whopper, $1 more expensive than the standard Whopper.
Incumbent Consumer Food players, are fighting back. Unilever has recently bought meat-substitute company the Vegetarian Butcher (https://www.thevegetarianbutcher.com) while Nestle announced last week its new soy-protein-based patty the “Incredible Burger”.
Competition will put pressure on price and something that is now affordable just by the top end of the market, will become soon affordable to the mass market.
Just 5% of Americans say they are vegetarian, but many carnivores are cutting down, mainly for health and environmental reasons.
Meat and dairy provide just 18% of calories but uses 83% of farmland and produce 60% of greenhouse gas emission.
Plant based meat is fashionable, virtue-signalling and tasty. I believe we are just at the beginning of a food revolution.