It's no secret that vegan meat and dairy alternatives are becoming increasingly popular for consumers across the globe. One study found that 50% of U.S households drink a dairy alternative. The current growth of these industries looks great for veganism and animal rights, but how do they fare for the future?
According to Good Food Institute, sales of plant based meats grew over 23% in 2018, reaching $760 million. This has left many industry experts excited. "It's only the beginning," says Caroline Bushnell, the Good Food Institute's Senior Marketing Manager. "We're in the early stages of a major shift," she says.
While much of this demand is due to vegans & vegetarians, a surprising amount of it is due to meat-eaters who also including plant-based meats in their diets. This has lead some of the largest animal-product companies to lean towards rebranding into "protein" companies, rather than meat companies, as they hope to produce plant-based products in the future.
The demand for "meat-like" substitutes is definitely being met by companies such as Beyond Meat. Their tagline is "The revolutionary plant-based burger that looks, cooks, and satisfies like beef." The similarities between a traditional beef burger, and a plant-based burger are becoming striking similar, which is causing more consumers to make the switch.
Things are also looking up for one of Beyond Meat's competitors, Impossible Foods, who debuted their new plant-based burgers in the fast food chain, White Castle in 2018. The producers say that in 2019, Impossible Foods will be available for purchase in grocery stores, alongside its traditional meat competitors.
Co-CEO of Alpha Food Labs, Mike Lee, agrees with the predictions for 2019 by saying "The past few years have been all about captivating audiences with anticipation of these products, but in the next two years, it’ll be all about getting to market.”
Things seem to be coming together for plant-based products, so much so that BusinessWire expects the plant-based meat industry to reach $7.55 Billion by 2025!
After more than one hundred years behind cage bars, the animals on the packaging of Barnum’s Animal Crackers are now free to roam as they please . . .