Plant-Based Meat Market to Hit $140 Billion by 2029
Good news from Barclays, the British investment bank, which suggests in their recent report, “…that there is a bigger market opportunity for plant-based (and maybe even lab-grown) protein than was projected for electric vehicles ten years ago.” They project that alternative meat will make up nearly 10% of the global meat industry, which will be nearly $140 Billion by 2029.
The top three reasons for the massive growth: consumers who are concerned with animal welfare, health and wellness, and their environmental impact. This is emphasized by the fact that nearly 4 out of 10 consumers are willing to pay a 50% premium for ‘natural’ food, according to the report.
Barclays notes that 92% of plant-based meals in the UK are consumed by the 22 million non-vegan “flexitarians” in the market.
Beyond Meat was the first ever plant-based company to go public.
However, there are some potential hurdles for the projected explosive growth, they include affordability and the ongoing debate on if plant-based alternatives can refer to themselves as ‘meat’. Regarding affordability, plant-based meat company Beyond Meat, for example, has made it it’s mission to undercut traditional meat prices.
It appears that there is a tremendous amount of opportunity for new entrants as the alternative meat wars ramp up. With recent entrants such as Nestlé and Unilever’s acquisition of the dutch company The Vegetarian Butcher, the global meat industry is ripe for disruption.
Correction: The newest data from World Animal Foundation states that the global plant-based meat market is expected to reach $87.9 billion globally by 2032.