As the world recognizes the health and ecological damage that the factory farming industry has done to the planet, there's been growing interest in vegan meat. Beyond Burger, Impossible Burger, and other meatless alternatives have been embraced by flexitarians and others looking to change their diets. According to The Good Food Institute (GFI), a nonprofit organization that promotes the acceleration of plant-based alternatives to animal products, the vegan meat industry is going to hit $1 Billion for the first time. According to data measurement firm Nielsen, sales of plant-based meat increased by 10.2 percent in 2019 and reached $946.6 million.
Caroline Bushnell, Associate Director of Corporate Engagement at GFI said, “2019 was a big year for plant-based meat.” She added, “it really feels like the tipping point, but it’s just the beginning. We’re in the early days of a major shift.’’
“Health and curiosity are the primary drivers of plant-based meat purchases,” said Numerator, another market intelligence company. The taste and texture of vegan meat are also important to consumers. “One kind of holy grail that companies are out there working on … (is) plant-based steak,”Bushnell said, and “companies are working to develop that same sensory experience.”
Eight of the world’s top 10 meat processors—including JBS, Tyson, and Cargill—are now producing or investing in vegan protein.