It ain’t meat, babe: meat alternatives luring investors

From the meat industry journal, Meatingplace:

As research firms churned out New Year’s forecasts this year, one theme became apparent: Plant protein is in. Forget the war between vegetarians and meat eaters; today’s battle is for the omnivore’s plate and, increasingly, those who eat meat are looking to diversify their protein sources.

Plant-based meat alternatives (e.g. veggie burgers and meatless chicken strips) have been around for a long time, most of which started as boutique businesses that catered to vegetarians. Increasingly, however, mainstream large packaged food companies including Kellogg, Kraft, Pinnacle Foods and General Mills have bought into the market or developed their own brands and investors like Bill Gates have thrown big money at start-ups seeking to better mimic meat’s taste and mouth feel.

These products are not there yet: meat still tastes better. Even those promoting them admit that.

Still, all this money isn’t just going after the 5 percent of the population that identify as vegetarians. The Protein and the Plate research project, conducted last year by NPD Group, Midan Marketing and Meatingplace and sponsored by Yerecis Label, showed 70 percent of meat eaters substituting a non-meat protein in a meal at least once a week and 22 percent saying they are doing it more often than a year ago.

It will be up to meat processors to determine whether they can address with their own products the reasons consumers are looking for alternatives or choose to enter the market for these products themselves. Either way, it’s time to understand more about these protein players.

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