![]() ![]() Despite the increasing alarm over climate change, the number of Americans who are vegetarian or vegan has remained relatively stable over the last 20 years. ![]() One major study showed that a huge reduction in meat consumption – ideally 75% less beef, 90% less pork and half the number of eggs per world citizen – is “essential” to avoid climate catastrophe.īut consumers seem hesitant to adapt their behavior when the environment – not their health or wallets – is the sole beneficiary. Research has shown that reducing meat consumption is the most effective thing individual consumers can do to fight climate change. And unlike plant-based meat, which is usually just as expensive or even slightly more expensive than regular meat, plant-based milks are priced between non-organic and organic milk, making their cost more accessible to consumers.īoth are, of course, better for animal welfare and potentially for tackling climate change, even more than plant-based meat. Lactose intolerance has driven many Americans to choose non-dairy milk. For one, milk alternatives have been around for decades, while the development of plant-based meat really only started about a decade ago. Photograph: Martin Lee/Alamyīut plant-based meats are different. There’s been a boon in plant-based milk, which now constitutes a third of all non-dairy milk Americans ingest per week. A third of Americans drink some kind of non-dairy milk weekly. ![]() Dairy alternatives, like almond, oat and soy milk, now make up 15% of the market and are worth $2.5bn (£2.2bn). Some investors believed that plant-based meat would become what plant-based dairy alternatives have become to the dairy market, Baumgartner said. “It’s going to take time to change cultural practices. “But the consumer environment is tough, and this stuff is not cheap,” he added. It was new, it was different, it was on trend. “There was a lot of exuberance in this category. “The bulls in the industry, I think, had a very wild, very optimistic estimate of how big the market could get,” said John Baumgartner, an analyst at Mizuho Securities. If I’m spending money in a restaurant, and I’m a meat eater, why would I spend money on plant-based meat? I would rather eat an actual burger Bhagyashree Katare Even the meat industry’s biggest players have, ironically, invested in companies coming up with plant-based meat. Bill Gates backed Beyond Meat, and a number of venture capital firms that typically invest in tech startups funneled money to startups making plant-based meat. The sobering story is similar to those experienced by many new ventures that see exhilarating hype after a flood of Silicon Valley venture capital cash, fueled by excitement about innovation. Today Beyond Meat is valued at just over $900m (£799m). But the reality of Americans’ interest in plant-based meat has proven more complicated than investors thought, and the adoption of meat alternatives has been slower than what was once hoped. The most bullish investors believed that plant-based meat would make up 15% of all meat sales by 2030. In 2019 Beyond Meat was valued at over $10bn (£8.9bn), more than Macy’s or Xerox. Burger King announced the launch of the Impossible Whopper, while other fast-food chains came out with similar launches, like a plant-based breakfast sausage sandwich at Dunkin’ and meatless pepperoni pizza at Pizza Hut.įor a time, Wall Street went vegetarian. Grocery stores started selling Beyond Meat ground beef and sausages, while more restaurants were offering plant-based meat on their menus. Just two years ago, Beyond Meat, its competitor Impossible Foods and the plant-based meat industry at large seemed poised to start a food revolution.Īfter nearly a decade of development, plant-based meat started hitting the mainstream in 2018. Beyond Meat’s stock plummeted almost 70% in the past year.
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