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Plant Based Meat

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream.

Overview

Plant-based products are carving out a meatless future

Versions of plant-based meat substitutes have been available since at least the 1970’s, when MorningStar Farms introduced its line of vegetarian meat substitutes. Although these failed to garner a large or long-lasting consumer base, today plant-based meat is having another moment, in a revival driven by growing demand for healthier food choices that are less harmful to the environment. Unlike the distinctly un-meat-like quality of the original veggie burger, today’s plant-based meat products are produced by sophisticated processes that use a combination of vegetable byproducts, seeds, and grains to mimic the flavor, color, and—likely the most significant achievement in the industry—the mouthfeel of meat.

Consumer interest in a new generation of non-meat products continues to grow, and startups have seized the opportunity to produce improved plant-based products, swiftly closing the taste gap between real and alternative meat.

What's driving this industry?
Market Sizing

US plant-based meat market to reach USD 6.1-20.0 billion by 2025

Conservative case

USD 6.1 Bn

Low Penetration
Base case

USD 13.0 Bn

Average Penetration
Expansion case

USD 20.0 Bn

High Penetration
USD billion051015202520182019202020212022202320242025
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COVID-19 IMPACT

  • In the week of April 13-19, daily cattle slaughter fell by nearly 24% YoY and pig slaughter by 13% YoY.

  • In March 2020, plant-based meat products saw the biggest increase in sales, 231% YoY in grocery store sales, compared to a 40% YoY increase for actual meat. However, by July 2020, plant-based meat grocery sales gradually normalized due to the absence of consumer stockpiling.

Market Mapping

The plant-based meat industry is seeing an increase in startups, with more than half of total startups still in pre-seed or seed stage. The majority of the startups are exploring production of meat substitutes, followed by alternative fish and poultry. Currently, only a few startups have explored the supply of plant-based ingredients, although plant-based ingredients are seeing an increase in interest; nearly half of the plant-based ingredient suppliers on the market emerged between 2018-2019.

More than 40% of the startups in the industry already have a commercialized product. Incumbents in the industry have opted to invest in new plant-based startups as an entry strategy, and most are consumer packaged good manufacturers or meat producers.

Incumbents
Growth
Early
Seed
Pre-Seed
Manufacturer (Beef)
?
Manufacturer (Seafood)
?
Manufacturer (Poultry)
?
Manufacturer (Pork)
?
Supplier (Technology/ Ingredients)
?
MycoTechnology
MycoTechnology
MycoTechnology
MycoTechnology
MycoTechnology
Tyson Foods
JBS
Kellogg's
Nestlé
Turtle Island Foods
Albertsons Companies
Archer Daniels Midland
Tasteful Foods
Trader Joe’s
Jensen Meat
Plant & Co
Tesco
Finnebrogue Artisan
Publix Super Markets
Monde Nissin
Hormel Foods
McDonalds
Noble Jerky
Impossible Foods
LIVEKINDLY
NotCo
Fazenda Futuro
Beyond Meat
The Very Good Food Company
Upton’s Natural
Modern Plant Based Foods
Nature’s Fynd
v2food
Meati Foods
Starfield Food & Science Technology
Strong Roots
Above Food
Meatless Farm
Daiz
Hungry Planet
Zikooin
SavorEat
Wide Open Agriculture
Neat Burger
Nabati Foods
POW! Foods
Next Meats
Flower Burger
Moving Mountains
Mrs. Goldfarb's Unreal Deli
Rudy's Vegan Butcher
Squeaky Bean
Redefine Meat
MushLabs
Prime Roots
All G Foods
Fable Foods
Juicy Marbles
AKUA
Jack & Bry
Actual Veggies
Plantcraft
Abbot's Butcher
Fenn Foods
Luya Foods
Sophie’s BioNutrients
Evolution Meats
Alfred’s Foodtech
Rival Foods
VEAT
Novameat
Herotein
Nestlé
Turtle Island Foods
Trader Joe’s
Plant & Co
Tesco
Van Cleve Seafood Company
Fazenda Futuro
Green Monday
Modern Plant Based Foods
Good Catch
Daiz
Hungry Planet
New Wave Foods
Nabati Foods
Sophie's Kitchen
Jinka
Next Meats
Top Tier Foods
Moving Mountains
Rudy's Vegan Butcher
Prime Roots
Umiami
Aqua Cultured Foods
Plantish
New Singularity
Mimic Seafood
Rival Foods
Ocean Hugger Foods
Kuleana
Born Maverick
Tyson Foods
JBS
Kellogg's
Rastelli Food Groups
Kroger
Maple Leaf
Trader Joe’s
Yum! Brands
Jensen Meat
Plant & Co
Tesco
Finnebrogue Artisan
Publix Super Markets
Monde Nissin
Impossible Foods
LIVEKINDLY
Beyond Meat
Starfield Food & Science Technology
Daring Foods
SIMULATE
Planted Foods
Alpha Foods
Daiz
Next Gen
Hungry Planet
THIS
Rebellyous Foods
Foods for Tomorrow
Improved Nature
Nabati Foods
CHKN Not Chicken
No Evil Foods
Mrs. Goldfarb's Unreal Deli
Rudy's Vegan Butcher
Squeaky Bean
Prime Roots
Sundial Foods
VFC Foods
Umiami
Abbot's Butcher
Shandi Global
Alfred’s Foodtech
The Mighty Kitchen
Rival Foods
Herotein
Nowadays
JBS
Plant & Co
Finnebrogue Artisan
Chipotle Mexican Grill
Hormel Foods
Impossible Foods
LIVEKINDLY
Beyond Meat
Green Monday
The Very Good Food Company
Upton’s Natural
v2food
Starfield Food & Science Technology
Planted Foods
MyForest Foods
THIS
La Vie
Hooray Foods
No Evil Foods
POW! Foods
Next Meats
Rudy's Vegan Butcher
Prime Roots
Fable Foods
Karana
Abbot's Butcher
AuraPea
Cargill
Archer Daniels Midland
Crespel & Deiters Group
MycoTechnology
Motif Foodworks
ENOUGH
Above Food
Air Protein
The Better Meat Co.
ChickP
Tomorrow Foods
Mycorena
Plantible Foods
The Protein Brewery
Nourish Ingredients
Triton Algae Innovations
Proeon Foods
Algaia
Paleo
Melt&Marble
Algama
smallfood
Eternal Mycofoods
NoMy
Moolec Science

The Disruptors

Beyond Meat and Impossible Foods Lead the Industry

While Impossible Foods leads alternative meat start-ups with the most funding (USD 1.18 billion, nearly 10 times Beyond Meat’s funding prior to its IPO), Beyond Meat has been more aggressive in its marketing strategy. Beyond Meat has partnerships spanning 64,000 retail and restaurant locations in the US, while Impossible Foods' product is sold in only 17,000 restaurant locations (as of September 2019). Both Beyond Meat and Impossible Foods were valued around USD 4 billion as of March 2020.

Manufacturer (Beef)

?

Disruptors

?
Funding in USD Millions
Beyond Meat
Public - Market cap USD 11.1 bn
SavorEat
Public - Market cap USD 5.6 bn
The Very Good Food Company
Public - Market cap USD 85.3 mn
Wide Open Agriculture
Public - Market cap USD 68.7 mn
Nabati Foods
Public - Market cap USD 14.7 mn
Modern Plant Based Foods
Public - Market cap USD 86
Impossible Foods
2092
LIVEKINDLY
535
Nature’s Fynd
508
NotCo
370
Redefine Meat
170
Fazenda Futuro
141
v2food
131
Meati Foods
127
Starfield Food & Science Technology
125
Strong Roots
73
Above Food
40
Meatless Farm
37
Daiz
37
Hungry Planet
31
Zikooin
25
MushLabs
20
All G Foods
16
Juicy Marbles
5
Fenn Foods
0
Next Meats
Unknown
Upton’s Natural
Unknown
Watchlist
?
Prime Roots
Neat Burger
Fable Foods
AKUA
Jack & Bry
Actual Veggies
Plantcraft
Abbot's Butcher
VEAT
Novameat
Luya Foods
Herotein
Sophie’s BioNutrients
POW! Foods
Evolution Meats
Flower Burger
Alfred’s Foodtech
Moving Mountains
Mrs. Goldfarb's Unreal Deli
Rival Foods
Rudy's Vegan Butcher
Squeaky Bean

Manufacturer (Seafood)

?

Disruptors

?
Funding in USD Millions
Nabati Foods
Public - Market cap USD 14.7 mn
Modern Plant Based Foods
Public - Market cap USD 86
Fazenda Futuro
141
Good Catch
77
Green Monday
70
Daiz
37
Hungry Planet
31
New Wave Foods
20
Next Meats
Unknown
Mimic Seafood
Unknown
Watchlist
?
Prime Roots
Sophie's Kitchen
Umiami
Aqua Cultured Foods
Plantish
Ocean Hugger Foods
Kuleana
Moving Mountains
Rival Foods
Rudy's Vegan Butcher
New Singularity
Born Maverick
Jinka
Top Tier Foods

Manufacturer (Poultry)

?

Disruptors

?
Funding in USD Millions
Beyond Meat
Public - Market cap USD 11.1 bn
Nabati Foods
Public - Market cap USD 14.7 mn
Impossible Foods
2092
LIVEKINDLY
535
Starfield Food & Science Technology
125
Daring Foods
114
SIMULATE
57
Planted Foods
54
Alpha Foods
40
Daiz
37
Next Gen
32
Hungry Planet
31
THIS
28
Rebellyous Foods
25
Foods for Tomorrow
24
Improved Nature
10
VFC Foods
3
Watchlist
?
Prime Roots
CHKN Not Chicken
Sundial Foods
Umiami
Abbot's Butcher
Shandi Global
Herotein
Alfred’s Foodtech
Mrs. Goldfarb's Unreal Deli
Rival Foods
Rudy's Vegan Butcher
Squeaky Bean
No Evil Foods
The Mighty Kitchen
Nowadays

Manufacturer (Pork)

?

Disruptors

?
Funding in USD Millions
Beyond Meat
Public - Market cap USD 11.1 bn
The Very Good Food Company
Public - Market cap USD 85.3 mn
Impossible Foods
2092
LIVEKINDLY
535
v2food
131
Starfield Food & Science Technology
125
Green Monday
70
Planted Foods
54
MyForest Foods
47
THIS
28
La Vie
28
Next Meats
Unknown
Upton’s Natural
Unknown
Watchlist
?
Prime Roots
Hooray Foods
Fable Foods
Karana
Abbot's Butcher
AuraPea
POW! Foods
Rudy's Vegan Butcher
No Evil Foods

Supplier (Technology/ Ingredients)

?

Disruptors

?
Funding in USD Millions
Motif Foodworks
344
MycoTechnology
184
ENOUGH
78
Above Food
40
Plantible Foods
33
Air Protein
32
The Protein Brewery
26
Triton Algae Innovations
10
ChickP
8
Proeon Foods
5
Mycorena
2
smallfood
Unknown
Watchlist
?
Nourish Ingredients
The Better Meat Co.
Algaia
Tomorrow Foods
Paleo
Melt&Marble
Algama
Eternal Mycofoods
Moolec Science
NoMy

Beyond Meat

Overview

Founded in 2009, Beyond Meat is a leading producer of plant-based meat products. The company uses a patented process to convert plant proteins into structures that physically and nutritionally resemble animal protein using a mix of peas, mung bean, fava bean, and brown rice. In 2012, Beyond Meat launched its first plant-based meat product, vegan chicken strips, which was discontinued in 2019 due to the lack of popularity. As of July 2021, the company’s portfolio includes plant-based ground beef, burgers, meatballs, breakfast sausages, links, and beef crumbles, and chicken tenders. The founder and CEO, Ethan Brown also stated plans to bring versions of plant-based bacon and chicken breast products in an interview with the Wall Street Journal in July 2021. Beyond Meat’s flagship product- the Beyond Burger, launched in May 2016 is its single biggest menu item which made up nearly 70% of the company’s revenue in 2018. In an effort to introduce healthier plant-based products, the company launched new versions of its Beyond Burger: one—claimed to be its juiciest burger yet—with 35% less saturated fat relative to an 80/20 meat-to-fat blend of beef burger, and the other claimed to be its most nutritious burger yet, with 55% less saturated fat than an 80/20 beef burger.

Partnerships & Acquisition

Beyond Meat initially co-manufactured its products and later absorbed its partners to bring costs down. In November 2020, the company completed the acquisition of its Pennsylvania co-packer for USD 14.5 million. The acquisition helped Beyond Meat lower production costs, test new processes, and increase the cadence of new product launches as well as establish a more robust US supply chain. The Pennsylvania packing plant complements Beyond Meat’s two older extruded protein manufacturing facilities in Columbia, Missouri. Beyond Meat signed an agreement with Jiaxing Economic & Technological Development Zone (JXEDZ) in China in 2020 to design and develop two production facilities in the zone; of which the first went online in April 2021. This marked Beyond Meat’s first end-to-end manufacturing facility outside of the US. The production facilities in China are expected to push the distribution of Beyond Meat products in China through outlets such as Starbucks, KFC, Pizza Hut, Taco Bell, METRO China, and Freshippo. In 2021, the company collaborated with KFC China to launch a new Plant-Based Spicy Beef Wrap in 2,600 locations across 28 Chinese cities for a limited time. Later in the year, Beyond Meat also launched its first DTC e-commerce site in the Chinese market - an online store on JD.com’s e-commerce platform, with a plan to eventually expand across 300 cities in China.

Distribution

Since the launch of Beyond Burger, the company has been partnering with major quick-service restaurants such as Starbucks, McDonald’s, Denny’s, Carl’s Jr. and Hardee’s, Dunkin’, Subway, and KFC to launch menu items inspired by Beyond Meat’s products to expand its presence in the US and internationally. As of March 2021, Beyond Meat’s products were available in more than 71,000 locations across the US, and in more than 47,000 locations in 80 countries.  In 2021, The company announced a 3-year strategic partnership with McDonald's that recognized Beyond Meat as the preferred patty supplier for the “McPlant” burger which established the “McPlant” platform as the chain's latest initiative to launch plant-based products including vegetarian burgers, chicken, and breakfast offerings. Similarly, Beyond Meat entered into a partnership with Yum! Brands in February 2021, to co-create exclusive menu items for KFC, Pizza Hut, and Taco Bell brands over the next several years; In January 2021, KFC added “Beyond Fried Chicken”, to its menu for a limited time. The company also formed a JV (named “PLANeT Partnership”) with PepsiCo in January 2021 to commercialize new snack and beverage products made from plant-based protein.

Revenue & Sales

In its latest quarterly earnings release, Beyond Meat reported a revenues growth of 12.7% YoY for Q3 2021, driven by international segment growth; which saw a 142.5% YoY growth contributed by over 2x increase in both retail and foodservice revenue in contrast to the US sales were down by 13.9% YoY. Beyond Meat attributed the overall low demand in the US and operational challenges such as severe weather for the decline, for the revenue drop. The company cut down its Q4 2021 revenue expectations, with the new expectations ranging between USD 85 million to USD 110 million; substantially lower than Wall Street’s expected estimate of 131.6 million. Although the company expects the challenges, including the pandemic-related uncertainty of consumers to continue in Q4 2021, Beyond Meat’s management remained optimistic for 2022, hinting at new product launches that could reach price parity with meat.

Funding & Public Markets

Beyond Meat raised a total of USD 122 million in funding prior to being listed.  The company’s IPO was considered the most successful in 2019, with its share surging by more than 163% by the close of trading, over the offer price of USD 25. The highly volatile stock has traded between around USD 60 and USD 195 since going public.

Segment:
Manufacturer (Beef)
Total funding:
USD 122.0 million
Competitors:
Impossible Foods, Hungry Planet, Fazenda Futuro, NotCo
Disruptor Funding History

Manufacturer (Beef):

Beyond Meat
SavorEat
The Very Good Food Company
Wide Open Agriculture
Nabati Foods
Impossible Foods
LIVEKINDLY
Nature’s Fynd
NotCo
Redefine Meat
Fazenda Futuro
v2food
Meati Foods
Starfield Food & Science Technology
Strong Roots
Above Food
Meatless Farm
Daiz
Hungry Planet
Zikooin
MushLabs
All G Foods
Juicy Marbles
Fenn Foods
Prime Roots
Neat Burger
Fable Foods
AKUA
Jack & Bry
Actual Veggies
Plantcraft
Abbot's Butcher
VEAT
Novameat
Luya Foods

Manufacturer (Seafood):

Nabati Foods
Fazenda Futuro
Good Catch
Green Monday
Daiz
Hungry Planet
New Wave Foods
Prime Roots
Sophie's Kitchen
Umiami
Aqua Cultured Foods
Plantish
Ocean Hugger Foods
Kuleana

Manufacturer (Poultry):

The Incumbents

Incumbents enter the plant-based meat space through direct investments and partnerships

The commercialization of plant-based meat and its growing popularity pose a potential threat to conventional meat producers, which have responded with different strategies. Tyson Foods, Cargill, and Nestlé have chosen to invest directly in the alternative meat space, strategically positioning themselves to be able to cater to both the meat and the alternative meat markets. Tyson Foods leads among incumbents, investing aggressively in alternative meat startups through its fund, Tyson Ventures.

Supermarkets and grocery stores are also entering into partnerships with alternative meat startups to capture growing demand. Beyond Meat has entered into multiple partnerships with supermarkets and grocery stores, including key players such as Kroger and Albertsons Companies. This strategy is part of what helped extend the startup’s presence in the US to 28,000 retail locations by December 2019. The spike in demand has also driven retailers, such as Albertsons Companies, to introduce their own lines of plant-based foods.

Manufacturer (Beef)
Manufacturer (Seafood)
Manufacturer (Poultry)
Manufacturer (Pork)
Supplier (Technology/ Ingredients)
In House Development
M&A
Partnership
Investment

Notable Investors

No investor data is available

Funding data are powered by Crunchbase
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