EDGE
Book a demo

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 1.8-3.0 billion by 2026

Conservative case

USD 1.84 Bn

1.9% penetration
Base Case

USD 2.62 Bn

2.7% penetration
Expansion case

USD 3.02 Bn

3.1% penetration
USD billion11.522.533.5202120222023202420252026
View details

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.

View detail

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
Supplier (Technology/ Ingredients)
?
Manufacturer (Beef)
?
Manufacturer (Seafood)
?
Manufacturer (Poultry)
?
Manufacturer (Pork)
?
Manufacturer (Lamb)
?
ProteinDistillery
ProteinDistillery
ProteinDistillery
ProteinDistillery
ProteinDistillery
ProteinDistillery
Cargill
Archer Daniels Midland
Crespel & Deiters Group
MycoTechnology
Global Food and Ingredients Inc.
Motif Foodworks
ENOUGH
Above Food
Mycorena
Air Protein
The Better Meat Co.
MicroHarvest
ChickP
Tomorrow Foods
NextFerm Technologies
Cocuus
Plantible Foods
The Protein Brewery
Shiru
Nourish Ingredients
Brevel
Triton Algae Innovations
Arkeon Biotechnologies
Melt&Marble
Proeon Foods
Algaia
Lypid
Yali Bio
Paleo
Algama
Sophie’s BioNutrients
NoMy
smallfood
Eternal Mycofoods
ProteinDistillery
Moolec Science
Tyson Foods
JBS
Kellogg's
Nestlé
Unilever
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
Beyond Meat
Fazenda Futuro
Heura
Zikooin
The Very Good Food Company
Upton’s Natural
Modern Plant Based Foods
Meati Foods
Redefine Meat
v2food
Starfield Food & Science Technology
Gathered Foods
Strong Roots
Daiz
Alpha Foods
Above Food
Meatless Farm
THIS
Wicked Kitchen
Hungry Planet
Slutty Vegan
Next Level Burger
SavorEat
MeEat
Neat Burger
Tomorrow Foods
Everything Legendary
Nabati Foods
Better Nature
Longève Brands
TMRW Foods
Jack & Bry
Ready Burger
Plantcraft
Food Evolution
Odd Burger Corporation
Something Better Foods
Deliciou
Planet Based Foods Global Inc.
No Evil Foods
POW! Foods
Vegan Junk Food Bar
Next Meats
Flower Burger
Nomoo | New American Burger
Symplicity Foods
Moving Mountains
Mrs. Goldfarb's Unreal Deli
Rudy's Vegan Butcher
Squeaky Bean
Solar Foods
HappyVore
Prime Roots
Tender Food
MushLabs
The Live Green Co.
Project Eaden
Fable Foods
Novameat
Rival Foods
AKUA
Juicy Marbles
Actual Veggies
Peas of Heaven
Mooji Meats
Libre Foods
Keen 4 Greens
Abbot's Butcher
Luya Foods
Sophie’s BioNutrients
Evolution Meats
Alfred’s Foodtech
Chunk Foods
Innomy
VEAT
Herotein
Nafsika's Garden
Nestlé
Unilever
Turtle Island Foods
Trader Joe’s
Plant & Co
Tesco
Van Cleve Seafood Company
Fazenda Futuro
Green Monday
Modern Plant Based Foods
Gathered Foods
Daiz
Hungry Planet
Current Foods
New Wave Foods
MeEat
Nabati Foods
Sophie's Kitchen
Revo Foods
TMRW Foods
Ready Burger
Something Better Foods
Vegan Junk Food Bar
Jinka
Next Meats
The Plant Based Seafood Co.
The Ish Food Company
Top Tier Foods
Moving Mountains
Rudy's Vegan Butcher
Umiami
Plantish
Rival Foods
AKUA
Peas of Heaven
Mooji Meats
Aqua Cultured Foods
Happy Ocean Foods
Mimic Seafood
Seafood Reboot
Loki Food
Impact Food
Ocean Hugger Foods
Born Maverick
Tyson Foods
JBS
Kellogg's
Unilever
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
NotCo
Beyond Meat
Heura
Meati Foods
Next Gen Foods
Starfield Food & Science Technology
Planted Foods
Daring Foods
Gathered Foods
Daiz
SIMULATE
Alpha Foods
THIS
Hungry Planet
Jack & Annie's
Rebellyous Foods
Next Level Burger
SavorEat
Skinny Butcher
Improved Nature
Everything Legendary
Nabati Foods
Longève Brands
CHKN Not Chicken
Ready Burger
Barvecue
Food Evolution
Blackbird Foods
Odd Burger Corporation
RIP Foods
Something Better Foods
Deliciou
No Evil Foods
Greenest Food
Nomoo | New American Burger
Mrs. Goldfarb's Unreal Deli
Rudy's Vegan Butcher
Squeaky Bean
Umiami
HappyVore
Prime Roots
VFC Foods
Tender Food
Nowadays
Rival Foods
Bosque Foods
Peas of Heaven
Mooji Meats
Libre Foods
Keen 4 Greens
Abbot's Butcher
Shandi Global
High Time Foods
Sundial Foods
Alfred’s Foodtech
The Mighty Kitchen
Herotein
Nafsika's Garden
JBS
Unilever
Plant & Co
Finnebrogue Artisan
Chipotle Mexican Grill
Hormel Foods
Impossible Foods
LIVEKINDLY
Beyond Meat
Green Monday
Heura
Zikooin
The Very Good Food Company
Upton’s Natural
Nature’s Fynd
v2food
Starfield Food & Science Technology
Planted Foods
Gathered Foods
MyForest Foods
Alpha Foods
THIS
Wicked Kitchen
La Vie
Jack & Annie's
SavorEat
MeEat
Hooray Foods
Longève Brands
TMRW Foods
Ready Burger
Barvecue
Food Evolution
Blackbird Foods
Odd Burger Corporation
Deliciou
Planet Based Foods Global Inc.
No Evil Foods
POW! Foods
Vegan Junk Food Bar
Next Meats
Symplicity Foods
Rudy's Vegan Butcher
Squeaky Bean
HappyVore
Prime Roots
Tender Food
Fable Foods
Bosque Foods
Peas of Heaven
Libre Foods
Keen 4 Greens
Karana
Abbot's Butcher
AuraPea
Umaro Foods
More Foods
Redefine Meat
Black Sheep Foods

The Disruptors


Beyond Meat and Impossible Foods Lead the Industry

Impossible Foods and Beyond Meat are the two leading alternative meat startups. Impossible Foods has the most funding (USD 2.6 billion as of February 2022), while Beyond Meat is listed with a market capitalization of USD 3.7 billion as at February 2022. 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.

Supplier (Technology/ Ingredients)

?

Disruptors

?
Funding in USD Millions
Motif Foodworks
344
MycoTechnology
208
ENOUGH
78
Above Food
40
Mycorena
38
Air Protein
32
Plantible Foods
26
The Protein Brewery
26
Shiru
21
Brevel
10
Triton Algae Innovations
10
MicroHarvest
9
ChickP
8
Arkeon Biotechnologies
7
Melt&Marble
6
NextFerm Technologies
5
Proeon Foods
5
Cocuus
3
Global Food and Ingredients Inc.
Unknown
smallfood
Unknown
Watchlist
?
Nourish Ingredients
The Better Meat Co.
Tomorrow Foods
Algaia
Lypid
Yali Bio
Paleo
Algama
Sophie’s BioNutrients
NoMy
ProteinDistillery
Eternal Mycofoods
Moolec Science

Manufacturer (Beef)

?

Disruptors

?
Funding in USD Millions
Beyond Meat
Public - Market cap USD 3.8 bn
SavorEat
Public - Market cap USD 19.9 mn
The Very Good Food Company
Public - Market cap USD 17.6 mn
Modern Plant Based Foods
Public - Market cap USD 15.8 mn
Planet Based Foods Global Inc.
Public - Market cap USD 5.7 mn
Nabati Foods
Public - Market cap USD 523.0 k
Odd Burger Corporation
Public - Market cap Unknown
Impossible Foods
1896
LIVEKINDLY
535
NotCo
363
Meati Foods
252
Redefine Meat
170
v2food
131
Starfield Food & Science Technology
125
Fazenda Futuro
84
Gathered Foods
74
Strong Roots
73
Daiz
60
Solar Foods
42
Alpha Foods
40
Above Food
40
HappyVore
39
Meatless Farm
37
Heura
35
THIS
35
Wicked Kitchen
34
Hungry Planet
31
Slutty Vegan
25
Zikooin
25
Next Level Burger
20
Tender Food
12
MushLabs
10
The Live Green Co.
9
MeEat
9
Project Eaden
8
Neat Burger
7
Everything Legendary
6
Novameat
6
Rival Foods
6
Longève Brands
5
Juicy Marbles
5
TMRW Foods
4
Next Meats
Unknown
Nomoo | New American Burger
Unknown
Symplicity Foods
Unknown
Upton’s Natural
Unknown
Watchlist
?
Prime Roots
Tomorrow Foods
Fable Foods
Better Nature
AKUA
Actual Veggies
Peas of Heaven
Mooji Meats
Jack & Bry
Libre Foods
Ready Burger
Plantcraft
Keen 4 Greens
Chunk Foods
Food Evolution
Abbot's Butcher
Innomy
VEAT
Something Better Foods
Deliciou
Luya Foods
No Evil Foods
Sophie’s BioNutrients
Herotein
POW! Foods
Evolution Meats
Vegan Junk Food Bar
Nafsika's Garden
Flower Burger
Alfred’s Foodtech
Moving Mountains
Mrs. Goldfarb's Unreal Deli
Rudy's Vegan Butcher
Squeaky Bean

Manufacturer (Seafood)

?

Disruptors

?
Funding in USD Millions
Modern Plant Based Foods
Public - Market cap USD 15.8 mn
Nabati Foods
Public - Market cap USD 523.0 k
Fazenda Futuro
84
Gathered Foods
74
Green Monday
70
Daiz
60
Hungry Planet
31
Current Foods
21
New Wave Foods
20
Plantish
14
MeEat
9
Rival Foods
6
TMRW Foods
4
Next Meats
Unknown
The Plant Based Seafood Co.
Unknown
Mimic Seafood
Unknown
Watchlist
?
Umiami
Sophie's Kitchen
AKUA
Revo Foods
Seafood Reboot
Peas of Heaven
Mooji Meats
Ready Burger
Aqua Cultured Foods
Loki Food
Something Better Foods
Impact Food
Ocean Hugger Foods
Happy Ocean Foods
Vegan Junk Food Bar
Moving Mountains
Rudy's Vegan Butcher
Born Maverick
Jinka
The Ish Food Company
Top Tier Foods

Manufacturer (Poultry)

?

Disruptors

?
Funding in USD Millions
Beyond Meat
Public - Market cap USD 3.8 bn
SavorEat
Public - Market cap USD 19.9 mn
Nabati Foods
Public - Market cap USD 523.0 k
Odd Burger Corporation
Public - Market cap Unknown
Impossible Foods
1896
LIVEKINDLY
535
NotCo
363
Meati Foods
252
Next Gen Foods
132
Starfield Food & Science Technology
125
Planted Foods
125
Daring Foods
114
Gathered Foods
74
Daiz
60
SIMULATE
57
Alpha Foods
40
HappyVore
39
Heura
35
THIS
35
Hungry Planet
31
Jack & Annie's
28
Rebellyous Foods
25
Next Level Burger
20
VFC Foods
14
Tender Food
12
Nowadays
11
Skinny Butcher
10
Improved Nature
10
Everything Legendary
6
Rival Foods
6
Longève Brands
5
RIP Foods
1
Nomoo | New American Burger
Unknown
Watchlist
?
Umiami
Prime Roots
CHKN Not Chicken
Bosque Foods
Peas of Heaven
Mooji Meats
Libre Foods
Ready Burger
Keen 4 Greens
Barvecue
Food Evolution
Abbot's Butcher
Blackbird Foods
Shandi Global
Something Better Foods
High Time Foods
Deliciou
No Evil Foods
Herotein
Nafsika's Garden
Alfred’s Foodtech
Mrs. Goldfarb's Unreal Deli
Rudy's Vegan Butcher
Squeaky Bean
Sundial Foods
Greenest Food
The Mighty Kitchen

Manufacturer (Pork)

?

Disruptors

?
Funding in USD Millions
Beyond Meat
Public - Market cap USD 3.8 bn
SavorEat
Public - Market cap USD 19.9 mn
The Very Good Food Company
Public - Market cap USD 17.6 mn
Planet Based Foods Global Inc.
Public - Market cap USD 5.7 mn
Odd Burger Corporation
Public - Market cap Unknown
Impossible Foods
1896
LIVEKINDLY
535
Nature’s Fynd
510
v2food
131
Starfield Food & Science Technology
125
Planted Foods
125
Gathered Foods
74
Green Monday
70
MyForest Foods
47
Alpha Foods
40
HappyVore
39
Heura
35
THIS
35
Wicked Kitchen
34
La Vie
28
Jack & Annie's
28
Zikooin
25
Tender Food
12
MeEat
9
Longève Brands
5
TMRW Foods
4
Umaro Foods
3
Next Meats
Unknown
Symplicity Foods
Unknown
Upton’s Natural
Unknown
More Foods
Unknown
Watchlist
?
Prime Roots
Hooray Foods
Fable Foods
Bosque Foods
Peas of Heaven
Libre Foods
Ready Burger
Keen 4 Greens
Barvecue
Food Evolution
Karana
Abbot's Butcher
Blackbird Foods
AuraPea
Deliciou
No Evil Foods
POW! Foods
Vegan Junk Food Bar
Rudy's Vegan Butcher
Squeaky Bean

Manufacturer (Lamb)

?

Disruptors

?
Funding in USD Millions
Redefine Meat
170
Black Sheep Foods
5

Motif Foodworks

Motif Foodworks, based in Boston, uses biotechnology to develop ingredients mainly for plant-based food producers. Founded in 2019, the startup is a spin-off of Ginkgo Bioworks, a leading biotech company that uses genetic engineering to produce bacteria with industrial applications. Motif Foodwork uses fermentation technology to develop ingredients for plant-based meat producers. The startup has entered into several partnerships with universities to develop plant-based food-related technologies; the list includes the University of Queensland, Australia (create new textures- using in vitro oral processing technology), University of Massachusetts Amherst, the University of Illinois, and the University of Illinois at Chicago.

In June 2020, the company announced a partnership with the University of Guelph in Ontario, Canada to develop plant-based fats that have similar attributes to animal fat. Commercial rights to this extrudable fat technology and Prolamin technology were acquired by Motif Foodworks in May 2021. 

In June 2021, Motif Foodworks showcased a plant-based burger it had created, demonstrating two key technologies the company has developed. The plant-based burger was well received among focus groups and scored high in factors such as flavor, juiciness, appearance, and burger-like texture. With the first technology, Motif has successfully recreated the rich umami flavor and the aroma associated with beef by using precision fermentation. The second technology enables the startup to replicate the texture of animal tissue using plant proteins and plant-based carbohydrates. The technology was developed through breakthroughs in material science and production. Motif plans to commercialize its texture technology by 2022. In 2021, Motif Foodwork also announced the development of Myoglobin, a heme-binding protein that is found in cow tissues, that gives meat its flavor and aroma. The startup developed its myoglobin using a genetically engineered strain of yeast Pichia pastoris. While Impossible Foods also uses a similar modified strain of yeast Pichia pastoris to produce its genetically engineered heme (soy leghemoglobin), Motif Foodworks claims it uses a different protein to the competitor. This led to Impossible Foods suing Motif FoodWorks over patent infringement.

In its latest Series B funding round in June 2021, the startup raised USD 226 million led by the Ontario Teachers' Pension Plan Board, bringing the total raised by the company to USD 345 million. The proceeds are expected to be used to scale R&D, increase headcount, and expand its facilities. In December 2021 the company began building a new 65,000 sq.ft  market development center in Northborough, Massachusetts. The new facility included three pilot plants for  fermentation, ingredient and finished product production.   

Segment:
Supplier (Technology/ Ingredients)
Total funding:
USD 343.5 million
Competitors:
MycoTechnology, Plantible Foods, Mycorena, ENOUGH, The Protein Brewery
Disruptor Funding History

Supplier (Technology/ Ingredients):

Motif Foodworks
MycoTechnology
ENOUGH
Above Food
Mycorena
Air Protein
Plantible Foods
The Protein Brewery
Shiru
Brevel
Triton Algae Innovations
MicroHarvest
ChickP
Arkeon Biotechnologies
Melt&Marble
NextFerm Technologies
Proeon Foods
Cocuus
Nourish Ingredients
The Better Meat Co.
Tomorrow Foods
Algaia
Lypid
Yali Bio
Paleo

Manufacturer (Beef):

Beyond Meat
SavorEat
The Very Good Food Company
Planet Based Foods Global Inc.
Nabati Foods
Odd Burger Corporation
Impossible Foods
LIVEKINDLY
NotCo
Meati Foods
Redefine Meat
v2food
Starfield Food & Science Technology
Fazenda Futuro
Gathered Foods
Strong Roots
Daiz
Solar Foods
Alpha Foods
Above Food
HappyVore
Meatless Farm
Heura
THIS
Wicked Kitchen
Hungry Planet
Slutty Vegan
Zikooin
Next Level Burger
Tender Food
MushLabs
The Live Green Co.
MeEat
Project Eaden
Neat Burger
Everything Legendary
Novameat
Rival Foods
Longève Brands
Juicy Marbles
TMRW Foods
Prime Roots
Tomorrow Foods
Fable Foods
Better Nature
AKUA
Actual Veggies
Peas of Heaven
Mooji Meats
Jack & Bry
Libre Foods
Ready Burger
Plantcraft
Keen 4 Greens
Chunk Foods
Food Evolution
Abbot's Butcher
Innomy
VEAT
Something Better Foods
Deliciou
Luya Foods
No Evil Foods

Manufacturer (Seafood):

Nabati Foods
Fazenda Futuro
Gathered Foods
Green Monday
Daiz
Hungry Planet
Current Foods
New Wave Foods
Plantish
MeEat
Rival Foods
TMRW Foods
Umiami
Sophie's Kitchen
AKUA
Revo Foods
Seafood Reboot
Peas of Heaven
Mooji Meats
Ready Burger
Aqua Cultured Foods
Loki Food
Something Better Foods
Impact Food
Ocean Hugger Foods
Happy Ocean Foods

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.

Supplier (Technology/ Ingredients)
Manufacturer (Beef)
Manufacturer (Seafood)
Manufacturer (Poultry)
Manufacturer (Pork)
Manufacturer (Lamb)
In House Development
M&A
Partnership
Investment
Tyson Foods
Cargill
JBS
Kellogg's
Nestlé
Turtle Island Foods
Unilever
Albertsons Companies
Rastelli Food Groups
Kroger
Maple Leaf
Archer Daniels Midland
Trader Joe’s
Yum! Brands
Plant & Co
Tesco
Publix Super Markets
Chipotle Mexican Grill
Crespel & Deiters Group
Monde Nissin
Hormel Foods
McDonalds

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
arrow
menuarrow
Click here to learn more
Book a demo

By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.