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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.

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.
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
The Very Good Food Company
Upton’s Natural
Modern Plant Based Foods
v2food
Meati Foods
Starfield Food & Science Technology
Strong Roots
Daiz
Alpha Foods
Above Food
Meatless Farm
Hungry Planet
Slutty Vegan
Zikooin
SavorEat
Wicked Kitchen
Neat Burger
Tomorrow Foods
Everything Legendary
Nabati Foods
Better Nature
Longève Brands
Ready Burger
Plantcraft
Odd Burger Corporation
Something Better Foods
Deliciou
Planet Based Foods Global Inc.
No Evil Foods
POW! Foods
Next Meats
Flower Burger
Moving Mountains
Mrs. Goldfarb's Unreal Deli
Rudy's Vegan Butcher
Squeaky Bean
Redefine Meat
Solar Foods
HappyVore
MushLabs
Prime Roots
All G Foods
Tender Food
The Live Green Co.
Fable Foods
Novameat
AKUA
Juicy Marbles
Actual Veggies
Fenn Foods
Mooji Meats
Jack & Bry
Libre Foods
Keen 4 Greens
Abbot's Butcher
Luya Foods
Sophie’s BioNutrients
Evolution Meats
Alfred’s Foodtech
Rival Foods
Chunk Foods
VEAT
Herotein
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
Nabati Foods
Sophie's Kitchen
Ready Burger
Revo Foods
Something Better Foods
Jinka
Next Meats
Top Tier Foods
Moving Mountains
Rudy's Vegan Butcher
Umiami
Prime Roots
Plantish
Mooji Meats
Aqua Cultured Foods
Happy Ocean Foods
Mimic Seafood
Rival Foods
Seafood Reboot
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
Next Gen Foods
Meati Foods
Starfield Food & Science Technology
Daring Foods
Daiz
SIMULATE
Planted Foods
Alpha Foods
Foods for Tomorrow
THIS
Hungry Planet
Rebellyous Foods
Skinny Butcher
Improved Nature
Nabati Foods
Longève Brands
CHKN Not Chicken
Ready Burger
Blackbird Foods
Odd Burger Corporation
Something Better Foods
Deliciou
No Evil Foods
Mrs. Goldfarb's Unreal Deli
Rudy's Vegan Butcher
Squeaky Bean
Umiami
HappyVore
Prime Roots
VFC Foods
Tender Food
Nowadays
Bosque Foods
Mooji Meats
Libre Foods
Keen 4 Greens
Abbot's Butcher
Shandi Global
Sundial Foods
Alfred’s Foodtech
The Mighty Kitchen
Rival Foods
Herotein
JBS
Unilever
Plant & Co
Finnebrogue Artisan
Chipotle Mexican Grill
Hormel Foods
Impossible Foods
LIVEKINDLY
Beyond Meat
Green Monday
The Very Good Food Company
Upton’s Natural
Nature’s Fynd
v2food
Starfield Food & Science Technology
Planted Foods
MyForest Foods
Alpha Foods
THIS
La Vie
Zikooin
Wicked Kitchen
Hooray Foods
Longève Brands
Ready Burger
Blackbird Foods
Odd Burger Corporation
Deliciou
Planet Based Foods Global Inc.
No Evil Foods
POW! Foods
Next Meats
Rudy's Vegan Butcher
Squeaky Bean
HappyVore
Prime Roots
Tender Food
Fable Foods
Bosque Foods
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
Plantible Foods
33
Air Protein
32
The Protein Brewery
26
Shiru
21
Brevel
10
Triton Algae Innovations
10
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
The Very Good Food Company
Public - Market cap USD 32.5 mn
SavorEat
Public - Market cap USD 19.8 mn
Modern Plant Based Foods
Public - Market cap USD 15.8 mn
Planet Based Foods Global Inc.
Public - Market cap USD 4.0 mn
Nabati Foods
Public - Market cap USD 1.9 mn
Odd Burger Corporation
Public - Market cap Unknown
Impossible Foods
1896
LIVEKINDLY
535
NotCo
363
Redefine Meat
170
v2food
131
Meati Foods
129
Starfield Food & Science Technology
125
Fazenda Futuro
84
Strong Roots
73
Daiz
60
Solar Foods
42
Alpha Foods
40
Above Food
40
HappyVore
39
Meatless Farm
37
Hungry Planet
31
Slutty Vegan
25
Zikooin
25
MushLabs
20
All G Foods
16
Wicked Kitchen
14
Tender Food
12
The Live Green Co.
9
Neat Burger
7
Everything Legendary
6
Novameat
6
Longève Brands
5
Juicy Marbles
5
Fenn Foods
3
Next Meats
Unknown
Upton’s Natural
Unknown
Watchlist
?
Prime Roots
Tomorrow Foods
Fable Foods
Better Nature
AKUA
Actual Veggies
Mooji Meats
Jack & Bry
Libre Foods
Ready Burger
Plantcraft
Keen 4 Greens
Chunk Foods
Abbot's Butcher
VEAT
Something Better Foods
Deliciou
Luya Foods
No Evil Foods
Sophie’s BioNutrients
Herotein
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
Modern Plant Based Foods
Public - Market cap USD 15.8 mn
Nabati Foods
Public - Market cap USD 1.9 mn
Fazenda Futuro
84
Gathered Foods
74
Green Monday
70
Daiz
60
Hungry Planet
31
Current Foods
21
New Wave Foods
20
Plantish
14
Next Meats
Unknown
Mimic Seafood
Unknown
Watchlist
?
Umiami
Prime Roots
Sophie's Kitchen
Seafood Reboot
Mooji Meats
Ready Burger
Aqua Cultured Foods
Revo Foods
Something Better Foods
Ocean Hugger Foods
Happy Ocean Foods
Moving Mountains
Rival Foods
Rudy's Vegan Butcher
Born Maverick
Jinka
Top Tier Foods

Manufacturer (Poultry)

?

Disruptors

?
Funding in USD Millions
Beyond Meat
Public - Market cap USD 3.8 bn
Nabati Foods
Public - Market cap USD 1.9 mn
Odd Burger Corporation
Public - Market cap Unknown
Impossible Foods
1896
LIVEKINDLY
535
NotCo
363
Next Gen Foods
132
Meati Foods
129
Starfield Food & Science Technology
125
Daring Foods
114
Daiz
60
SIMULATE
57
Planted Foods
54
Alpha Foods
40
HappyVore
39
Foods for Tomorrow
35
THIS
35
Hungry Planet
31
Rebellyous Foods
25
VFC Foods
14
Tender Food
12
Nowadays
11
Skinny Butcher
10
Improved Nature
10
Longève Brands
5
Watchlist
?
Umiami
Prime Roots
CHKN Not Chicken
Bosque Foods
Mooji Meats
Libre Foods
Ready Burger
Keen 4 Greens
Abbot's Butcher
Blackbird Foods
Shandi Global
Something Better Foods
Deliciou
No Evil Foods
Herotein
Alfred’s Foodtech
Mrs. Goldfarb's Unreal Deli
Rival Foods
Rudy's Vegan Butcher
Squeaky Bean
Sundial Foods
The Mighty Kitchen

Manufacturer (Pork)

?

Disruptors

?
Funding in USD Millions
Beyond Meat
Public - Market cap USD 3.8 bn
The Very Good Food Company
Public - Market cap USD 32.5 mn
Planet Based Foods Global Inc.
Public - Market cap USD 4.0 mn
Odd Burger Corporation
Public - Market cap Unknown
Impossible Foods
1896
LIVEKINDLY
535
Nature’s Fynd
510
v2food
131
Starfield Food & Science Technology
125
Green Monday
70
Planted Foods
54
MyForest Foods
47
Alpha Foods
40
HappyVore
39
THIS
35
La Vie
28
Zikooin
25
Wicked Kitchen
14
Tender Food
12
Longève Brands
5
Umaro Foods
3
Next Meats
Unknown
Upton’s Natural
Unknown
More Foods
Unknown
Watchlist
?
Prime Roots
Hooray Foods
Fable Foods
Bosque Foods
Libre Foods
Ready Burger
Keen 4 Greens
Karana
Abbot's Butcher
Blackbird Foods
AuraPea
Deliciou
No Evil Foods
POW! Foods
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 344.3 million
Competitors:
MycoTechnology, Plantible Foods, Mycorena, ENOUGH, The Protein Brewery
Disruptor Funding History

Supplier (Technology/ Ingredients):

Motif Foodworks
MycoTechnology
ENOUGH
Above Food
Mycorena
Plantible Foods
Air Protein
The Protein Brewery
Shiru
Brevel
Triton Algae Innovations
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
The Very Good Food Company
SavorEat
Planet Based Foods Global Inc.
Nabati Foods
Odd Burger Corporation
Impossible Foods
LIVEKINDLY
NotCo
Redefine Meat
v2food
Meati Foods
Starfield Food & Science Technology
Fazenda Futuro
Strong Roots
Daiz
Solar Foods
Alpha Foods
Above Food
HappyVore
Meatless Farm
Hungry Planet
Slutty Vegan
Zikooin
MushLabs
All G Foods
Wicked Kitchen
Tender Food
The Live Green Co.
Neat Burger
Everything Legendary
Novameat
Longève Brands
Juicy Marbles
Fenn Foods
Prime Roots
Tomorrow Foods
Fable Foods
Better Nature
AKUA
Actual Veggies
Mooji Meats
Jack & Bry
Libre Foods
Ready Burger
Plantcraft
Keen 4 Greens
Chunk Foods
Abbot's Butcher
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
Umiami
Prime Roots
Sophie's Kitchen
Seafood Reboot
Mooji Meats
Ready Burger
Aqua Cultured Foods
Revo Foods
Something Better Foods
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

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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