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Plant-based Meat
Overview
Plant-based products are carving out a meatless future
Versions of plant-based meat substitutes have been available since at least the 1970s 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 using sophisticated processes that combine vegetable byproducts, seeds, and grains to mimic the flavor, color, and mouthfeel of meat (possibly the most significant achievement in the industry).
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.
Industry Updates
Market Sizing
The US Plant-based Meat market could reach USD 1.5–2.5 billion by 2027
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Market Mapping
The plant-based meat industry is dominated by early- and seed-stage startups with growth and pre-seed startups collectively accounting for less than 20% of total companies. Most of the startups are exploring the production of red meat substitutes, followed by alternative poultry and seafood. The emergence of plant-based ingredient suppliers has been relatively sluggish compared with 2018—2019 levels, with only two startups added during 2022.
Notably, nearly 80% of the startups in the industry already have a commercialized product, underscoring the industry’s commercial viability. Incumbents in the industry have expanded their market presence by using in-house solutions, acquisitions, and investments, with most being consumer packaged goods manufacturers or meat producers.
The Disruptors
Funding History
Competitive Analysis
Incumbents
Incumbents employ diverse strategies to enter the market
The growing popularity of plant-based meats, the rise in vegan and flexitarian populations, and a shift toward healthy eating habits have pushed industry-leading CPG companies and conventional meat producers to enter the plant-based space. While the primary strategy has been partnerships, companies are exploring in-house product development and M&As to get a foothold in the industry.
Tyson Foods, Cargill, Maple Leaf Foods, and ADM have chosen to invest directly in the alternative meat space, strategically positioning themselves to cater to both the animal meat and alternative meat markets. Tyson Foods leads among incumbents, investing aggressively in alternative meat startups through its fund, Tyson Ventures.
Many retail chains have partnered with plant-based meat companies, with retailers like Kroger, Tesco, Trader Joe’s, and Publix releasing plant-based alternatives under private labels. These partnerships have been key in increasing access to plant-based alternatives and expanding the retail presence of disruptors.
Notable Investors
