“Interest is booming in plant-based meat analogues and lab-grown meat alternatives,” according to PreScouter, a research firm, in its report Meat Alternatives 2019.
According to JPMorgan Chase says the market for vegan meat alternatives could top $100 billion in 15 years. Barclays, in its Carving Up the Alternative Meat Market report, also predicts the huge potential profits.
With animal agriculture being the largest contributor to climate change, it being the cause of the recent rain forest burning in the news, and animal welfare concerns consumers are seeking alternatives.
“One way to ﬁght these environmental issues is to stop or reduce consuming meat,” the PreScouter report says.
“Due to rising demand and a growing population, global meat consumption is on the rise, especially in the US,” Barclays wrote. “We believe therefore that there is a bigger market opportunity for plant-based (and maybe even lab-grown) protein than was projected for electric vehicles 10 years ago.”
$1.4 billion, or 1%, of the global meat industry are meat alternatives according to Barclays. By 2029, it predicts alternatives will be $140 billion, or 10%.
According to Prescouter there are dozens of fast food giants like KFC and Mc Donald’s working with alternative meat companies to satiate consumer demand for this ever growing market.
This is the fertile environment the Impossible Whopper launched in at Burger kings initially at just 59 stores around St. Louis area but the test meant to last weeks instead sold out in mere days quickly prompting Burger King to launch the sandwich at all 7,000 plus United States locations with even bigger success.
A Burger King spokes person said:
“The Impossible Whopper has become one of the most successful product launches in brand history, leading to outstanding comparable sales of positive five percent this past quarter.”
Soon three more Impossible Burgers will be launching on the menu at all US Burger King locations and you can read about that here in our story covering that.