The UK investment bank Barclays researched the plant based meat market putting out a recent report that concludes there is a huge opportunity of vegan meats because of the traditional flesh meat market being in high demand due to our ever increasing population.
The environmental impact of animal agriculture is severe and market cannot possible continue to meet demand as resource scarcity especially fresh water gets worse. This leaves a huge market for not only plant based meats but the still developing lab grown “clean meat” market as well. Multiple companies including Memphis Meats are working on the technology and making leaps in their progress but it’s not ready for market just yet.
The plant based alternative meat market as of 2019 sits at $14 billion dollars but by 2029 may very well be a 140 billion dollar industry and take up 10 percent of the global meat industry if things continue to progress as they are currently in the market forecasts the British investment bank. Barclays said in their report:
“Due to rising demand and a growing population, global meat consumption is on the rise, especially in the US, which currently makes up about $270 billion of the $1.4 trillion global meat industry. 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 ten years ago.”
JP Morgan Chase on the other hand believes it will take more time citing in 15 years it could be a $100 billion dollars in revenue industry.
The bank report also says that if plant based alternatives are to generate that kind of revenue then it will need to become mainstream and far more ubiquitous in its reach. Many fast food restaurants and fast casual restaurants have already begun this process. Burger King with the Impossible Whopper, Dunkin’ Donuts with Beyond Meat’s sausage, Red Robin with the Beyond Meat burger, Subway with the Beyond Meat meatball sub, McDonald’s with the Beyond Meat PLT and many other current and more to come partnerships.