Alternative meat to reach a market value of $140b in 10 years
Alternative meat is to capture 10% of the market value of meat products in the next decade, according to an analysis relead by Barclay's.
In the next 10 years, the market for products such as ‘meatless’ ground beef, sausage and hamburger will be worth around $140 billion, as the current reaction of the consumers to these products is encouraging, said the team of analysts that worked on the study.
"While lab-based meat is still likely several years away from hitting supermarket shelves, plant-based protein continues to gain ground versus its animal-based counterpart, and we expect this trend to continue for the foreseeable future. There is a bigger market opportunity for plant-based (and maybe even lab-based) protein than perhaps was argued for electric vehicles ten years ago", says the report, according to CNBC.
Beyond Meat and Impossible Foods are two of the most known companies that produce plant-based proteins but giants from the meat industry such as Tyson Foods and Nestle have announced their own intention to develop and launch alternative meat in the coming months.
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