Meat alternative purchases from indie restaurants and other food services including those at Yellowstone National Park and University of Michigan almost quadrupled last year, following a 22% increase in 2017, according to Dining Alliance study's of a $7.5 billion foodservice buying pool that it’...
Share to twitterThe buzz surrounding Beyond Meat and Impossible Foods has helped to drive growing demand for plant-based meat alternatives. The buzz surrounding plant-based meat startups Beyond Meat and Impossible Foods — with both aiming to challenge the conventional definition of what meat is with claims their products taste just like meat —has helped to fuel a bigger-than-ever appetite for meat alternatives of all kinds, at a time when consumers want more options on their plates.
Demand for Beyond and Impossible’s offerings led the growth, Donahue said. Beyond Meat, which recently went public, and rival Impossible Foods, whichalso eyeing its own IPO debut, both boast rosters of well-known investors, including Bill Gates, who has a stake in both. In seeking to redefine what's perceived as meat, both brands also have been pushing to have their items featured in the traditional meat section of supermarkets.
Meanwhile, U.S. meat substitute sales in the packaged food industry, including frozen and shelf-stable meat alternatives, have risen an average of 15.4% each year between 2013 and 2018, outpacing the 1.2% average annual growth of processed meat over the same period, according to market research firm Euromonitor.
Packaged meat substitutes sales at retailers also total less than 5% of the processed meat sales, Euromonitor data shows.
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