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The plant-based meat industry has grown into a $20 billion business — but challenges remain


A customer tries a plant-based meat substitute product on the Restaurant & Bar and Gourmet Asia expo on the Hong Kong Convention and Exhibition centre in Hong Kong on November 11, 2020.

Peter Parks | AFP | Getty Images

SINGAPORE — Demand for meat options has grown and can proceed to rise, but the industry nonetheless has hurdles to beat in numerous components of the world, analysts stated.

Worldwide search curiosity for the time period “plant-based meat” skyrocketed in early 2019 months earlier than Beyond Meat’s preliminary public providing, in accordance with Google Trends.

The international meat substitutes sector is price $20.7 billion, and is ready to develop to $23.2 billion by 2024, market analysis firm Euromonitor instructed CNBC.

That development is being spurred by considerations starting from animal welfare to meals safety and the Covid-19 pandemic.

“In this era of shocks and instability, building a low-risk value chain means focusing on where the opportunities are, and the shift towards plant-based meat shows no signs of slowing down,” stated Elaine Siu, managing director of The Good Food Institute Asia Pacific.

But obstacles remain for the burgeoning market.

Cultural boundaries

Objections from the normal meat industry

A herd of beef cattle collect within the shade of outdated barn on May 4, 2020 in Owings, Maryland.

Mark Wilson | Getty Images News | Getty Images

“Incumbent producers are going to lobby their governments hard to change the labelling, to mess around with consumer advertising to say you can’t call it meat,” Powell instructed CNBC through Zoom. “I think that’s potentially one of the biggest barriers.”

The European Union in October rejected proposals to ban eating places and retailers from utilizing phrases equivalent to sausage or burger when describing meat options.

Consumer confidence, client fatigue



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