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IPFS News Link • Food

A Fundamental Shift: The March to a Meatless Future is Now Unstoppable

• Next Big Future - Brian Wang

After a run of good press and some bold predictions, the 'alt-meat' naysayers have begun an inevitable backlash. The Financial Times in January this year asked, "Has the Appetite for Plant-Based Meat Already Peaked?" The answer to that question – despite industry setbacks – is a solid 'no.' Regardless of current volatility, not betting on a meatless future is unwise. Think back to Tesla in 2008. How many predicted the company would reach a market capitalization of US$1 trillion just 13 years later? Plenty back then had significant doubts. Electric car controversies – involving Tesla and others – continue to this day, but those with 'future-sight' in '08 saw the little roadster for what it was: a revolution. And, those who joined the revolution have seen their intuition pay. CNBC reports if you'd put US$1,000 into Tesla in November 2011, ten years later your money would be worth over $200,000. Likewise, those able to see the animal protein substitute industry as similarly transformative and revolutionary could end up earning much higher dividends because, while not everyone needs a car, everyone needs to eat.

Grandview Research, Inc estimates the global meat substitute market will be worth over US$230 billion by 2030. Plant-based meat is, no matter how you slice it, a healthier alternative to animal meat products. With rising health awareness fueled by the pandemic coupled with consumers inexorably moving towards non-animal sources of protein, vegan meat is set to conquer… everywhere. Most likely don't think of China as a vegan paradise, and for good reason – it isn't. China is by far the world's largest consumer of animal meat, with Al Jazeera reporting that Chinese citizens are expected to consume more than 10 million tons of beef and veal, plus some 53 million tons of pork in 2022. Simultaneously, however, the vegan food market in China is forecast by Euro Monitor International to be worth close to US$12 billion by 2023, up some US$2 billion from 2018.

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