The Plant-Based Meat Industry has Grown into a $20 Billion Business — but Challenges Remain
Even though the plant-based meat industry is continuing to grow in popularity, certain obstacles remain. Come take a look at our article to learn more!
Experts predict that the plant-based meat industry will grow at a 19.4% CAGR (compound annual growth rate) by 2027. Factors such as a rise in animal rights awareness and individual interest in plant-based products will likely further drive this exponential market growth, as more and more vegans rely on plant-based meats to get their recommended daily protein intake and opt for animal-free food. However, with increased interest and development comes new challenges.
General Processing Challenges
Plant-based meat production involves numerous processing stages, with mixing being a critical step in the overall manufacturing procedure. Constant production procedures can be complicated due to the variety of ingredients used and the frequency with which recipes are modified.
For example, unlike liquids, some powders show varied performance after dispensation, which is why automating this processing phase can be a difficult task. As a result, it is more effective to use batch production procedures to facilitate the preparation of interim bulk powder mixtures.
Cultural Barriers
The plant-based meat market is also facing a variety of challenges in different parts of the world. For instance, long-standing perception issues may stymie certain Asian manufacturers and retailers.
According to the Good Food Institute Asia Pacific managing director, Elaine Siu, "Replication of the taste and texture of the meat was never pushed past a relatively basic level. For plant-based meat to reach its full market potential in Asia, the sector must continue to break free of its association with traditional mock meats, which are expected to be sold at a low price point and carry historical image baggage."
Criticism From the Meat Industry
Cattle farmers, particularly ones in the US, may also hinder progress in the plant-based meat industry. In 2018, the US Cattlemen's Association petitioned for an official definition of the terms “meat” and “beef” in order to exclude plant-based proteins from the definition.
Regarding this matter, Simon Powell, the Head of Global Thematic Research, stated, "Incumbent producers are going to lobby their governments hard to change the labeling, to mess around with consumer advertising, to say you can't call it meat. I think that's potentially one of the biggest barriers."
In October, the European Union (EU) officially rejected proposals to prohibit restaurants and shops from using words like sausage or burger to describe meat alternatives.
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