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May 29

Report: Vegan Meat Market to be Worth $140 Billion by 2029

According to a new report, the market for vegan meat could top $140 billion – yes billion – by 2029.

Vegan Beyond Burgers (photo: SeriousEats.com).

According to the report, titled Can’t Believe It’s Not Meat and conducted by the research firm Barclays, the vegan meat market will have a value of $140 billion within the next decade, which includes the agriculture, food and restaurant industries. As reported by CNBC, that rapid pace of growth implies the vegan meat market capture about 10% of the $1.4 trillion global meat industry, a massive increase from recent years.

“Although today we believe that there are inherent barriers to successfully replicating certain animal-based consumer favorites (e.g., t-bone steaks), what has been achieved so far in terms of ‘meatless’ ground beef, sausage and hamburger products has yielded positive initial consumer reaction,” the report states. “While lab-based meat is still likely several years away from hitting supermarket shelves, plant-based protein continues to gain ground vs. its animal-based counterpart, and we expect this trend to continue for the foreseeable future”.

Barclays states that “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.”

The report comes almost three weeks after vegan meat company Beyond Meat enjoyed one of the most successful initial public offerings of 2019, (increasing by 160% in its first session). “The stock remains more than 200% above its $25 IPO price, trading up 5.6% at $82 per share Thursday”, states CNBC.

About the author The Vegan Herald

The Vegan Herald, launched in 2015, is a vegan news and information website.

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