A new report launched at this year’s IFFA – the international meat fair – reveals the opportunities meat producers can seize in the booming plant-based meat sector.
The report, called “The future of the meat industry: Opportunities in alternative protein”, is published by food awareness organisation, ProVeg International, which has organised talks on the subject at the IFFA event this week.
The sector offers huge opportunities for meat producers, with sales values of plant-based meat in Europe amounting to €1.4 billion in 2020 on top of a growth rate of 68% over the past two years.
The global cultured meat market is also looking promising with the industry receiving $360 million in total venture capital investment in 2020, six times the amount raised in 2019 and 72% more than between 2016-2020.
“There really is no better time than now for meat producers to consider entering the plant-based meat sector,” Stephanie Jaczniakowska-McGirr, International Head of Food and Retail at ProVeg, said.
“The opportunities are immense and we hope that our free report that we have launched this week makes that abundantly clear,” she added.
Key insights in the report include:
- 90% of plant-based food consumers are flexitarian, not vegan or vegetarian;
- Taste and price are key drivers for consumer demand;
- The leading category in the market is the plant-based burger patties segment;
- The UK leads the European market, followed by Germany and the Netherlands; and
- Germany leads the European market in terms of growth rates, followed by Austria.
As well as addressing questions about how processed foods can be positioned as part of a whole-food diet, the report looks at cultured meat and fermented meat alternatives.
In the conclusion to the report, ProVeg makes several key recommendations, including that all meat producers enter the plant-based market and that they direct their marketing at flexitarians as they are the largest, and therefore, most important consumer group at present.
Notes to Editors
For press inquiries, contact:
Stepahnie Jaczniakowska-McGirr at [email protected]
About ProVeg International
ProVeg is an international food awareness organisation working to transform the global food system by replacing conventional animal-based products with plant-based and cultured alternatives.
ProVeg works with international decision-making bodies, governments, food producers, investors, the media, and the general public to help the world transition to a society and economy that are less dependent on animal agriculture and more sustainable for humans, animals, and our planet.
ProVeg has permanent-observer status with the UNFCCC, is accredited for UNEA, and has received the United Nations’ Momentum for Change Award.