double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs vietnamese seafood double-skinned crabs mud crab exporter double-skinned crabs double-skinned crabs crabs crab exporter soft shell crab crab meat crab roe mud crab sea crab vietnamese crabs seafood food vietnamese sea food double-skinned crab double-skinned crab soft-shell crabs meat crabs roe crabs
Business

Vegan, plant-based ‘meat’ yields mouth-watering profits

By
Gregory Bresiger
Published Nov. 16, 2019, 10:20 p.m. ET

Who needs beef, chicken or pork?

That’s what an increasing number of Americans are saying. And companies have noticed, as they offer a range of meat alternatives.

“Interest is booming in plant-based meat analogues and lab-grown meat alternatives,” according to PreScouter, a research firm, in its report Meat Alternatives 2019.

Besides potentially big profits, alternative meat advocates say these products are better for the environment.

Variations include plants such as soybeans, tofu, mushrooms, lentils and several fruits. They can replace meat in ground beef, sausages and bacon strips, among other foods.

JPMorgan Chase says the market for plant-based meat alternatives could top $100 billion in 15 years. Barclays, in its Carving Up the Alternative Meat Market report, also predicts the potential for alternatives is huge.

In part, new veggie products are popular because of their promise to reduce greenhouse gases. Alternative meat advocates argue these products might even persuade some to switch from traditional meats.

Animal agriculture is responsible for approximately 18% of human-caused greenhouse gas emissions globally, according to the PreScouter report.

“One way to fight these environmental issues is to stop or reduce consuming meat,” the PreScouter report says.

Indeed, Barclays sees opportunity there. “Due to rising demand and a growing population, global meat consumption is on the rise, especially in the US,” Barclays wrote. “We believe therefore that there is a bigger market opportunity for plant-based (and maybe even lab-grown) protein than was projected for electric vehicles 10 years ago.”

Barclays says that today, alternative meats are $1.4 billion, or 1%, of the global meat industry. By 2029, it predicts alternatives will be $140 billion, or 10%.

PreScouter lists dozens of companies working with fast-food chains such as McDonald’s, KFC and Burger King.

Burger King recently launched the vegetarian Impossible Whopper. It has “become one of the most successful product launches in brand history, leading to outstanding comparable sales of positive 5% this past quarter,” a BK spokeswoman said. It is being tested in 180 American and 20 European markets.