The alternative meat market could soon be worth $140 billion and dominate 10 percent of the global meat market within a decade, analysts predict.
In a new report published by Barclays on Wednesday 22 May, the bank highlights significant growth in the plant-based protein market.
Alternative meat, derived from plant-based protein, will account for one-tenth of the global meat market by 2029, they predict.
“What has been achieved so far in terms of “meatless” ground beef, sausage and hamburger products has yielded positive initial consumer reaction, which should bode well for the alternative meat sector to grab its fair share of the global meat market,” analysts wrote in the report.
However, they admit that there are 'inherent barriers' to successfully replicated consumer favourites, such as T-bone steaks.
“With that said, we believe taste and price will ultimately dictate whether or not alternative meat gains widespread acceptance,” they added.
Despite the bank's optimism, they admit there are health concerns surrounding meat-free substitutes. Some vegan products found on supermarket shelves contain much more salt per 100g than seawater, campaign group Action on Salt says.
Meat free burgers contain on average more salt than meat burgers, at 0.89g per serving versus 0.75g per serving, respectively.
“Alternative meat products can only partially address health and wellness concerns, as they have lower cholesterol levels but higher amounts of sodium,” Barclays analysts said.
“With health and wellness top of mind for consumers, food companies still have plenty to do.”