Plant-based meat moves the market
The plant-based meat market continues its climb. According to Allied Research, the global meat substitute market was valued at $4.1 billion in 2017 and is expected to surge to over $8 billion by 2026. Plant-based protein options have several factors converging in their favor, including relative environmental sustainability, growing consumer acceptance and a smoother supply chain. A recent Forbes report said that while new entrants to the plant-based meat market are facing regulatory hurdles concerning food safety and traceability, their supply chain tends to be shorter, more compact, and less water- and labor-intensive than the traditional meat supply chain – all important positives right now. New releases to the plant-based meat market are getting a boost in the media as a result: Impossible Foods just launched plant-based chicken nuggets in many popular U.S. restaurants, Nestle has expanded into vegan eggs and shrimp, and brands including McDonald’s have announced that taking a plant-based approach is a key part of its plan to achieve net-zero emissions by 2050. You can expect plant-based meat options to occupy a larger portion of restaurant menus going forward – if not because guests are demanding them, then because the restaurant industry is requiring them in order to compete. #plantbased
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