Despite the closure of its largest customers, Beyond Meat's quarterly sales grew by no less than 141 % to 97 million dollars (90 million euros). This summer, the producer of meat substitutes plans an aggressive growth strategy.
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The market for meat substitutes is getting crowded: every self-respecting food multinational is now trying to create its own 'meatless meat'. Kellogg's now joins the club, launching two types of vegetarian sausages under the Incogmeato brand.
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Beyond Meat, a pioneer in ‘meaty’ plant-based products, is looking for new money: after a quarter of strong growth but with increasing losses, the American food brand brings new shares to the stock market.
A study by American management consulting firm A.T. Kearney says the world's total 'meat' consumption will evolve to mainly consist of cultured meat and meat alternatives in the next twenty years. Traditional meat will fall to a market share of just 40 %.
Colruyt subsidiary Bio-Planet expands the share of Belgian products in its organic range, featuring four products based on locally grown soy.
Meat alternatives are an as yet underdeveloped but very promising category: according to a new study, this segment could make up for ten precent of the worldwide meat market within ten years, meaning a turnover of 125 billion euros - ten times what it is today.
At Tesco, real meat and meat substitutes will now be found side by side. The British supermarket chain has noticed that vegan is the biggest food trend of the decade, so they're launching a new meat counter where the two can be found next to each other.
Nestlé will be launching vegetarian burgers that could pass for the real deal in order to compete with the popular Impossible and Beyond burgers. However, the agricultural committee of the European Parliament believes they should be called by a different name.
Consumers are ready, the technology is rapidly advancing and investors see the potential: meat replacement turnover will reach 4.2 billion euro worldwide by 2020. The major multinationals are now also on board.
Nestlé USA has acquired American Sweet Earth for an undisclosed fee. The company mainly manufactures meat replacements, a rapidly-growing market, but also several frozen meals.
Meat alternatives are becoming increasingly popular thanks to an increased health awareness. Most meat replacements however are of inferior quality, Quorn CEO Kevin Brennan said.