Cargill CEO Says Plant-based Protein Will Cannibalize Demand For Meat
The meat company is racing to meet demand for plant-based products through significant investments into the alt-protein industry.
David MacLennan, chief executive officer of Cargill.
David MacLennan, CEO of global agribusiness corporation Cargill Inc, says that plant-based protein will significantly eat into the consumer demand for meat, as the food giant prepares for the shift away from animal protein with significant investments into the alt-protein industry.
“Our analysis is that in three to four years plant-based will be perhaps 10% of the market. We’re a large beef producer and that is a big part of our portfolio,” MacLennan told delegates at a National Grain and Feed Association convention. “So there’s some cannibalization that will occur.”
The CEO also revealed that Cargill is researching plant-based protein alternatives using corn as its base. “We’re not only thinking about North American launches, but across the globe,” Cargill told Food Navigator. “Corn protein is a great protein for meat alternatives because it’s got a great neutral flavor profile and really good performance.”
The company is also a key supplier of pea protein to meat alternative company Beyond Meat Inc through its joint venture with PURIS Foods, and an investor in Bflike, a Dutch technology leader in the rapidly evolving meat and fish alternatives categories.
Cargill also launched its own plant-based protein brand in China, offering chicken-alternative nuggets and beef-alternative patties. PlantEver debuted after a successful trial of its plant-based nuggets at three outlets of the fast-food chain KFC, which saw the plant-based fried chicken sell out in just one hour. And last year, Cargill introduced co-branded vegan scallops and chicken tenders with Japan-based store chain, Lawson.
With more and more Americans eating plant-based products, Cargill’s not the only meat company racing to meet demand. Tyson, one of the world’s largest poultry, beef, and pork producers, is also working to ramp-up their vegan offerings. Raised & Rooted, Tyson’s own meat-free company range, launched a range of plant-based meats at U.S. retailers nationwide this year.
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