Demand for Plant-Based Protein Soars As Meat Industry Struggles With Slaughterhouse Closures and Changing Consumer Trends
Business experts cite the public's “growing awareness of industrial meat’s connection to outbreaks” among the reasons behind the demand, as US plant-based meat sales rise 200 per cent during pandemic.
Credit: Beyond Meat
The demand for plant-based meat is soaring amid the pandemic, as customers drive sales of meat substitutes 200 per cent higher than the year before. Fresh meat, on the other hand, saw sales rise just 30 per cent over the same period, leading business analysts to predict that the pandemic will see a “reshaping of the US meat market” that’s led by plant-based protein.
The sales figures come amid a tumultuous time for the meat industry in America. The pandemic has already shut major meat factories and slaughterhouses, with thousands of meat workers testing positive for the coronavirus. A spokesman for one of the largest pork processing facilities in the US claimed the closures are pushing meat supplies “perilously close to the edge”.
The bottlenecks in the supply chain have already seen farmers ‘cull’ or ‘destroy’ millions of animals from US herds as they run out of space, and lose customers.
Tyson Foods, one of the world’s biggest meat suppliers, saw shares down 5 per cent on the previous week, whilst leading plant-based meat company Beyond Meat saw shares rally by more than 40 per cent in the same period, Financial Times reports.
Such factors have led business analysts to predict that the post-coronavirus food market could look very different, with the pandemic said to be accelerating a shift towards consumers choosing plant-based meat instead of animal meat.
“The coronavirus pandemic is reshaping the US meat market, with sales of plant-based substitutes surging while closures of slaughterhouses threaten production of the real thing”, reported Financial Times.
Meanwhile, Bloomberg reported that “empty supermarket aisles and a growing awareness of industrial meat’s connection to outbreaks are boosting food tech firms”.
“The global crisis, in other words, is turning into a big opportunity for the plant-based protein sector”.
And it’s not just the US, as the plant-based sector sets its sights on Asia too, with a particular focus on China. Just last week, China saw the debut of plant-based chicken at KFC and the launch of oat milk at Starbucks.
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