Vegan meat replacements and lab-grown cultured meat will overtake traditionally farmed and slaughtered meat by 2040, according to consultants AT Kearney.
Novel, plant-based alternatives to beef have entered the mainstream over the past few years. Beyond Meat, one of the early leaders in the field, listed its shares on the Nasdaq in May, valuing the company at US$1.5 billion. The total market for these products was around US$4.6 billion in 2018, AT Kearney said.
Lab-grown meat, where animal protein is grown outside of an animal, remains a more distant prospect, but the science has progressed rapidly, and the sector is increasingly attracting venture capital funding.
Technological advancements and increased consumer comfort with these products will see them expand quickly over the next 20 years, AT Kearney said, while the environmental risks of traditional meat consumption will become ever more obvious.
The Weekly Briefing is delivered to you by Responsible Business, with the exclusive news, insights and content to deliver practical solution to global challenges. Sign-up here to receive weekly updates and stay up to date.