The global meat market is worth USD 2tn, explained a former C-level executive from Impossible Foods Inc, with plant-based alternatives making up only a fraction of this. Although the faux-meat category is growing faster than the former, the small base means that it is far outstripped in absolute terms, added a former C-level executive from Tyson Ventures. But that doesn’t mean there aren’t significant ventures involved in the alternative meat industry. Investments in 2019 stood at USD 824m – and this year has already eclipsed that amount, with USD 1.5bn raised in January-July 2020.
Vegans and vegetarians make up a minority of populations; a former C-level executive from Meatless Farms Inc estimated these figures at around 1-2% and 10-15% respectively. However, “the bigger business opportunity comes from this term flexitarian or meat reducers” – in the UK alone, there are “around 22 million flexitarians, so maybe a third of the population consciously trying to reduce meat as part of their lifestyle.” Meanwhile, in the US, 23% of people had cut their meat consumption in the prior year, according to a Gallup poll conducted in late 2019.
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