Coronavirus is changing the way we eat. According to a recent report from MarketsandMarkets, the market for global plant-based meat is projected to grow from USD 3.6 billion in 2020 to USD 4.2 billion by 2021. The reason for this has been cited as being the health benefits perceived by consumers during the pandemic.
Specifically, the report states that major factors driving this growth include the rising vegan population. This is being driven by the functional benefits of plant-based products, growing animal borne-illnesses such as COVID, and increasing demand for clean label products.
The report goes on to predict that the strongest paradigm shift will occur in the U.S. Key players are speculated to include Beyond Meat, Impossible Foods, Maple Leaf Foods Inc., The Meatless Farm Co., and Garden Protein International.
We’ve already begun to witness this shift. We’re already seeing meat shortages. In fact, in a full page NY Times ad, Tyson Foods, one of America’s biggest meat producers warned that, “food supply chain is breaking.” According to labor union, United Food and Commercial Workers, at least 20 meatpackers have already died from COVID-19, and more than 5,000 have been hospitalized or are showing symptoms.
Meanwhile, meat eaters are turning to plant based options as an alternative. Specifically, they’re turning to meat alternatives like plant based burgers, chicken strips and egg substitutes. The shift is also happening in the world of business. According to Vegconomist, we should also expect to see many independent plant based businesses to be acquired by Big Food.
Have you witnessed how coronavirus is changing the way we eat? Have you noticed any shortages of plant based foods in the grocery stores during the wake of the pandemic?
