After a slump in share prices, global food processing corporation The Archer Daniels Midland Company has revealed that it is looking towards the plant-based meat market as a means to offset “challenging external conditions,” including issues surrounding Chinese swine fever.
Recent months have seen major meat manufacturers and Big Food conglomerates including Tyson, Conagra, Danish Crown and JBS, to name a handful, turn to vegetable products as a way to regain profits and rebuild share prices. There are various ways in which some vegans might view such developments, but ultimately it must be acknowledged that, whatever the motivation, a global move away from meat production and towards plantbased meat, is a positive one for vegan business, the animals, and the movement as a whole.
“Fast-growing consumer trends such as plant-based proteins are creating long-term growth opportunities for our comprehensive portfolio of food and beverage solutions,” commented ADM, as reported by Market Watch.
The alternative protein market is now being taken extremely seriously by mainstream industry and investors around the planet, notably since the Beyond Meat stock market launch this May, after which BYND shares are trading at more than six times the initial IPO price. Alt protein expert Olivia Fox Cabane discusses this in terms of a “Kodak Moment” for meat and dairy in her vegconomist article here.