The Good Food Institute (GFI) today released two “State of the Industry Reports” – the reports focus on cell-based meat and plant-based meat, eggs, and dairy respectively. One key takeaway: the past two years saw a dramatic increase in investments, acquisitions, and new companies being founded in these areas.
- More than $16 billion has been invested in U.S. plant-based meat, egg, and dairy companies since 2009, including $13 billion in 2017 and 2018 alone;
- Of the 19 acquisitions of plant-based companies that have occurred since 2009, 10 took place in 2017 and 2018;
- Eleven new cell-based meat companies were founded in 2018, bringing the total number of publicly announced companies to 27.
This surge in innovation and enthusiasm is reflected in the headlines with recent product launches, menu additions, and successful venture rounds. This past April alone, Burger King, McDonald’s Germany, QDOBA, Taco Bell, and Del Taco added plant-based meat or increased their veg options. Meanwhile, animal-free egg producer Clara Foods closed a series B, and Singapore’s cell-based meat company Shiok Meats closed a $4.6 million seed round.
GFI executive director Bruce Friedrich explains, “Shifting consumer values have created a favorable market for alternatives to animal-based foods, and we have already seen fast-paced growth in this space across retail and foodservice markets.”
But all this could be the beginning of tremendous growth for both the plant-based and cell-based industries. Global meat demand is projected to double by 2050. GFI innovation director Brad Barbera points out that, “capturing even a fraction of this burgeoning market would represent a massive opportunity for both plant-based and cell-based meat companies.”