For years we’ve said that plant-based foods are the foods of the future. Now, we’re watching that future unfold right before our eyes. The meat alternative industry is headed toward a $40B market by 2030, analysts say.
Plant-based foods are one of the hottest trends in the food industry right now. Indeed, within roughly a week, plant-based-meat maker Beyond Meat became the best performing public offering by a major U.S. company in almost two decades. Our latest information has Beyond Meat shares soaring anew to bring post-IPO gain to 240%. Yes, we said 240%.
While we’re excited for Beyond Meat, they’ll have plenty of competition. Boca Foods, Field Roast Grain Meat Co., Gardein, Impossible Foods, Lightlife, Morningstar Farms and Tofurky are growing strong as well.
Meanwhile fast food chain Burger King said that it would roll out the plant-based Impossible Whopper nationwide, and furniture giant Ikea announced that it would upgrade the meatless version of its popular Swedish meatballs. Restaurants such as TGI Friday’s are jumping on board too. According to stock analyst Kathleen Smith, restaurant chains are finding that they can draw customers just because they have a meat alternative.
Speculation is being fueled by the presence of Don Thompson, chief executive and founder of venture firm Cleveland Avenue, on the Beyond Meat board. Thompson is a former chief executive of fast-food giant McDonald’s which he helmed from 2012 until his resignation in 2015.
Could McDonald’s be next? Stay tuned for further developments.