Plantbased meat “Food as Technology” companies continue to grow with Impossible Foods raising $500m for R&D, expanding its retail presence and commercialising new products.
Neither Impossible nor other major plantbased meat companies seem to have hit the sales ceiling yet despite some commentators predicting otherwise due their supposed “ultraprocessed” nature. As I’ve said before, consumers are multidimensional in their purchasing decision and the need for products being “whole foods” doesn’t currently seem to be mandatory for many of them.
That said, even should consumers demand less “processed” products let’s not forget that these companies are technology companies that make food! They move to the technological mantra of continuous improvement, as evidenced by the constant updating of their core products. Therefore, even if consumer demands change, they’ll pivot to follow the market through technology.
Add to that the continuing drop in price of plantbased meats and the future is still looking bright for the sector. And at the moment it’s primarily beef that’s been the target, once pork and chicken is added in it’s hard to see a ceiling!
When will plantbased meat products hit their ceiling? I don’t don’t know for sure, but it won’t be any time soon!
