Plant-based 'meat' sales are set to explode, with Barclays estimating that the market for alternative meat could reach $140 billion by 2029.
Here are the three factors that Barclays says are driving the meat-substitute revolution.A protester attends a demonstration under the banner"Protect the climate — stop coal.""Sustainability is increasingly more relevant as consumers, especially Millennials and Gen Z, have become more aware of the damage that food production has caused to the planet," Barclays states.
Plant-based products aren't necessarily a perfect solution, with Barclays highlighting palm oil production's links to deforestation. However, with climate change becoming"a more relevant topic," Barclays says that companies have the"opportunity to highlight how their products address this concern."With more than 95% of farm animals raised on factory farms, Barclays says that concerns regarding animal cruelty are making plant-based"meat" more popular.
"In extreme cases, the birds may also face sleep deprivation as some factory farms keep lights on all day and night to encourage more eating rather than sleeping."
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