The plant-based meat market in is booming, driven by high adoption mostly in Ontario and BC (the Prairies and Martimes have resisted the craze so far).
In fact, 20% of Canadians are looking to limit or eliminate their meat consumption, which is why your grocery store shelves are filling up with veggie patties, sausages, and whats-its.
But the reason people switch to veggie alternatives mostly go one (or two) of two ways: health or environmental concerns.
“The number one barrier to plant-based meat adoption is taste,” said The Very Good Butchers CEO Michell Scott. He says the industry is making progress in this area, with products becoming increasingly competitive with animal-based products in terms of taste, cost, and convenience.
Those who go veg and are, let’s say, less health concerned, are seeing a stellar news week:
- 7-Eleven is offering Lightlife vegan chicken tenders at over 600 locations
- Pizza Hut has added Beyond Meat Sausage to its permanent menu
- KFC is expanding its vegan options, starting with Lightlife vegan chicken
- Odd Burger, the first vegan fast-food chain to go public is coming to Canada
Coincidence? Or is a vegan fast-food coalition in the works? On the other hand, companies like The Very Good Butchers, Meatless Farm and Modern Meat were created in response to fast-food meat alternatives flooding the market.
But the pressure's on for industry giants: Beyond Meat and Impossible Foods have directly contributed to the wide acceptance of plant-based meat. But after Beyond Meat reported weaker-than-anticipated sales, short sellers—who make money when a share price falls—have piled into the stock.
Ambitious expectations for Beyond Meat may have fallen short, but the hype around growth in the plant market remains strong. Analysts are even more optimistic about sales as we enter the second half of “Veganuary” (yes this is a real thing).
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