It’s still a small part of the market, yet “burgers made from plants instead of animals are capturing more space on U.S barbecue grills this summer,” says Reuters, pointing to estimates of global sales of $5 billion by 2020. Consumer research firm Technomic says alternative meat products are targeted at millennials and Generation X, people aged 18-50 years.
Those consumers are interested in the food they eat and are willing to spend more to get it, says the Plant Based Foods Association. According to Nielsen data, millennnial and Gen-S households accounted for 45 percent of U.S. spending on meat last year. “It’s a cohort that’s going to shake things up even more,” says Technomic.
“Rather than triggering a complete meat-lover conversion from traditional grilling fare, plant-based makers are looking for a fusion of both worlds,” said Reuters. One of best-known companies in the sector, Beyond Meat, “has persuaded retailers like Safeway and Kroger-owned stores to sell its plant-based burger patty side-by-side in the grocery aisles with real ground beef products.” The company’s chief executive says “we are deeply encouraged by the scientific path we are on, and over time see no fundamental obstacle to creating meat directly from plants that rivals the choicest of cuts.”