Tyson CEO Acknowledges That the Future May Be Meatless
The meat substitute industry is growing rapidly. According to research firm Markets and Markets, the global sales of meat substitutes increased by $4 billion this year alone and have seen a 42 percent increase since 2010. Experts anticipate the global meat substitute market to generate $5.2 billion in revenue by 2020, reports MarketWatch.
If these numbers aren’t compelling enough, now one of the world’s largest meat processors has gone on record to predict a meatless future. Tyson Foods CEO, Tom Hayes, told Fox Business that plant-based protein is the future of the food industry in a recent interview.
“If you take a look at the FAO (Food and Agriculture Organization) stats, protein consumption is growing around the world — and it continues to grow,” Hayes tells FOX Business. “It’s not just hot in the U.S.; it’s hot everywhere. People want protein, so whether it’s animal-based protein or plant-based protein, they have an appetite for it. Plant-based protein is growing almost, at this point, a little faster than animal-based, so I think the migration may continue in that direction.”
While the company currently predominantly works with meats, it is investing in meat substitutes. Tyson Foods owns a 5 percent stake in Beyond Meat, a Silicon Valley plant-based protein startup, as of last October and created a $150 million venture capital fund to invest in startups that are developing meat substitutes.
“Where the consumer is headed is in a space of growth and demand for all forms of protein, with plant-based and alternative proteins being one of those areas of interest,” says Monica McGurk, Tyson’s president for food service, to Reuters.
Read more: Tyson Foods CEO: The Future of Food Might Be Meatless from Fox Business
What do you think? Are you eating more plant-based protein than you have in the past? Let us know in the comments.