Fake Meat and the Beef Market
The landscape of the beef market is everchanging, and that was especially true in 2019.
Mark McCully, chief executive officer at the American Angus Association, says one of the new concerns for ranchers as well as beef producers is the introduction of Fake Meat to the market.
Grain traders and seed-makers are following the lead of Beyond Meat and another startup, Impossible Foods, along with traditional meat producers such as Tyson Foods (TSN.N) and Maple Leaf Foods (MFI.TO) that have cashed in on plant-based meat substitutes. Demand for meat alternatives has soared as consumers add plant-based protein to their diets for health reasons and out of concern for animal welfare and environmental damage from livestock farming.
Tofu, made from soybean milk, is the best known meat alternative and has been around for decades. But in recent years, other crops such as black beans, peas, lentils, canola, beets and sunflower have become popular in products made to taste like or replace meat.
Tofu is the best known meat alternative and has been around for decades. But in recent years, other products made to taste like or replace meat have become popular.