Here's the problem with Impossible Burgers and all that crap. They're not really better for you. They have the same amount of saturated fat (just from other sources) and collesteral. So why spend more money and get an inferior taste?
Eating more plant-based meats could save the planet, you say? Nah, we’re good
The Hustle News
Don’t feel bad if nobody wishes you a happy Earth Day today, it’s probably because everyone’s got a juicy cheeseburger jammed into their maw.
In 2022, Boston Consulting Group issued a bombshell report that plant-based meat alternatives were, by far, the most impactful environmental investment humanity could make.
Investing $1T in transitioning people away from traditional meats would, according to BCG, cut emissions:
3x more than $1T put toward green cement technology.
7x more than investing the same amount in erecting more green buildings.
11x more than sinking another trillion into zero-emission vehicles.
OK, sounds easy enough: Everyone swaps a few meat-free patties into their diet and maybe, just maybe, this precious 4.5B-year-old marble of ours will stand a chance against climate change.
Sounds great, except…
… Americans aren’t buying into that plan. To the contrary, plant-based meat continued a “precipitous decline,” per AgFunderNews.
US unit sales of plant-based meats and seafood were down 19% last year.
Only 15% of American households purchased plant-based proteins in 2023, down 4% YoY.
Fifty-one percent of US adults say they’ve never given them a try.
It’s no wonder, then, that the industry’s leading players are wilting:
Beyond Meat’s market cap, which hit $12B+ as recently as 2021, is now below $500m.
Impossible Foods’ internal stock prices dropped 89% between October 2021 and June 2023.
New players in the space won’t have it easy either — overall funding for plant-based startups dropped 28% last year.
So, what happens next?
Globally, the plant-based meat, seafood, egg, and dairy sector notched $29B in sales last year, despite the dive in US sales, so there’s hope abroad.
But getting Americans on board will be difficult: Per The Good Food Institute, most US consumers feel traditional meats are tastier, more affordable, higher in protein, more accessible, and easier to cook — a lot of barriers to overcome, none easy.
Perhaps looming economic ruin will force their hand? Researchers now estimate climate change will annually put a $38T dent in the global economy by 2049.
Oof. Happy Earth Day, we guess.