*Note : This article was originally published in August 2020 and added few parts in December 2023.
I think the food of the future will be plant-based meals (vegan/vegetarian). The food of the future will be one kind of Sattvic or Yogic diet, the concept discussed in Mitahara, ancient and medieval era Yoga literature. A sattvic diet can also exemplify Ahimsa (Nonviolence), the principle of not slaughtering any animals, focuses on fruits, vegetables, and whole grains. This is one reason yogis or people who practice yoga often favor the Sattvic diet given its roots in Ayurveda.
Why I think so? Because in the western countries, investors are pouring millions of dollars into the research of the plant-based meat substitutes. Even seeing the headlines of the famous fast food chains like Burger King, KFC are testing plant based food in the US. Even the ongoing COVID-19 pandemic has drastically changed the food landscape. While disrupting the meat supply chain it has also raised issues about the safety of consuming animal products and prompted an increased demand for plant-based alternatives. Demand for plant-based food is even rising in the world after the corona virus pandemic.
Check my take on the rise of plant-based meals.
The Rise of Plant-Based Meals
- Currently Beyond Meat Inc., producer of plant-based meat substitutes, has a market cap of $7.7-8 billion – up from $3.2 billion just before the COVID-19 pandemic while Domino’s, the largest pizza chain of the world has a market cap of $16-16.5 billion. The market cap of Beyond Meat, a decade old company is already reached near to half of the market cap of Domino’s, nearly 60 years old household pizza brand. Plant-based meat refers to a meat-like, vegan alternative that resembles meat products in color, texture, appearance and flavor. Generally, it is produced by mixing plant protein isolates, starch, vegetable extracts, edible oils, and various other seasonings.
- Impossible Foods, plant-based burger marker, has already raised $1.5 billion from the investors valuing the privately held company at more than $4 billion.
- Amy’s Kitchen is a family-owned, privately held company that manufactures vegetarian and frozen foods made with organic ingredients. Today, it generates $500 million in revenue every year.
- The global vegan food market is expected to grow with a CAGR of 9.6% over the forecast period to reach USD 24.06 billion by 2025, according to a new report by Million Insights. The rise in a number of vegan populations coupled with growing awareness about the health benefits of vegan food is the key factor driving the market.
- As per research done by Grand View Research, the major distribution channel of vegan is currently offline (nearly 70-80%).
