Consumer Spending on Plant-Based Meat Alternatives

It is estimated that the world population will reach 9 billion by 2050 (Boukid, 2021); meeting the food needs of this growing population is a global challenge. Meanwhile, inspired by sustainability and environmental stewardship initiatives, food production practices themselves have begun to shift. The production of alternative proteins is an example of a new production practice that continues to attract the attention of investors, the media, and stakeholders along the food supply chain. Dominating the market for alternative proteins are plant-based meat alternatives (PBMAs), which are designed to mimic animal-derived proteins while avoiding some of the environmental impacts of raising animals for meat. In addition to potentially alleviating the effects of the livestock industry on the environment and climate (Boukid, 2021), PBMAs may also lead to improvements in animal welfare and human health. This article describes various aspects pertaining to the current landscape of PBMAs, with a focus on consumer spending patterns and presents insights into the potential role of policy in shaping the market for alternative proteins.