Vegan rivals smell blood as virus hits meat supply

by Juliette Mihcel | John Biers

Champions of plant-based meat see an opportunity to make inroads with American shoppers in the wake of coronavirus outbreaks at US slaughterhouses that have pressured meat supply.

Prices of conventional protein have surged in recent weeks following the temporary closure of at least 18 meat processing plants in the US at a time of already-elevated demand due to panic buying and pantry loading.

The upshot is that producers of plant-based steaks, nuggets and sausages see a chance to win over shoppers from a broader set of consumers.

“Relative to higher prices in the protein market today, we can make significant inroads into consumers and help them expand their choices of proteins,” Beyond Meat Chief Executive Ethan Brown said this week.

Brown added that the company plans “heavier discounting” of some products to make them more competitive with old-fashioned meat.

Another emerging player in plant-based meat, Impossible Foods, also from California, this week launched in Kroger, the nation’s biggest grocery chain.

The move expands the retail footprint by 18-fold to 2,700 retail locations, said the company, which boasts that its products can be used in stews, sauces or on a barbecue.

“We are moving as quickly as possible to expand with additional outlets and in more retail channels,” said Impossible Foods President Dennis Woodside.

Part of the opportunity is that the disruptions from coronavirus comes on the heels of the hit from African swine fever, which has hit Asia’s pork supply.

“Agricultural challenges in commodity crop production and processing will be slower to percolate into the food chain, meaning plant-based burgers and chicken alternatives have a window of opportunity right now to present themselves as more reliable alternatives –- or potentially the only choice –- next to empty meat cases in grocery stores,” said Sara Olsen of Lux Research. (AFP)