Tastes like chicken.

Meat alternatives are poised to redefine food

The “vegetarian option” has long held an obligatory spot on most menus. Typically, it is rather uninspired — a pasta or a salad.

In recent years, however, with the emergence of more sophisticated meat alternatives — for example, the Beyond Burger which looks, cooks and “bleeds” like beef — chefs are beginning to reimagine the vegetarian menu.

In 2020, retail sales of plant-based foods increased 27% — nearly double the growth of the overall retail market. There are a number of reasons for growth in this segment, including how they are purportedly healthier and better for the environment (though there is still debate on both claims).

And now that consumers have gotten a taste for plant-based meats, the possibilities are endless.

Already, the companies that create these products are among the buzziest players in the stock market. In fact, the stock for Beyond Burger’s parent company (Beyond Meat) is up 88% since the end of 2019.

Fast food chains worldwide, including McDonalds, Burger King, and Starbucks, are creating plant-based versions of their signature dishes.

Seven vegetarian restaurants have earned Michelin stars. And, last year, Harwood Arms became the first Michelin-starred restaurant to serve vegan meat.

And while it is safe to say that we may be in the golden age of plant-based products, the biggest innovations in meat alternatives are still to come.

Take, for example, cultured meat. While technically not vegetarian, these lab-grown products offer many of the same environmental benefits as their plant-based counterparts. Heralded as meat’s next frontier, cultured meat just received its first regulatory approval in Singapore.

However, given the newness of this technology, production costs are still quite high.

In 2013, it cost one company $280,000 to make just one cultured patty. Though processes have improved since then, it may still be a while before you see a cultured chicken breast on any menu.

Although I am more of a traditionalist, it is, undoubtedly, an exciting time for the food business.

Danilo Diazgranados is an investor, collector, and lover of fine wines and a member of the prestigious Confrérie des Chevaliers du Tastevin, a fraternity of Burgundy wine enthusiasts.