A majority of global consumers (60 percent) will not eat meat from slaughtered animals by 2040, according to a report published this week by Chicago-based business consulting firm A.T. Kearny. The 20-page report outlines how the rapid development of novel vegan meat (such as products made by Impossible Foods and Beyond Meat) and cultured (also known as “lab-grown”) meat alternatives, combined with the growing awareness of the vast downsides of animal agriculture, will result in a massive shift away from animal products as the human population grows to 10 billion by 2050. “All in all, cultured meat and new meat-replacement products are going to disrupt the [$1 trillion] conventional meat industry with all its supplier companies,” the report stated. “This disruption is supported by a general shift toward consumption of non-meat proteins (for example, legumes and nuts) as a consequence of new lifestyle trends, all aimed at a more sustainable and healthier diet, as well as regulatory measures against conventional meat.” Based on its extensive industry knowledge and relevant research, A.T. Kearny predicts that in 2040, meat consumption will be broken down into three main categories, with 35 percent of consumers opting for cell-based meat, 25 percent eating novel vegan meat, and 40 percent continuing to consume animal meat but from a “niche” market that will be focused on “welfare-oriented” animal farms. “Worthwhile to note is that new biotechnology methods will disrupt not only the meat industry but the complete food industry as products such as milk, egg white, gelatin, and fish can be created with similar technology,” the report stated. Impossible Foods aims to replace all animal products with plant-based alternatives by 2035—the year that A.T. Kearny predicts a quarter of the world population will be consuming novel vegan products. A.T. Kearny advises that businesses start considering this forthcoming shift and investing in these growing market sectors accordingly.
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