The plant-based meat industry, which gained momentum with fast-food giants like Burger King offering the Impossible Whopper, has faced significant challenges. Sales dropped by 26% between 2021 and 2023, and major companies like Impossible Foods and Beyond Meat laid off workers. However, the industry may find new opportunities in developing markets, where growing economies and rising meat demand could create space for plant-based alternatives. India, with its traditionally meatless diet, is expected to see significant growth in plant-based meat by 2029. Parts of Africa, like Nigeria, are also embracing plant-based diets.
Despite this, the widespread adoption of meat alternatives faces obstacles. The traditional meat industry remains a crucial employer, and many developing countries prioritize real meat for its nutritional value and affordability. The plant-based meat industry may have a long-term future in these regions, but success is likely to come gradually as economies grow and consumer preferences evolve.
