The Future of Food: The Impact of Plant-Based Meat 2.0 on Meat Consumption

Abstract

Animal agriculture is responsible for a number of environmental and health concerns, from climate change to antibiotic resistance. Despite these concerns, animal-based meat plays a significant role in consumers’ diets and livelihoods. In the last decade, Beyond Meat and Impossible Foods have leveraged advanced technology and innovation to disrupt the meat industry through Plant-Based Meat 2.0, a new era of plant-based meat that targets meat-eaters, not only vegans and vegetarians. Plant-Based Meat 2.0 provides a compelling demand-side solution to the significant environmental and health concerns associated with animal agriculture. While there has been an increase in consumer demand for plant-based meat, it has not been shown that this has reduced animal-based meat consumption. This novel study evaluates the impact of Plant-Based Meat 2.0 on beef and chicken consumption in the US using a difference-in-differences model. I find that the introduction of Beyond Meat in 2012 resulted in a significant decrease in beef and pork consumption, and the combined effect of Beyond Meat and the introduction of Impossible Foods in 2016 resulted in a significant decrease in beef consumption. These findings provide important insights into policy options and business strategies that can accelerate the transition from animal agriculture to a sustainable food system.