The CEO of food giant Cargill says the plant-based protein industry will ‘eat into’ demand for slaughtered meat.
David MacLennan, who’s worked at the company since 1991, reportedly made the comment at a National Grain and Feed Association convention.
According to Reuters, he said: “Our analysis is that in three to four years plant-based will be perhaps 10 percent of the market.
“We’re a large beef producer and that is a big part of our portfolio. So there’s some cannibalization that will occur.”
Moreover, the brand is reportedly working on developing a new alternative protein made from corn.
“We’re not only thinking about North American launches, but across the globe,” Cargill said, according to Food Navigator.
“Corn protein is a great protein for meat alternatives because it’s got a great neutral flavor profile and really good performance.”
Back in 2018, Cargill invested in pea protein brand PURIS to ‘accelerate a new wave of sustainable plant-based foods’.
David Henstrom is the Vice President of Cargill Starches, Sweeteners and Texturizers. He said: “PURIS is a game-changer in terms of taste and vertical integration in pea protein.
“Cargill is excited to expand into the emerging pea protein space while continuing to support our conventional agricultural crops.
“It’s clear that PURIS is in alignment with Cargill’s vision to meet the growing demand for protein globally and to help customers deliver label-friendly products without sacrificing taste.”
Since then, the meat giant partnered with KFC China to trial vegan chicken in Shanghai, Guangzhou, and Shenzhen.