The market for meat substitutes is expected to hit $2.5 billion by 2023, according to Euromonitor estimates.īut Mackey, who has been a vegan for more than 20 years, isn't sold on the health benefits of plant-based meats. And Impossible Foods products are now in about 10,000 restaurants - including White Castle, Red Robin and Burger King - with plans to launch in grocery stores in September. In May, Beyond Meat had the best IPO so far in 2019 surging more than 163% on the day of its market debut, in addition to making big deals with Carl's Jr., Dunkin, Del Taco and TGI Friday's to name a few. Today, both Beyond Meat and Impossible Foods have exploded. The company is also backed by Bill Gates. Momofuku Nishi in New York City began serving the Impossible Burger in July 2016. That same year, another plant-based meat start-up, Impossible Foods, released its alternative to the beef burger made from soy protein concentrate to restaurants. In June, Beyond Meat announced its new recipe uses a "blend of pea, mung bean and rice proteins." ) (The company has since made recipe updates to its original beef patties. In fact, I think all of their new products have been introduced at Whole Foods," John Mackey, co-founder and CEO of Whole Foods, tells CNBC Make It.Ī year later, Beyond Meat developed its first "beef" product made from plant proteins, which later morphed into its now-famous Beyond Burger in 2016.
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