Bayer to enter plant-based meat market as alternative protein provider. (Image via GLP)
Pharmaceutical Company Bayer Sees Plant-Based Meat Market As Potential Future BusinessWith more resolute reasons health and environmental reasons as well as avoiding animal cruelty, plant-based meat is becoming more popular in recent years. Companies are getting desirous to compete with each other for winning the market—so does Germany-based Bayer.
The company executive said that Bayer is seeing plant-based meat market as a potentially huge business in the future, as an alternative protein source provider.
On the other hand, Bayes needs to catch up with the trend which has been followed earlier by another big company like American Beyond Meat, Impossible Foods, and even traditional meat-producing companies including Tyson Foods Inc, which sells a variety of plant-based meat products: burgers, sausages, and imitation ground beef made largely from soy or pea beans.
These companies have nearly 40% of customers trying to consume the alternative meat, which means there are no signs for the slowing market in the industry soon, the analysts said.
When asked about how the business will affect the growth of Bayer business, the company executive Bob Reiter said that Bayer’s position as a plant-breeding company will definitely be a huge opportunity for them. In addition, Bayer also required efficient sources of amino acids and carbohydrates to produce at scale and succeed.