Eben Bayer, Ecovative Design and MyForestFoods Co. Its founder and CEO (formerly Atlast) is one of the most prominent voices in the world of mycelium.
In this opinion piece, Bayer urges that for plant-based meats, the best is yet to come: “The current landscape does not pose a problem for most companies in the space. Indeed, history promises that we are just getting started,” he enthuses.
The plant-based meat industry: The best is yet to come
By Eben Bayer
The plant-based market has been sparking what can only be described as ‘headline whiplash’ lately. Conflicting messages flash across our screens, from “save the world” prospects to “this too shall pass” doom and gloom. So which one?
As a long-time problem solver and innovator, I found guidance in a tried and true model that explains the arc of innovation — the Gartner Hype Cycle.
It does a great job of defining how a promising innovation enters the market, gains momentum, investment and like-minded innovators. Tensions subsided as early industry leaders pushed back, challenged and brought up key flaws in the innovation.
“I am confident that we will meet the challenge, because as the hype cycle predicts, the best is yet to come.”
Other players continue to enter the space, becoming more savvy to the challenges facing their trailblazers. Eventually, the innovation reaches stable maturity and steady growth, leaving the world a better place for it.
Eyes on art
From my vantage point, just because we’re seeing a slight decline in industry – which is shared across most markets in the current economy – doesn’t mean the industry is done. The current landscape is not troubling for most companies in the space. In fact, history promises that we are just getting started.
Gone are the days when only a few brands dominated a booming industry. In fact, the plant-based industry is welcoming many new players who offer more innovative solutions that offer alternatives that don’t sacrifice sustainability, taste or health – the trifecta of success in this space.
“Despite what the naysayers might imply, meat alternatives are not a fad, but a viable and more important one necessary The way forward for our planet”
Despite what naysayers might imply, meat alternatives are not a fad, but a viable and more important one necessary The way forward for our planet as we fight against unsustainable practices like industrial animal agriculture. Today we find ourselves at an important part of the innovation cycle, where our industry is evolving and refining itself to better serve Spaceship Earth and those who inhabit it.
In this case, it happens through the food system, but it’s a pattern mirrored across technology and other innovative industries.
Entering “plant-based 2.0”.
At this point in the ‘hype cycle’ for plant-based meats, the category is defined, consumers are interested, and rapid product innovation will drive the industry forward. The good news about innovation, as the cycle shows, is that fads may come and go, but true innovation will weather the storm and has the potential to truly reshape the world.
Next-generation offerings in this space — like the Mycelium-based MyBacon — are addressing the shortcomings of overhyped first-generation players. In this case, we’re talking about a better replacement for mile-long, nondescript ingredient lists and misleading nutrition and health claims, while carving out a wider niche in the market going forward.
The end result will give consumers a product they can feel good about (and understand!), while also helping to heal the planet.
“…fads may come and go, but true innovation will weather the storm”
We are on a 50-year long journey to right the wrongs in the way we consume and source protein in the world. This is no small feat, but it is mission-critical for our planet and its people. I am confident that we will rise to the challenge, because as the hype cycle predicts, the best is yet to come.