The alt-meat industry experienced rapid growth and investment in the late 2010s, fueled by technological advancements and climate concerns. However, by 2022, many declared the hype cycle was ending as companies struggled. Some viewed this as following the Gartner Hype Cycle model, expecting eventual recovery and stabilization. However, three years later, sustained mainstream adoption has not materialized. The conventional meat industry did not follow a hype cycle, but rather saw steady growth and consolidation over centuries. Plant-based meat alternatives have existed for millennia, with commercial development accelerating alongside industrial meat production in the early 1900s. Rather than following a technology hype cycle, the alt-meat industry saw a cycle of investment hype. Its future trajectory remains uncertain and may not conform to typical models of disruptive technologies. The industry faces challenges in scaling production, reducing costs, and achieving widespread consumer acceptance to truly compete with conventional meat.
Source: Beyond the hype: alt-meat won’t follow Silicon Valley’s playbook