Another new realistic vegan meat is hitting grocery stores early next year. Kellogg-owned brand MorningStar Farms announced its “Incogmeato” range today, featuring burgers, chicken tenders, and nuggets.
“When it looks like meat, and tastes like meat, it’s not meat incognito…it’s Incogmeato. Find it in your local fridge in 2020,” the brand wrote across its social media channels.
Kellogg CEO Sean Cahillane explained that the Incogmeato Burger will “sear wonderfully” on the grill in a way that mimics the successful Beyond and Impossible Burgers. The soy protein-based burger will be the first to hit the market in 2020. Updated versions of MorningStar’s chicken nuggets and tenders will follow.
MorningStar and the Vegan Meat Market
Kellogg is the top seller of plant-based meat, selling over 90 million pounds annually. It earns approximately $450 million a year. It’s also the top seller of veggie burgers, according to Bloomberg, but its market share dropped from 33.3 percent in 2013 to 16.9 percent in 2018.
“We got back on our game the last couple of years,” Cahillane said. “Our goal over the long term would be to maintain leadership and ultimately gain share.”
Last March, MorningStar Farms announced that it would eliminate eggs from all of its products by 2021 — a decision that may have helped boost sales.
“We’re making sure we’re delivering on what consumers want and what we believe is right,” Mel Cash, head of Kellogg’s plant-based protein division, told Forbes. “It’s less about having a competitive advantage and more about being able to satisfy as many people as possible who want to eat plant-based.”
Looking ahead, MorningStar Farms may be the next vegan meat brand to go public. Financial advice platform the Motley Fool predicted that the Kellogg-owned brand may IPO. Beyond Burger creator Beyond Meat showed that plant-based food has a place on Wall Street earlier this year. The California-based brand was the first vegan meat firm to go public, resulting in the biggest first-day IPO in nearly two decades.
Today, it cut the ribbon to a $2.2 million innovation center in Battle Creek, Michigan. The facility features a research and development kitchen, a consumer kitchen, sensory laboratories, and a packaging and design studio. Kellogg will use the innovation center to develop plant-based protein as well as compostable and reusable packaging.
The plant-based meat market is booming in the United States. A recent SPINS report revealed that vegan meat sales are growing 10 times faster than traditional meat. The category alone is worth more than $800 million.