*Forlistofauthors,seepage2.BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ThisresearchreporthasbeenpreparedinwholeorinpartbyequityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFINRA.Pleaseseeanalystcertificationsandimportantdisclosuresbeginningonpage86.SIGNATURE#foodrevolution#transatlanticGlobalFoodICan’tBelieveIt’sNotMeatWhathasbeenachievedsofarintermsof“meatless”groundbeefhasyieldedpositiveinitialconsumerreaction.Whilestillanunderdevelopedcategory,thealternativemeatspaceinourviewpresentsplentyofopportunities;newandincumbentplayerscouldgrab~10%ofthe$1.4tnmeatmarketin10years.AmericasAgribusiness*U.S.Food*U.S.Restaurants*EuropeanConsumerStaples*EquityResearch22May2019Barclays|GlobalFood22May20192CONTENTSEXECUTIVESUMMARY....................................................................................3SAVINGTHEPLANETONEBITEATATIME...............................................4WhywebelievethelikesofBeyondMeat,ImpossibleFoodsandotherscangainmainstreamappeal........................................................................................................................................5ALTERNATIVEMEATSASASOURCEOFGROWTH................................7Whyalternativemeatcouldbearealalternative..................................................................................7Initialperceptionofconsumers................................................................................................................10Asizeablemarketeveryonewantsabiteof..........................................................................................10Keyplayersinthespace...................................................................................................................
