Plant-based protein to cannibalize meat demand, Cargill CEO says

FILE PHOTO: David MacLennan, Chairman and Chief Executive Officer of Cargill, speaks during an interview with Reuters in Bogota, Colombia March 26, 2019. REUTERS/Luisa Gonzalez

(Reuters) - The plant-based protein industry will eat into consumer demand for meat as the rapidly growing sector expands, Cargill Inc Chief Executive Officer David MacLennan said on Friday.

“Our analysis is that in ... three to four years plant-based will be perhaps 10% of the market. We’re a large beef producer and that is a big part of our portfolio. So there’s some cannibalization that will occur,” MacLennan said at a National Grain and Feed Association convention.

Privately held Cargill is a supplier of pea protein to meat alternative company Beyond Meat Inc through its joint venture with PURIS Foods.

Reporting by Karl Plume in Chicago; editing by Jonathan Oatis