Grubhub: growth of plant-based meat orders is “staggering”
Grubhub, king of the US food order and delivery space, has released a new report that sums up key insights from its 500,000 orders-per-day business. And one of them is particularly notable: an incredible rise in the number of orders of plant-based meat dishes. These dishes, such as the well-known “Impossible Burger”, are effectively meat that has been grown from vegetable protein rather than animal. And Grubhub is benefiting from their rising popularity.
Grubhub’s share price has appreciated by 20% over the last 30 days
Source: Yahoo Finance
The rise of plant protein-based meats is part of a larger trend towards animal-free diets. Grubhub said that orders of vegan-friendly dishes rose by 25% year on year. But Impossible Burgers themselves were an outperformer: up 82% over the same period. These findings build on Grubhub’s 2018 Year in Food report, which noted that not a single red meat dish appeared on the top ten most popular orders. Many of the top ten, however, were plant-based foods, including bean burritos, which were ordered 276% more in 2018 than they were in 2017.
Grubhub is well-exposed to this trend. Four of the six chains with which Impossible Burger has its deepest relationships deliver on the Grubhub app – including Burger King (with more than 7,300 outlets), which is a firm fit for the replacement meat dish. As this chain rolls out the Impossible Burger nationwide around the US later this year, Grubhub is expecting to deliver a whole lot more plant-based meat. And, if the trends it’s reporting on hold up for other players (with a massive 26.7% of the order and delivery market, they almost certainly will) then everybody else will too!
Dominion holds Grubhub in its Global Trends Ecommerce Fund.
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