Consumption of plant-based meat has been booming over the past few years, accompanied by surging interest on the part of investors, traditional meat producers and the media. But is the alternative meat industry a true disruptive force in the meat industry, or is it just a fad? The case sets out to explore this question. Following an introduction of the issue at hand, it provides an overview of the reasons for the increase in popularity of meat substitutes. Next, the industry structure, competition and investments are examined. The case concludes with a discussion of the challenges facing the industry and potential policy issues.