investment viewpoints

A disruptive festive menu: jellyfish, bean burgers

A new form of regenerative agriculture
Conor Walsh, CFA - Lead Portfolio Manager, New Food Systems and Co-Portfolio Manager, Circular Economy

Conor Walsh, CFA

Lead Portfolio Manager, New Food Systems and Co-Portfolio Manager, Circular Economy
Hannah (Tucker) Dymoke - Founder, Disruption Dinner<sup>1</sup>

Hannah (Tucker) Dymoke

Founder, Disruption Dinner1

As we look forward to gathering with friends and family over the holidays, it is worth considering how our festive meals may change in decades to come. Given the environmental, social and technological forces disrupting global food systems, what dishes might we serve up in the future?

The answer largely depends on decisions we make today. Staying on our current course could lead us to a doomsday scenario. Alternatively, we might move toward an increasingly synthetic way of life. Or, will we start collaborating more with nature to bring about a regenerative existence?


Doomsday path: collapse of nature
Synthetic path: control of nature
Regenerative path: collaboration with nature


A disruptive festive lunch

In this insight, we guide you through a `disruptive festive lunch’, featuring dishes that could feature more widely in future diets, depending on which path we take.

At LOIM, we recognise the magnitude of these disruptive forces. Our New Food Systems equity strategy is designed to capture shifting profit pools as the world transitions away from an industrial food system that no longer makes sense.

We need a new system that can feed 25% more people (up to 10 billion) with 20% less land (under 4 billion hectares) by 2030, while also helping to protect and restore planetary boundaries.2

What’s on the menu?

The festive culinary adventure begins in the ocean in Asia for the starter, then moves across the grassland in America for the main before ending up in the jungle in Africa for dessert.


Welcome tastes

Sparkling English wine with raspberry Chambord

Sweet potato rosti, seared venison with cranberry sauce
Plant-based tuna with cucumber Christmas trees
English pea hummus on chicory leaves

Ocean Amuse Bouche/Starter

Invader jellyfish spoons
Revitalising kelp noodle pasta with carrot, beetroot and spring onion, white miso and tahini sauce

Grassland Main

Synthetic beef patty, melted plant-based cheese
Regenerative beef patty
Spicy black bean patty

Served with red and green festive ketchup and herb mayonnaise
Along with traditional roast potatoes
Garnished pickled vegetables (red onion and radish)

Jungle Dessert
Spiced carob cake with molasses and dates topped with coconut yoghurt



Source: Balance Point Advisory (2023)

  • Many of the foods we love and depend on are highly vulnerable. The changes in climate, and in environmental and social conditions, are unfolding in tandem with equally powerful changes in our informational and technological capabilities. The doomsday, synthetic and regenerative scenarios are all possibilities. 

    In the doomsday world, our continued reliance on the industrial food system contributes to the collapse of nature. Jellyfish are a clear contender for our dinner tables in this scenario. We might also use modern technology to take control of nature, moving toward a synthetic way of life. Or we could use that same technology to collaborate with nature, creating a more regenerative existence.

    One thing is undoubtedly clear: our current food systems are damaging our climate, biodiversity, forests, oceans, fresh water and soil. After energy, food systems are the main contributors to climate change. They are also hugely inefficient. For example, it takes about 30 calories of animal feed to make 1 calorie of beef. Just 55% of the world’s crop calories are eaten directly by people, while 36% is used for animal feed.3

    We are on course to run out of land to produce the amount of meat required given population growth and rising incomes. We have already cleared almost half of all habitable land on Earth to make way for agriculture.4 Among targets to be achieved by 2030 are 30% conservation of land, sea and inland waters; 30% restoration of degraded ecosystems; halving the introduction of invasive species; and a USD 500 billion/year reduction in harmful subsidies.5

  • The New Food Systems strategy aims to capture the investment opportunities created as the world attempts to avoid the doomsday scenario. It focuses on three themes: 1) sustainable food production, featuring biological and synthetic inputs; 2) enabling solutions, such as smart-farming technology; and 3) sustainable food consumption.

    There is an urgent need to produce fewer animal-based foods, replace industrial agriculture with more regenerative practices and technologies, and to increase efficiency in food distribution to reduce waste.

    The resulting shifts will significantly alter the risks and return profiles of hundreds of businesses involved with food and agriculture, in our view. Innovation will disrupt existing profit pools and create new ones. By 2030, we estimate that new food systems will represent a USD 1.5 trillion annual profit pool (from 600 billion in 2021). 

    While it is too soon to predict exactly which foods will be on our tables, we do know that diets will include more plant-based proteins. Sustainable meat producers will stay in business, but the meat and dairy aisles in stores will shrink, as will meat options on menus. Costs for cultivated meat are dropping significantly, and this trend is likely to accelerate as frontrunners gain scale.

    Food production is also changing, with innovations such as bio-based pesticides, data-enabled agriculture with precision application of fertilizer, and harnessing enzymes to increase shelf-life and reduce waste.

    We see great opportunities for investors in the food space. Food systems epitomise our problematic relationship with the environment, but also hold immense potential for positive change.

important information.

For professional investor use only

This document is issued by Lombard Odier Asset Management (Europe) Limited, authorised and regulated by the Financial Conduct Authority (the “FCA”), and entered on the FCA register with registration number 515393. This document is approved at the date of publication.

Lombard Odier Investment Managers (“LOIM”) is a trade name.

This document is provided for information purposes only and does not constitute an offer or a recommendation to purchase or sell any security or service. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful. This material does not contain personalized recommendations or advice and is not intended to substitute any professional advice on investment in financial products. Before entering into any transaction, an investor should consider carefully the suitability of a transaction to his/her particular circumstances and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accounting consequences. This document is the property of LOIM and is addressed to its recipient exclusively for their personal use. It may not be reproduced (in whole or in part), transmitted, modified, or used for any other purpose without the prior written permission of LOIM. This material contains the opinions of LOIM, as at the date of issue.

UK regulation for the protection of retail clients in the UK and the compensation available under the UK Financial Services Compensation scheme does not apply in respect of any investment or services provided by an overseas person. A summary of investor rights and information on the integration of sustainability risks are available at:

Neither this document nor any copy thereof may be sent, taken into, or distributed in the United States of America, any of its territories or possessions or areas subject to its jurisdiction, or to or for the benefit of a United States Person. For this purpose, the term "United States Person" shall mean any citizen, national or resident of the United States of America, partnership organized or existing in any state, territory or possession of the United States of America, a corporation organized under the laws of the United States or of any state, territory or possession thereof, or any estate or trust that is subject to United States Federal income tax regardless of the source of its income.

Source of the figures: Unless otherwise stated, figures are prepared by LOIM.

Although certain information has been obtained from public sources believed to be reliable, without independent verification, we cannot guarantee its accuracy or the completeness of all information available from public sources.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by LOIM to buy, sell or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice.

No part of this material may be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorised agent of the recipient, without Lombard Odier Asset Management (Europe) Limited prior consent. ©2023 Lombard Odier IM. All rights reserved.