The Catch-22 of plant-based pricing

Promoters of plant-based analogues struggle with the question: If the cost of growing soy, pea and other protein-rich crops is less than the cost of raising livestock, then why aren't plant-based analogues already priced at or below their conventional meat counterparts?

The reasons are complicated, and include, yes, more governments' subsidies for conventional animal agriculture than for the corresponding crops — but that's not the only reason.

This chart illustrates another factor: Plant-based…