Plant-based food is hot.1 Plant-based alternative meat (PBA meat)2 … not so much—at least right now. After years of double-digit growth, sales are now flat.3 What’s happening?
There are many contributing factors, including supply chain problems and a tough comparison point from an impressive prior year.4 However, data from Deloitte’s Future of Fresh survey5 suggests three consumer-driven reasons for the current stagnation:
To return to growth, PBA meat producers should explore ways to expand the addressable market, bring down relative costs, and create formulations that provide health benefits while maintaining taste. No easy task, but until then, a return to sustained double-digit growth could be hard to realize.
One thing that did grow rapidly over the past year is investments in plant-based protein from global venture capital and major consumer brands.11 Perhaps resulting innovations can help ease the way forward and bring the market to the next level.
Each year, Deloitte surveys 2,000 US consumers for their views and shopping behaviors regarding fresh and other food. For more details, read our latest report, Fresh food as medicine for the heartburn of high prices.