According to a new report from CoBank’s Knowledge Exchange, the market for plant-based meat alternatives likely has reached a tipping point as the initial period of exceptional sales growth appears to be over. Although U.S. consumers remain interested in these products, higher price points and lingering negative perceptions surrounding taste, value and versatility have proven difficult for this category to overcome.
Sales of plant-based meat alternatives peaked in 2020 when consumers had more discretionary income and were in the wake of a pandemic-era food shortage. However, fewer than half of Americans who tried the products at the time repeated their purchase, per data from consumer research firm Mintel.
“Whatever their reason for purchase, plant-based offerings appear to have fallen short of consumers’ expectations in terms of either cost or performance,” said Billy Roberts, senior food and beverage economist for CoBank.
Source: kla.org
Photo Credit: istock-sandramatic
Categories: Kansas, General