Over the past three years, the plant-based meat industry has undergone a major change reversal in vibe. Sales boomed in the early months of the pandemic as slaughterhouse closures were disrupted conventional meat supply chain and shoppers started trying burgers, hot dogs and Seafood instead of. From 2018 to 2021, total plant-based food sales in the US increased from $4.8 billion to $7.4 billion, with most of that growth driven by plant-based meat in particular.
But one new report on sales of vegan meat, dairy and seafood suggests enthusiasm for plant-based products may be slowing. An annual report from the Good Food Institute, an alternative protein nonprofit, shows that sales of plant-based meat and seafood in the US have dropped 13% over the past two years. As prices for meat alternatives increased, this saw unit sales decline more over the same time period—they fell 26% between 2021 and 2023.
A major challenge in the US is the price of plant-based alternatives. In the US, plant-based meats are on average 77% more expensive than comparable meats, and for inexpensive meats like chicken, that premium increases to more than 150%. Another problem has dogged the industry for years: Shoppers Still see lackluster plant-based products compared to animal-based alternatives. “Many consumers signaled that the products still did not meet their expectations in terms of taste, texture and affordability,” the report's authors wrote.
While there has been a lot of excitement around meat alternatives, plant-based milk is by far the best seller when it comes to plant-based foods. Dairy milk alternatives like soy, oat, and almond make up nearly 15% of total dairy sales in the US, while their share of plant-based meat and seafood in the market is around 1%. . Plant-based milk alone accounts for nearly a third of the entire plant-based food category in the United States, as defined by the Good Food Institute.
If you add up all the other neighboring sectors, including plant-based butter, cream, yogurt and cheese, U.S. sales of plant-based milk alternatives account for nearly $5 billion in 2023. Dollar sales of plant-based milk increased 9% through 2021–23, although sales fell 10% over the same period. According to the Good Food Institute, total revenue in the plant-based sector is $8.1 billion.
Fans of plant-based meat point out that people swapping beef burgers for plant-based patties would significantly reduce the carbon footprint of our diets. Animal protein is the main source of emissions from food, with beef, lamb and milk contributing the highest emissions each year. kg of product. But with plant origin Meat sales stagnatedIt remains unclear whether the industry will have the impact on carbon emissions that many hope.
Famous brands in this field are trying to get out of the quagmire. Earlier this year, Impossible Foods relaunched a series of alternatives with a new, meatier style aimed at luring “meat lovers” to the plant-based trend. In February, Beyond Meat launched a fourth-generation version of its burgers and ground beef, call them “our best, tastiest product.”
Concerns increased about the so-called ultra-processed foods has also created difficulties for the plant-based meat industry, as extensive processing is often required to create the product. In response, Beyond's new burgers have less salt and saturated fat than the previous generation, as well as a “simplified ingredient list,” while many other plant-based companies are emphasizing to their “clean label” information.
Whether this plant-based shift is successful or not, there are plenty at stake when it comes to the impact of our diets on the climate. For now, it seems like the plant-based revolution — at least in America — is starting much slower than expected.
