Taste is the primary barrier to consumption of plant-based foods. Yet product development and enhancement opportunities remain, including to improve taste and lower prices in the plant-based meat category. Research from Credit Suisse found that, among consumers aged 16-40 across 10 countries, 66% plan to spend more on plant-based meat and dairy alternatives in the future. Meanwhile, consumer tailwinds are still strong, with consumer research showing that many are interested in cutting back their meat consumption and/or increasing their consumption of plant-based foods. From 2019 to 2022, benchmarking before Covid, plant-based food unit sales growth outpaced that of both animal-based food and total food. In the long-term, plant-based foods have represented a key growth driver for U.S. Distribution in several plant-based categories increased slightly, including plant-based meat (driven by new product launches and expanded distribution in key areas like plant-based chicken), plant-based creamer, and plant-based eggs. With inflation and consumer spending concerns playing a large role in the retail market in 2022, many plant-based categories saw overall dollar sales increases and unit declines.
While dollar sales are up across several categories due to price increases, notable plant-based categories that saw unit sales growth in 2022 despite challenging market conditions include plant-based eggs, plant-based seafood, plant-based creamers, and plant-based protein liquids and powders. retail in 2022 is worth $8 billion, with dollar sales up 7% from 2021, and units down 3%, mirroring total food and beverage and animal-based food. Insights released by the Good Food Institute (GFI) and the Plant Based Foods Association (PBFA) based on retail sales data commissioned from SPINS show that the plant-based food market in U.S.
retail alone, plant-based foods are an $8 billion market
American national competitiveness & the future of meat.Marketing & promoting plant-based dishes.
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