Plant-Based “Meat” Growing Pains
Plant-based products started quickly in the grocery sector a few years ago. However, Supermarket News says that the market is beginning to settle and evolve. In other words, the plant-based meat sector, a hot topic a few years ago, is currently experiencing growing pains.Fresh meat alternatives had volume sales of 36.9 million pounds for the 52 weeks ending on May 19. That’s 21 percent lower year-over-year. Volume sales for frozen alternatives totaled 90.1 million during the same period, down almost 12 percent year-over-year.
Plant-based dairy is also going through a significant downcycle. Through May 19, non-dairy milk dollar sales were down 29 percent versus the same time in 2023, and volume was 18 percent lower. A Chicago-based marketing firm that specializes in plant-based products says the overall plant-based industry has been struggling, but the dairy category is especially lagging. The add that when milk supplies dropped, plant-based milks had to increase their prices to cover costs.