- Sales of plant-based meats are struggling as consumers turn to lower-cost and familiar proteins amid higher prices.
- Competition is growing for plant-based meats, both within its own category as well as from cell-cultivated and traditionally raised animal proteins. This competition is leading to below-target results for brands such as Beyond Meat, as well as some attrition among category participants.
- Category messaging has shifted from a “better for you” promise to more of an environmentally friendly assurance, both at retail and foodservice outlets.
- Negative consumer perceptions of plant-based meats persist, particularly in terms of affordability, flavor/mouthfeel and versatility.
- Interest in more flexitarian eating styles should benefit plant-based foods in general.