Stat: Demand for plant-based meat alternatives is dropping

Global – Once one of the fastest growing food categories, the plant-based meat market is faltering, according to recent data from global market research company Information Resources Inc (IRI).

Inflation is one of the factors responsible for the slowdown, with tighter budgets pushing flexitarian consumers to opt for low-cost meat rather than pricier plant-based alternatives. But the decline in appeal is not just due to the price; the market’s perceived woke positioning is keeping some vegetarian-curious consumers at bay.

In response, some plant-based meat companies are reworking their communication and branding strategies. One is Impossible Foods, whose CEO Peter McGuiness told Bloomberg: ‘The category in and of itself has done a pretty lousy job of communicating it, and we haven’t done a great job either.’

Despite the slowdown, the global market for meat alternatives is valued at £7bn ($7.9bn, €8.1bn) in 2022, according to Markets and Markets, and brands which focus on understanding local preferences will be more likely to resonate with consumers, as we suggested in our article on how plant-based meat is taking hold in LATAM.