Despite Declines, Plant-Based Meat is Selling Better Than It Did Pre-Pandemic

Despite facing declines, plant-based meat products are still selling better than they were before the pandemic. While sales of vegan meat and seafood have fallen in recent years due to higher manufacturing costs and consumer concerns around ultra-processing, overall dollar sales have increased to $1.1 billion in 2023 from $856 million in 2019. Plant-based meats sell better in the frozen aisle compared to the refrigerated section, with brands like Beyond Meat and Meati experiencing growth.

However, plant-based meats still face challenges such as being more expensive than conventional meat and a shrinking market share. To increase consumer interest, companies are encouraged to focus on delivering quick and easy solutions with elevated experiences, offering price cuts, and bundling products with fresh produce. With the rise of carnivore diets and declining numbers of flexitarians, it is crucial for manufacturers to invest in innovation and define value for consumers through clean, quality products rooted in key consumer trends.