Supermarket News: Plant-based meats lose their luster
The once widespread interest in plant-based meats is rapidly contracting.
More and more shoppers are becoming disenchanted with the products due to concerns about health, taste, and prices, which often are several dollars a pound higher than for equivalent animal-based meats, analysts say.
Plant-based meat sales peaked in the second quarter of 2021 as consumers were eager to try “the greatly hyped” offerings, but fewer than 50% purchased products a second time, said Anne-Marie Roerink, president of 210 Analytics LLC, a San Antonio-based market research and marketing strategies firm.
Volume sales for meat alternatives was down 19.6% for the 52 weeks ending May 21, 2023, with an average price per pound of $8.35, up 2.1% from the year-earlier period, reports Circana, a Chicago-based market research firm. Volume sales for frozen meat alternatives declined 7.5% at an average price of $7.69 a pound, a 10% increase over the year before.
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