The trend: The plant-based meat industry’s customer base is rapidly expanding beyond vegans and vegetarians.
More on this: US consumers spent $7.4 billion on plant-based food in 2021, which is a 6% increase year-over-year and a 54% increase over the last three years, per a study from Good Food Institute (GFI) and the Plant Based Foods Association.
A piece of the pie: There’s no shortage of innovation or interest in the space.
Paths to growth: Rising inflation is driving up the price of meat, poultry, and fish. The situation has driven 38% of US adults to cut back spending on animal-based protein and presented plant-based foods with an opportunity.
The big takeaway: There’s a clear opportunity for plant-based protein to solidify its place in consumers’ shopping carts. But there’s still plenty of work to be done before its market share sees significant growth.
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