Once-Hot Fake Meat Sees Sales Slide On Price And Being Too ‘Woke’.
Deloitte reports deteriorating perceptions regarding plant-based meat.
Just a few years ago, with a blockbuster initial public offering from Beyond Meat Inc. and the unveiling of an Impossible Whopper at Burger King locations nationwide, plant-based meats were ascendant.
By Martine Paris & Deena Shanker (https://www.bloomberg.com)
*Link to full article: https://www.bloomberg.com/news/articles/2022-09-26/vegan-meat-sales-fall-with-high-prices-wokeness-turning-off-shoppers
Now, after once enjoying double-digit growth, sales are not just flat but declining, due to possible saturation of the US market, according to Deloitte Consulting LLP.
Sales of refrigerated meat alternatives at retailers are down 10.5% by volume for the 52-weeks ending September 4, 2022, according to data from Information Resources Inc., or IRI. While higher prices are the top reason for the slide, it’s not the only one, according to Jonna Parker, a fresh food specialist at the market research company.
“Proteins that were cheaper on a price-per-pound basis did fare better,” Parker said, noting that semi-vegetarian shoppers that may have opted for an alt-product will now just go for the less-expensive real thing. With inflation, consumers have become less willing to pay a premium for faux meat. Taste and health concerns are also playing a role, she said.
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*Direct link to video: https://youtu.be/DhdSQGUNCbc
