plant-based meat

“Almost all of them are either soy protein-based or wheat protein-based, or a fair number in this sort of latest generation of products are pea protein-based, but that's just a small number of all plant proteins out there.”

“Right now in the U.S., which is where we have the best the best market share data, plant-based meats are at somewhere around 1.5% of the total meat market, but plant-based milks are closer to 16 or so percent of the total fluid milk market.”

“So the cost of plant-based meat products right now currently sits at usually anywhere from two to four X on a per pound basis relative to conventional meat.”

“I think it's quite likely that those processes could pretty significantly undercut the price of even plant-based meat.”

“And what's happened since then is about, I think, 33 consecutive months now of volume declines. The category was down three percent in twenty-twenty-one. It was down eight or nine percent in twenty-twenty-two, and then this year so far in twenty-twenty-three, …”

“If you look at the innovation in plant-based meat, look at the products that are out there. It's ground beef. It's sausage. It's meatballs. It's patties. It's all ground beef product, and a big part of the issue is you have technological constraints up to this…”

“We speak to investors, and we say, look, we're positive on the long-term growth of this plant-based category. We literally mean Generational. 20 years. This is not going to happen in, you know, a two or three, you know, year investment horizon for a lot of fol…”

“They were offered at fast food chains, companies went public, et cetera, and then the traditional curve bent downward, which is to say that sales have actually declined, and we're not nearly yet at the level of penetration where that's what you would expect.”

“Depending on the level of price promotion and discounting, I mean, you can see plant-based meat anywhere from a 20 to 30% price premium per pound over animal meat all the way up to over double the price.”

“Even in our consumer surveys, there's only about, you know, maybe 10% of consumers that say, you know, I, you know, I'm likely to purchase a plant-based meat product in a restaurant, you know, rather than an animal-based traditional, you know, beef, you know, …”

“When we talk to consumers in our consumer surveys, you know, about You know, call it 40% of consumers, you know, even in the higher income, so a hundred K annual income and higher even 40% of those consumers are looking for price parity with animal meat. And a…”

“There's about one third of consumers out there tell us they're not buying plant-based meat, They're not interested. There's about 20% of consumers that are not interested in plant-based beverages.”

“So our thought process is you'll probably see private label ramp over time to a high teens percent of the market, more or less where it is in plant-based beverages and the rest of the food industry.”

“Right now, household penetration for plant-based meat is about 20%. You look at where household penetration is for plant-based beverages, you know, plant milk, it's about over 40%. And in Europe, you know, plant-based beverages have a penetration of 50%.”

“What we hear from consumers is that about almost 60% of consumers who are buying plant-based meat are not substituting for beef. It's for a food other than beef, whether it's poultry, pork, seafood, eggs, non-meat, you know, pasta, pizza.”