The Ledger
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Nearly 60% of plant-based meat buyers are not substituting it for beef.
“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.”
Plant-based meat retail volume has suffered 33 consecutive months of declines.
“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, …”
Beyond Meat's fast-food pilots failed to stick, unlike Impossible at Burger King.
“I think Impossible has made some of the, you know, the stickiest gains, you know, with Burger King there. You know, I think Beyond Meat's been, it's been more disappointing, you know, in the sense that there were a couple of trials with you know, A&W up in Can…”
Frozen plant-based meat is currently outperforming fresh refrigerated products in retail.
“But what's interesting is if you look at frozen versus fresh, you've actually seen The frozen part of the category outperforming the refrigerated fresh part of the category.”
Plant-based meat household penetration is 20%, compared to 40% for plant milks.
“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%.”
Impossible Foods captured 11% of the retail plant-based meat market by 2023.
“I mean, you've seen impossible go from not even in the retail market, you know, three, four years ago to about a, you know, 10 or 11% share of the market right now.”
Morningstar Farms lost 10% market share as Impossible Foods entered retail.
“The bulk of that share has come at the expense of Morningstar, which is owned by Kellogg. You've seen Morningstar's share go from, you know, 30% leading the category to about 20% now.”