Plant-based food is a hot market, but plant-based meat alternative is not, according to a recent study by Deloitte Insights. The researchers say there are many contributing factors, including supply chain problems and a tough comparison point from an impressive prior year. However, data from Deloitte’s Future of Fresh survey suggests three consumer-driven reasons for the current stagnation. The addressable market may be more limited than many thought. Dramatically improved taste in recent years unlocked new interest, but the portion of the population open to trying and repeat buying it may already have reached a saturation point. With inflation, fewer people are willing to pay a price premium. Willingness to pay a premium for plant-based alternative meat dropped nine percentage points from last year. Finally, some assumed benefits are being questioned by consumers. Even buyers of plant-based alternative meat are changing their views on some of its attributes. The biggest change is in health perceptions.
Report: Plant-Based Products Appeal Wearing Off