Plant-based products started quickly in the grocery sector a few years ago. However, Supermarket News says that the market is beginning to settle and evolve. The plant-based meat sector, a hot topic a few years ago, is currently experiencing growing pains.
Fresh meat alternatives had volume sales of 36.9 million pounds for the 52 weeks ending on May 19. That’s 21 percent lower year-over-year. Volume sales for frozen alternatives totaled 90.1 million during the same period, down almost 12 percent year-over-year. Plant-based dairy is also going through a significant downcycle. Through May 19, non-dairy milk dollar sales were down 29 percent versus the same time in 2023, and volume was 18 percent lower.
A Chicago-based marketing firm that specializes in plant-based products says the overall plant-based industry has been struggling, but the dairy category is especially lagging. When milk supplies dropped, plant-based milks had to increase their prices to cover costs.
