Three truths about the plant-based alternatives market

By 2029, the meat substitute market is expected to grow by more than 11% to $12 billion. And hardly a day goes by without the food industry coming up with a new animal-protein-free (plant based) alternative. However, the success of this market may not be quite what you think…

Plant-based alternatives are still far from winning overall consumers

Consumers born after World War II and up to 1965 — those typically referred to as “boomers” — are not the category most attracted to this type of food.

Gen Z, those born in the late 1990s, but also Millennials, consumers born between the early 1980s and mid-1990s, are the profiles most likely to buy plant-based proteins. That’s one of the key takeaways from a recent FMI – Food Industry Association report compiled in conjunction with the data firm NielsenIQ.

However, this does not mean that soy burgers and almond milk are now part of people’s regular buying habits, quite the contrary. Only half of the consumers questioned by this vast report — all categories included — said they were open to the taste experience of these new foods. In the end, those who eat them regularly represent only 12% of consumers.

Some 17% say they eat them occasionally.

Pea patties, oat milk and soy yoghurt don’t just appeal to vegans

While plant-based alternatives are the perfect allies for avoiding animal protein when following a vegan diet, these kinds of products are actually chosen primarily for health reasons. The majority of consumers — in the United States, at least — choose this type of food to maintain their nutritional well-being.

ALSO READ: Why eating less protein could be good for the environment

These plant-based alternatives are only associated with the vegetarian or vegan movements in a secondary sense. In fact, their consumption saw a boost at the time of the Covid-19 pandemic, when healthy eating became more prevalent, the report states.

Some 31% of consumers preferred to buy products with an increased focus on their overall health. Meanwhile, 27% of respondents decided to choose carefully what they bought to pay attention to their cardiac health, and 31% were looking for nutritious solutions rich in fibre. More surprisingly, the taste criterion outweighed all others, including health.

There’s more to plant-based foods than soy patties

Meat substitutes have made this particular food category more popular — and the worldwide success of products from giants like Impossible Foods and Beyond Meat has a lot to do with this. However, this is not the offer that appeals the most.

“More than 40% of shoppers at least occasionally eat a meat, dairy or seafood alternative, but dairy alternative sales are more than twice those of meat alternatives,” says Steve Markenson, director of research and insights for FMI.

“The plant-based foods most likely to be regularly consumed by shoppers are naturally plant-based — fruits and vegetables (75%) and beans, nuts, or grains (47%).”