PLANT BASED MEAT MARKET ANALYSIS

One of the key challenges facing by this market is the higher price point of plant-based meat products compared to traditional meat options such as chicken, pork, and beef. While plant-based meat brands have made progress in reducing production costs over the past few years, their products often remain 10-30% more expensive than conventional meat per pound. This price differential makes it difficult for plant-based meats to achieve price parity and gain widespread appeal among value-conscious omnivorous customers. The higher prices prohibit some customers from regularly incorporating plant-based options into their diets.

Market Opportunity: Expansion of product offerings to include more diverse plant-based options

One major opportunity for the growth of the meat market lies in the expansion of product offerings to include more diverse plant-based protein options. Currently, the market is dominated by beef and chicken alternatives, with brands mainly focusing on burger patties and strips or nuggets. However, to appeal to more customers and continued market expansion, plant-based meat companies must broaden their portfolio to mirror the variety of animal meats traditionally found in global diets. There is opportunity to develop plant-based versions of pork, seafood, lamb, and other regionally popular meats. Extending into new categories will introduce consumers to other vegetable-based options that may eventually replace or complement meat consumption.