Consumers aren't adopting plant-based meat as rapidly as industry experts expected — and there are a few reasons why. A look at the data.
Though demand for plant-based meat products has cooled throughout 2022, the sector experienced massive growth throughout 2020 and into 2021, powered by a 43% increase in households that bought alt-meat products. Why, then, was 2022 so frosty? According to the IRI data — analyzed by global consulting firm Kearney — displayed here, consumers indicate that taste and price are still major barriers.
Data from both UBS Evidence Lab and Mintel support these two main concerns: The former shows that…
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