Market research company gives insights into consumer’s perspectives on plant-based meat category

GLOBAL – In a Plant-Based Protein executive summary, Mintel has delineated that consumers have abandoned the plant-based meat category citing taste, nutrition and price concerns in the face of the current global economic pressure.

According to the report, the plant-based meat alternative (PBMA) market is facing headwinds as consumers shift to less expensive proteins in the current economic status highlighting that all might not be lost for the category.

In an onsite designed questionnaire of over 1,400 adults, Mintel found 48% of total consumers said taste and flavour were major concerns, 35% said meat was a better source of nutrition, and 34% said that they were too expensive.

Mintel found that rounding out the top five reasons, 24% of consumers also cited texture concerns, and 21% said that the products are too processed.

In a report, the market research company noted that the PBMA market might be able to turn around recent declines with new product launches, especially for frozen food and clean label innovation.

“PBMA sales have slid from their peak in 2020 as consumers abandon the category in favour of less expensive protein options. The category continues to struggle with negative perceptions even among those who follow a reduced meat diet,” Caleb Bryant, associate director of food and drink reports at Mintel shared.

“Yet silver linings still exist, the frozen PBMA category remains relatively resilient and new product innovation may expand the market by bringing PBMAs into new consumption occasions. Brands must address consumers’ concerns around product taste, nutrition, and price in order to achieve real market growth.”

However, budget-conscious consumers are also less likely to take risks in shopping. Only 20% of the consumers followed a reduced meat diet in 2023, with 53% of consumers claiming inflation makes them less likely to try new foods, such as plant-based options.

Mintel stated that combating the perception that these products are produced too could be one of the ways to engage 30% of flexitarians consumers who cite it as their reason for not purchasing PBMA products, again into the category.

When it comes to dietary preferences, consumers are less likely to say that they are flexitarians, vegetarians, or vegans, based on Kantar Profiles and Mintel data.

In 2023, 8% of consumers said they were flexitarians, 4% were vegetarians, and 2% were vegan, as opposed to 10%, 5% and 4% respectively in 2022. Additionally, consumers who stated that they ascribe to a reduced meat diet dropped to 18% in 2023 from 21% last year.

According to Circana InfoScan Reviews and Mintel data, PBMA total sales are estimated to be worth $1.46bn for 2023 and forecasted to reach $1.801bn in 2028, with a worst-case prediction of $995m and $2.6bn for a best-case prediction.

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