The sales of plant-based meat and seafood fell for the second year in a row, declining to $8.1 billion in 2023, according to the Good Food Institute’s State of the Industry report.
Although awareness of and familiarity with plant-based food has skyrocketed over the past 10 years, the demand has leveled off or dropped in certain categories. For example, almost half of American households bought plant-based milk at least once last year, only 15% purchased plant-based meat or seafood.
“Consumers continue to see higher prices at the shelf, making the price gap between plant-based and their conventional counterparts a relevant challenge to plant-based brands hoping to reach a broader swath of consumers,” according to report.
Quality has played a role in the decline, as well. However, companies made major investments into taste parity in 2023, aiming to improve the taste and texture of their products. The GFI recommended continuing that research, as well as taking measures to bring down prices, in 2024.
