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Producers of plant-based meat and seafood options proceed to battle to develop the market, in response to a brand new report from the Good Meals Institute, a nonprofit suppose tank and worldwide community of organizations concerned in various proteins.
The amount of US retail gross sales of all plant-based meals merchandise slipped 9 % final yr from the yr prior. The worth of these gross sales slipped 1.2 % to $8.1 billion (€7.6 billion) in 2023, in response to the report.
Many plant-based classes, the report discovered, noticed family penetration charges fall in 2023.
“Notably, plant-based meat and seafood family penetration fell from 19 % in 2022 to fifteen % in 2023, indicating a have to reengage customers, the report mentioned.
The report estimates international retail greenback gross sales of plant-based meat and seafood in 2023 hit $6.4 billion (€6 billion). Almost 85 % of these gross sales occurred in Europe and North America, the place gross sales reached $3.3 billion (€3 billion) and $2.1 billion (€1.9 billion), respectively.
Trying forward, the report paints an image of a market going through stagnant development due to client worth resistance and different elements.
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“Phrases resembling ‘shakeout,’ ‘normalization,’ and ‘stabilization’ have been ceaselessly used to explain the dynamics of the plant-based meat sector in 2023. The elements that formed the surroundings in 2023 are prone to prolong into 2024,” the report mentioned.
The downturn in gross sales was obvious in March US retail knowledge complied by market analysis group Circana.
Gross sales of frozen plant-based seafood merchandise have been down 12.5 % in March to $900,000 (€840,420). Gross sales quantity slid almost 9 %.
In 2023, US gross sales of frozen plant-based seafood fell 15 % from 2002 ranges.
As soon as seen as a doable risk — or alternative — by seafood corporations, the class’s lack of development has many questioning the power to plant-based seafood to draw mainstream customers.
In February, plant-based seafood producer New Wave Meals, which attracted funding from poultry large Tyson Meals and others, shut down.
A number of seafood corporations have produced plant-based seafood strains.
Most notably, three of the most important fish finger suppliers to the UK and EU market — Birds Eye and Iglo mother or father Nomad Meals, Germany-based Frosta and Younger’s Seafood mother or father Sofina — launched plant-based “fish finger options.”
Hen of the Sea Frozen Meals, owned by seafood conglomerate Thai Union Group, itself one of many world’s largest international shrimp suppliers, is partnering with the Ish Meals Firm, a Pennsylvania-based plant-based shrimp maker.
Bumble Bee, Southwind Meals and others have struck offers with plant-based seafood producers to distribute their merchandise alongside conventional seafood objects.
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