Plant-based meat is losing its sizzle, with falling US sales casting a shadow over expectations that the nascent category would take a chunk out of the real animal meat market.
In the four weeks to October 3, sales of plant-based meat alternatives fell 1.8 per cent compared to the year before, taking declines for 2021 to 0.6 per cent, according to the US retail data group SPINS.
A surge in plant-based meat sales at the start of the pandemic in 2020 set a high hurdle for growth this year, but demand was also affected by consumers eating at home less as restrictions were lifted, while supply chain problems made some products unavailable in stores, said SPINS. Elsewhere, a wave of new products was overwhelming consumers, it added.
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