A New Crop of Plant-Based Foods

Sales of alternative meats and poultry are projected to grow from $1.3 billion in 2020 to $2.0 billion by 2024, per a Packaged Facts report on alternative meat. Beef, followed by pork and chicken, will be the largest categories, enjoying yearly double-digit growth. Sales of alternative seafood will reach $62 million by 2024.
Plant-based dairy will grow from $4.3 billion to $5.2 billion by 2024, according to a Packaged Facts alternative dairy product report. Milk, followed by ice cream, yogurt, creamers, and cheese will be the largest categories; spreads, dips, sour cream, sauces, and cheese will have double-digit growth. Sales of egg alternatives will reach $50 million by 2024.
One-quarter of adults eat plant-based meat or poultry. Millennials, Gen Z, members of upper income households, urbanites, and those with kids at home are most likely to do so. Forty-two percent use plant-based milks; 9%, ice cream; 8%, creamers; 8%, yogurt; 7%, butter; and 5%, cheese. 

Green Goddess Dressing & Dip from Bolthouse Farms clearly communicates its plant-based formula. Photo courtesy of Bolthouse Farms

Plant-based product consumers are foodies, three-quarters enjoy cooking, and 69% regularly seek new products to try, per Packaged Facts. Ener-G’s Egg Replacer is well positioned for the half of plant-based product users who enjoy home baking.
Seven in 10 adults want more frozen meal options that contain fruits and/or vegetables; 58% want more plant-based carb/starch alternatives (e.g., riced cauliflower); 52% want more blended meat/vegetable items; and 51% seek more plant-based entrées, per AFFI.
Lunch, snacks (beyond chips), and desserts are untapped alternative opportunities. Think Gardein plant-based soups, Fresh Cravings nut-based dips in varieties like Kickin’ Queso, and Boomerang’s plant-based Australian meat pies.
Plant-based marketers need to close the nutrient parity gap, provide instructions and/or recipes for optimal preparation and cooking, and pursue cleaner labels.

​Market Movers
​• Plant-based ground veggie dinner mixes from Urban Accents come in Korean BBQ and Street Taco varieties.
• Haven’s Kitchen plant-based sauces include a Red Pepper Romesco variety.
•Danone’s Silk Ultra with 20 grams of complete plant protein is targeted for muscle performance, maintenance, and repair.