Plant-based meat's wild ride needs R+D, savvy to stabilize

Plant-based meat rocketed to the top of the zeitgeist in the early 2020s, but then enthusiasm, and investments, slumped. It still holds promise, however. Read on to learn how this market is staying innovative, winning consumers, merchandising for success and finally coming into its own.

After a few years of dramatic tumult, the plant-based meat industry is regrouping. The question for all stakeholders: What factors will pivot plant-based from pioneering to permanence?

From new fungi-based steaks to AI-powered tools tasked with discovering novel ingredient combinations, brands are advancing product development to win over key consumers, including skeptics and meat eaters. Likewise, strategic partnerships such as the one between Beyond Meat and Panda Express are beginning to steady what has been a volatile market since 2022.

At the same time, retailers are exploring how to merchandise a category that until fairly recently remained relatively small. A decade ago, options didn't veer far from frozen veggie burgers and OG offerings such as tofu and seitan. But now, shoppers can find alternative versions of everything from chicken nuggets to sushi to pepperoni throughout store aisles: freezer, refrigerator and pantry. And retailers are coming up with best practices for where alt-meat products belong within their grocery departments.

All of this is part of the industry's effort to woo consumers who not only are seeking lower prices, but also better flavors and textures, as well as increased convenience—vital factors before shoppers begin pivoting meaningfully to the category.

"Right now, price and taste are limiting meat eaters. Consumers say they would be more willing to buy plant-based meat if it tasted better, and was more affordable," says Emma Ignaszewski, senior director of industry intelligence for the Good Food Institute (GFI), a nonprofit that revolves around the alternative protein industry.

Companies in the space "know that's the goal—to improve flavor, bring down costs and also make plant-based convenient," says Julie Emmett, senior director of marketplace development for the Plant Based Foods Association (PBFA). "They've heard that feedback from consumers. They know it's a mandate."

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