The USA has been the leading hotbed of investment and innovation when it comes to Alternative Proteins, yet market share sits at only 1% according to 2023 data from Statista. This is not totally surprising as we hear of recent commercial challenges facing some of the market leaders (Impossible & Beyond) that are basically caused by low sales take up across the broader spectrum of consumers.
Our data in Australia also shows that “the honeymoon is over” and the traditional buying factors that drive sales such as price, teture, taste, quality and availability are now the real battleground versus traditional meat. The novelty factor has worn off. Curious consumers have now tried it and some have reverted back to previous shopping basket choices.
You will find more infographics at StatistaWhat we choose to eat is part of who we are, how we have grown up, what families choose to eat together and is naturally carried on over generations. So changing eating habits and menu choices in any population will alwyas be a slow burn. Patience and deep pockets are the name of the game.
The alternative protein manufacturers that we observe being the most successful are those with a clear, resourced strategy for both retail and foodservice and who recognise the specicf differenes and challenges of both markets.
Onwards!
