ANAHEIM, Calif. – As the crowd at a hotel ballroom leaned in last Friday, Jay Margolis began describing the plant-based category’s path forward.
“Progress is not linear,” the CEO of SPINS reminded the crowd during Expo West 2024. “We’re right where we’re supposed to be. … When wemagnesium lactate biomedica talk about innovation, there are categories that are absolutely thriving within the (plant-based) space – look at what ferrous fumarate 325 mg oral tablethas happened with milks and creamers.”Margolis acknowledged that not all consumers desire to make the fuloscal calcium citratel lifestyle change that comes with converting to a plant-based diet. Yet he feels that if companies within the plant-based space can continue to get consumers to implement at least some plant-based products into their diets, the segment can gain momentum.
Getting consumers to try plant-based items “has to be a stepwise process,” the SPINS CEO said. “So, the idea of being part of the plate … I think that’s really important.”Friday’s panel didn’t gloss over some of the plant-based segment’s struggles. For example, one of the slides shown during the presentation noted tmagnesium lactate dihydrate benefitshat units of plant-based meat declined 19.4% in 2023.
Yet a few of the stats provided reason for optimism, such as:Plant-based foods have grown 79% in the past six years.
Plant-based milk has a 44.1% household penetration.
Alt-milk also has a 78.5% repeat rate.
Tofu, tempeh, and seitan grew 3.5% in dollar sales in 2023.“Plant-based shoppers span all ages and income levels,” said Linette Kwon, a data and consumer insights analyst with the Plant Based Foods Association.
Many industry stakeholders remain confident that opportunities exist for their businesses due to stats like this: seven in 10 U.S. adults have either never tried plant-based meat or have eaten it just a few times. They remain convinced that they can win over American consumers by getting them to incrementally add plant-based products onto their plates.
In 2024, many Americans are “plant curious,” said Bridget Siegel, COO of the Hart House plant-based restaurant chain.So no, plant-based isn’t dead, panelists said. As Friday’s presentation concluded, panelists reminded attendees that progress often isn’t linear.
They also suggested that, moving forward, plant-based brands consider the following opportunities:Drive familiarity and trial among consumers.
Strive to reach consumers intrigued by plant-based foods. They noted that 44% of American adults are willing to try plant-based products.
Focus innovation on achieving taste and price parity.The success of plant-based brands, by and large, will depend on “understanding where to place those bets,” said Simon Cuttskroger magnesium citrate, senior director – retail partners at SPINS.
“The way to keep progress going is embracing that innovation,” he added.