Plant-Based Meat Boomed. Here Comes the Bust
WiredOver the past three years, the plant-based meat industry has experienced a major reversal in vibes. Between 2018 and 2021, total sales of plant-based foods in the US grew from $4.8 billion to $7.4 billion, with much of that growth driven by plant-based meat in particular. An annual report from the Good Food Institute, an alternative protein nonprofit, found that dollar sales of plant-based meat and seafood in the US fell by 13 percent over the past two years. Dairy milk alternatives like soy, oat, and almond made up nearly 15 percent of total milk sales in the US, while the share of plant-based meat and seafood in their market is around 1 percent. In February, Beyond Meat launched the fourth-generation version of its burger and ground beef, calling them “our meatiest, juiciest products yet.” Rising concerns about so-called ultraprocessed food have also buffeted the plant-based meat industry, given the high amount of processing usually needed to make its products.