New study: Plant-based meat market will see significant growth if prices are on par with animal meat

 

According to a report released by Kearney Consulting, plant-based meat could gain significant industry growth if it can match the price of conventional meat. According to the report's authors, widespread consumer adoption of plant-based meat products depends on three issues: taste, mindset, and price. While price remains a stumbling block right now, Kearney's report claims that this problem will be resolved soon. Their analysis shows that for every 1 percent drop in plant-based meat prices, market share increases by 3 percent.

Industry observations show that price parity between plant meat and traditional animal meat is not an unattainable dream. For many big brands of plant-based meat, the cost of expansion is close to a return, and brand loyalty has made plant-based meat gain enough demand, and the cost of plant-based meat has begun to decrease. In contrast to traditional animal meat, the increase in its cost has also pushed the trend of plant-based meat and its price parity on the other hand, especially when plant-based alternatives are largely immune to inflation.


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