Tracking the plant-based protein movement
From plant-based burgers to chick’n nuggets, companies have launched a variety of new products, made acquisitions and forged partnerships to be in the plant-based meat alternative space. According to the Good Food Institute, by the end of 2022 a total of $7.7 billion had been invested in companies dedicated to producing plant-based meat, eggs and dairy.
In 2022, plant-based meat had $1.37 billion in sales and made up 2.5% of all U.S. retail packaged meat sales, according to SPINS data released by the Good Food Institute and the Plant Based Foods Association. While the dollar figure was down a bit from 2021, unit sales fell about 8.2% when compared with the year before.
These sales numbers are not unexpected; many plant-based meat companies experienced sales, pricing and supply chain difficulties in 2022 and saw their growth stagnate. A September 2022 study from Deloitte found the number of consumers who sometimes bought plant-based meat — 47% of all consumers — decreased 3% in a year.
While some plant-based meat companies responded to this slowdown through layoffs, discontinued products and shutdowns, others are looking for areas where they can grow. According to the SPINS statistics, frozen plant-based meat now represents 63% of sales, as consumers look for more convenience. Some of the up-and-coming categories of plant-based meat — chicken, fish and shellfish — saw about 15% to 16% sales increases in 2022.
Click on company names, product types or business actions to learn more about products, investments, partnerships and controversies among plant-based and fermented meat companies. This tracker will be continually updated.