The plant-based meat category is experiencing a newfound optimism regarding its future growth profile, with advancements in production techniques, quality, and appearance of products hitting the market. Despite progress, the category still faces criticisms, particularly in terms of price and taste. The challenge lies in achieving price parity with real meat and overcoming consumer adoption hurdles to scale and compete effectively.

Recent data from The Good Food Institute and ProVeg International suggests that prices for plant-based meat products are converging with animal meat in some European markets. However, the gap in government subsidies for animal meat suppliers remains a concern, artificially keeping animal-based products cheaper and hindering consumer adoption of healthier and more sustainable alternatives.

Market watchers are cautiously optimistic about the future of plant-based meat, citing advancements in technology and ingredients that could lower production costs and improve product quality. However, the category still faces challenges in taste, flavor, and texture that may deter consumers from making the switch from animal meat.

Companies like Planted and Meati Foods are leading the way in developing innovative plant-based meat alternatives. Planted’s use of bio-structured proteins and Meati’s mycelium-based products are touted for their taste, nutritional profile, and potential to undercut the cost of animal meat in the future.

To overcome the challenges of reformulation, price competitiveness, and taste, industry stakeholders, governments, and manufacturers need to work together to support innovation, incentivize sustainable practices, and create differentiated products that meet consumer demands for nutrition, taste, and sustainability. Earning consumer trust through superior products and ensuring repeat purchases is crucial for the long-term success of the plant-based meat category.

As consumer expectations evolve, the plant-based meat industry must focus on product improvements, price reductions, and meeting consumer expectations on taste and quality to reach its full potential. With a combination of innovation, collaboration, and consumer education, plant-based meat can emulate the success of other categories like plant-based milk and drinks and drive higher overall revenue in the future.