CONFUSION AND OPPORTUNITY FOR PLANT-BASED
FMI—The Food Industry Association recently released the Power of Plant-based Foods and Beverages 2022 report which is the first-ever comprehensive review of the plant-based topic broadly, addressing naturally plant-based foods such as fruits, vegetables, beans, and whole grains and alternatives to traditional animal-derived items.
The interest, popularity, and consumption of plant-based foods and beverages have accelerated in recent years. This can be attributed to several factors, including the increasing awareness of the health benefits of consuming plants, the rise in flexitarian diets, and the growing demand for sustainable and ethical food production. Whatever the reason, it’s become abundantly clear that consumers are interested in plant-based options.
“Plant Based” is a broad umbrella phrase that is confusing to most. To shed light on an important topic to shoppers, retailers, and brands, The Power of Plant-Based Foods and Beverages seeks to shine a light on the rapid evolution of all things plant-based.
As with all of FMI’s “Power of…” reports, The Power of Plant-Based Foods and Beverages is filled with solid research-based findings to help the retail industry better serve shoppers.
CONFUSION AND OPPORTUNITY FOR PLANT-BASED
Not surprisingly, the #1 takeaway from the report is that there is perplexity about plant-based. According to the report, “Shopper feedback indicates confusion about plant-based foods and beverages, demonstrating a lack of knowledge about key attributes and characteristics of these options.”
Despite the growing interest in plant-based foods, no one is 100% certain about what shoppers are looking for or how to focus on the best solutions. To help, The Power of Plant-Based Foods and Beverages report covers views on eating preferences, nutrition, health and well-being, sustainability, and several other topics.
SHOPPER INSIGHTS ON PLANT-BASED EATING AND BUYING
From a shopper perspective, here are a few key findings about the plant-based food and beverage category:
- Nearly half of shoppers buying plant-based foods and beverages live in households making over $100,000.
- Members of younger generations, particularly millennials, are more likely than Gen X and Boomer consumers to say they put more effort into selecting plant-based foods and beverages.
- More than 40% of shoppers at least occasionally eat a meat, dairy, or seafood alternative, but alternative dairy sales are more than twice those of meat alternatives.
- Consumers point to taste and nutrition as key reasons for trying meat, seafood, and dairy plant-based alternatives. Those who attempted animal product alternatives once or twice but did not continue said taste was the biggest reason.
- Shoppers’ outlooks indicate there may be a considerably higher consumption of plant-based foods and beverages in the future. Almost 50% expect to increase consumption, but repeat purchase behaviors of plant-based foods and beverages are lower than shoppers’ expectations for future consumption.
Plant-based eating is on the rise, and this market has significant potential for growth. Here’s how to access FMI’s The Power of Plant-Based Foods and Beverages.
