Plant-Based Meat Sales See Decline as Consumer Preferences Shift

Recent data from Circana reveals a notable decline in U.S. retail sales of plant-based meat alternatives, particularly in the refrigerated segment.

In the year leading up to September 29, 2024, total sales of refrigerated and frozen plant-based meat fell by 9%, amounting to $1.1 billion, with overall volumes decreasing by 9.9%.

The decline was most pronounced in the refrigerated segment, which makes up 29% of the category. Sales in this segment dropped 22.8% year-over-year to $22.6 million.

Frozen plant-based meat alternatives, which represent 71% of the market, showed greater stability, with a modest 1.3% decline, totaling $54.3 million.

In contrast, traditional meat sales have risen during the same period. Refrigerated meat sales grew by 5.5%, while frozen meat sales increased by 8.3%, indicating a continued preference among consumers for conventional options.

The data reflects evolving consumer preferences, with traditional meat maintaining strong demand while the appeal of plant-based alternatives appears to be waning, particularly in the refrigerated segment.

This trend highlights potential challenges for the plant-based meat industry as it navigates shifting market dynamics.

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