Plant-Based Meat Sales Take a Nosedive: A Fading Fad?

It wasn’t long ago when plant-based meat alternatives were all the rage, filling grocery shelves with promises of a greener, healthier future. Fast forward to 2024, and the market is showing signs of fatigue.

Sales of fresh meat alternatives plunged 21% year-over-year, with only 36.9 million pounds sold in the 52 weeks ending May 19. Frozen alternatives weren’t spared either, dropping nearly 12%.

The dairy aisle didn’t escape the downturn. Non-dairy milk, once touted as the savior for lactose-intolerant consumers, saw its dollar sales dip by 29% and volume shrink by 18%.

So, what’s behind this dramatic shift? Some say the plant-based industry is struggling to keep up with rising costs. When milk supplies dipped, plant-based dairy brands had to jack up prices, and the allure of alternatives started to fade.

The once-mighty plant-based trend, which burst onto the scene with the intensity of a summer storm, now finds itself weathering a market slowdown.

Could this be a foreshadowing of more trouble ahead? Only time will tell if this once-unstoppable movement can regain its momentum or continue to shrink like a forgotten fad.

For now, it seems the sizzling steak still reigns supreme in the hearts—and stomachs—of consumers.

Interested in the challenges facing plant-based alternatives? See how consumer preferences are changing in the meat industry on our homepage.