Dive overview:
- Plant-based proteins are making a comeback in the U.S. food service sector. According to a new report from the Good Food Institute.
- Sale of plant-based meat sold to restaurants and reach other food service organizations U.S. retail sales in 2022 will rise 7.8% year-on-year to $730 million, while U.S. retail sales of plant-based meats, still the largest category, were flat last year at $1.4 billion.
- Meanwhile, restaurants like Burger King, Chipotle, KFC, and McDonald’s have all incorporated popular plant-based offerings into their menus, but haven’t done particularly well. For example, McDonald’s removed “McPlant” from all U.S. menus last August, but the restaurant industry remains a lucrative opportunity for companies in the sector.
Dive Insight:
Nearly 10% of U.S. consumers will purchase plant-based meat alternatives at restaurants in 2022, with the majority making just one purchase. said the report. The plant-based sector has an opportunity to expand in this sector if it can appeal to more consumers and gain loyalty.
Restaurants and other food service establishments are good places for plant-based companies to focus, the report found. The purchaser shall plant-based meat goes to the restaurant about 30 times a year and spends about $400 more than the average buyer.
Consumer attitudes in restaurants can also help establish brands Loyalty. Tastes and experiences are often enhanced in the food service industry, “allowing consumers to try new ingredients, taste new dishes and experience innovative food trends for the first time,” the report said.
According to the report, the foodservice sector could be an opportunity for plant-based companies to win loyal customers and boost sales, with expansion and improvement in variety, functionality, taste and price being the mainstream adoption. play an important role in accelerating
Plant-related retail sales continue to declineInflationary pressures are affecting how consumers shop, declining sales are forcing companies to cut targets, and innovation is leading to factory closures and layoffs. Impossible Foods, Beyond Meat, and Green Leaf Foods, which is owned by Maple Leaf Foods, have all announced job cuts for 2022 and 2023.
That said, inflation is pushing grocery shoppers more to look for deals on grocery store shelves. The plant-based market in the food service industry may speak to a different type of consumer. Not only do plant-based eaters eat out more often, according to the reportBut while doing so, you also increase your spending.
