Shoppers remain interested in plant-based meat alternatives, but higher prices have led many potential return consumers to taper off their purchases.
Plant-based meats are often several dollars a pound higher than equivalent meat and poultry products.
Besides cost, lingering negative perceptions surrounding taste, value and versatility are also obstacles the category has yet to overcome.
According to a new report from CoBank, the market for plant-based meats has likely reached a tipping point as the initial period of exceptional sales growth appears to be over.
Plant-based meat sales peaked in 2020 when consumers had more discretionary income and were curious about broadening their food spend in the wake of pandemic-era food shortages.
But fewer than half of Americans who tried the products at the time repeated their purchase.
Sales of meat alternatives have fallen steadily since 2021 and more sharply over the last year.