FT News Briefing Has plant-based meat peaked?
Feb 2, 2022
Recent developments reveal Alphabet's significant stock split and a nationwide silent strike in Myanmar against military rule. Experts discuss the surprising slowdown in plant-based meat sales, exploring shifting consumer tastes and challenges within the industry. As larger corporations strive to breathe new life into the market, optimism lingers about the future of plant-based alternatives. The podcast also lightens up with a whimsical conclusion to a cake rivalry, providing a sweet contrast to serious business discussions.
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Pandemic Buying
- Plant-based meat sales surged during the early pandemic as people stocked up on shelf-stable foods.
- This initial boom was driven by panic-buying rather than sustained consumer interest in alternatives.
Sales Decline
- Plant-based meat sales have declined due to taste and unfamiliarity with ingredients.
- Consumers are often put off by complex ingredient lists with unfamiliar names like methyl cellulose.
Nestle's Innovations
- Nestle is investing heavily in R&D, experimenting with plant-based alternatives like smoked salmon from algae and ham from peas.
- While still experimental, these developments showcase the ongoing innovation in the plant-based food sector.