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Plant-based meat alternatives struggle to maintain early momentum

High price points and other lingering obstacles trigger sharp decline in sales

August 15, 2023

U.S. consumers remain interested in plant-based meat alternatives, but higher prices have led many prospective return consumers to taper off their purchases. The price of plant-based meats is often several dollars a pound higher than for equivalent meat and poultry products. Beyond 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’s Knowledge Exchange, the market for plant-based meats has likely reached a tipping point as the initial period of exceptional sales growth appears to be over. Billy Roberts, senior food and beverage economist for CoBank, joins us with the details.

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