Is the party over for meat alternatives? It’s just getting started, says ADM

 

By Elaine Watson, Food Navigator USA

17-Jun-2022

 

US retail sales of frozen meat alternatives were up a solid +10.1% to $76m in May 2022 vs May 2021, with volumes fairly flat at -0.8%; but sales of refrigerated meat alternatives continued their precipitous slide last month, with dollar sales slumping -16.1% to $41.8m and volumes down -18.1% YoY, according to IRI data* crunched by 210 Analytics. So is the party over for alt meat, at least in the fresh meat case, or are there grounds for optimism?

 

ADM - which supplies a wide range of ingredients used in meat alternatives, from plant-based proteins such as soy, pea, and wheat, to colors, flavors, oils and fats, starches, texturants, and beans and pulses – is feeling pretty bullish, says Allyson Fish, president, global plant and alternatives proteins.

 

“There is a lot of noise in the market right now and we're having to answer a lot of questions as these articles ​[querying the market potential of meat alternatives] keep coming in. And there are challenges the industry needs to address around taste, texture, and price,” ​Fish told FoodNavigator-USA.

 

That said, she added, “We're not really seeing any downturn in the market from where we're sitting. And we don't expect there to be a significant change in the trajectory or our expectation of growth in this industry in the next 10 years.”​

 

We’re seeing some changes in consumer buying behaviors, but we're not seeing an overall slowdown in the meat alternative space’​ ...

 

‘Asia Pacific is a huge opportunity’​ ...

 

 Whole muscle meat alternatives​ ...

 

‘We've been doing a lot of trials with the PowerHeater’​ ...

 

‘Plant-based has been too focused on burgers and sausages’​ ...

 

‘We see lots of different ways that we can participate in that [cell-cultured meat] space’​ ...

 

Chickpeas and sunflower… plant proteins to watch?​ ...

 

‘We do believe microbial fermentation is essential to part of the future of this space’​ ...

 

Meat alternatives by numbers ...

 

Price per pound, fresh alt-meat ($8.28/lb) vs fresh conventional ($4.31/lb)​ ...

 

more, including links  

https://www.foodnavigator-usa.com/Article/2022/06/17/Is-the-party-over-for-meat-alternatives-It-s-just-getting-started-says-ADM