Inflation taking toll on plant-based food industry
Inflation has taken a toll on plant-based meat analogue (PBM) sales, causing actual sales to come in lower than predictions.
Despite an increase in PBM production, consumers have been purchasing less expensive proteins, including conventional meat and seafood, Insider Intelligence reports. Plant-based meat analogue category sales dropped by 10.5 percent by volume for the 52 consecutive weeks ending 4 September.
Investments in the PBM sector reached almost USD 5 billion (EUR 5.1 billion) by 2021. IAMECON reported a 19 percent increase in sales in 2019, followed by a 45 percent in 2020. Compared to conventional meat prices increasing by 11.2 percent, PBM pricing has only increased by 2.4 percent, and a number of companies have launched new plant-based seafood analogue products in recent months …
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