A study finds among the top 10 meat substitute brands, Beyond Meat has seen the fastest growth. … [+]
While the sizzle over its stock may have cooled somewhat amid growing competition, Beyond Meat, which went public last year, still looks to be the biggest beneficiary in the meat-substitutes section of the growing plant-based movement.
Beyond Meat’s retail sales to consumers more than doubled, or 135% to be more specific, in the 52 weeks through early October, the fastest growing among the top 10 plant-based meat-substitute labels, market research firm IRI said in a report Friday.
With that gain, Beyond Meat held 10% share of the market, ranking it No. 3, behind industry leader MorningStar Farms, owned by cereal maker Kellogg, and Conagra’s Gardein, according to IRI, which tracks actual retail sales.
MorningStar’s sales rose 3.8% to take nearly 41% of the market while Gardein’s fell 4% to 14% of the market during the same period, the data shows.
Impossible Foods, maker of Impossible Burger that has gotten as much publicity buzz as Beyond Meat, didn’t rank in IRI’s top 10 list—which also includes Quorn and Field Roast. While meat sales have grown 2.5% since 2018, plant-based substitutes have seen a faster growth rate of 10%.
Meat substitutes are seeing healthy growth against increased consumer demand for plant-based products, be it for health or environmental reasons. IRI data showed almost all plant-based categories posted gains, including plant-based milk, yogurt, whipped cream and ice cream.
The trend also continues to pressure many traditional food and beverage giants and increasingly steered where investment is made. Top U.S. milk producers Dean Foods and Borden Dairy, for instance, have filed for bankruptcy protection recently as demand for diary milk has declined.
On the other hand, don’t expect the plant-based fervor to stop any time soon.
Burger King this week added Impossible Whopper as an option to its 2 for $6 deals, in a bid to make it more appetitzing. Gathered Foods, which makes Good Catch plant-based seafood, this week added packaged-food giant General Mills as an investor in its funding round.
Dunkin’ said in October it’s rolling out nationwide the Beyond Sausage Sandwich as the item, which it first introduced exclusively in Manhattan in July, has become one of its top-selling sandwiches.
U.S. retail sales of plant-based foods have grown 11% in the past year to $4.5 billion, more than five times the 2% growth rate the retail food market has seen, according to a July report by the Plant Based Foods Association and The Good Food Institute. Since April 2017, total plant-based food sales have increased 31% with unit sales rising 8.5%, in contrast to the flat rate for the broader market, the report says.
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