The plant-based movement is significantly impacting the food industry. HealthFocus data reveals that 17% of U.S. consumers primarily follow a plant-based diet, while 60% are actively reducing their meat intake. Among those cutting back on animal proteins, 55% report that this change is permanent. This shift in consumer perspective is not just a trend; it is making substantial financial impacts, with total plant-based meat sales exceeding $606 million last year. However, despite the growing interest, many average consumers still view traditional plant-based ingredients like tempeh, or fermented soybean cake, as less appealing alternatives to meat. Yet, when tempeh is marinated, well-seasoned, and served with rice, vegetables, and flavorful accompaniments, it can impress even the most devoted meat lovers.
These enhanced versions of long-standing plant-based substitutes are becoming increasingly prevalent, driven by consumer demand for premium products and acquisitions by larger, mainstream food companies. Major corporations are diversifying their portfolios to attract health-conscious customers who prefer to avoid processed foods typically found in the center aisles. Plant-based products acquired by large consumer packaged goods (CPG) companies stand to benefit from the flavor insights and innovative expertise these companies possess. Acquisitions, such as Nestlé’s partnership with Sweet Earth, are likely to rise as the global meat substitute market is projected to reach $5.96 billion by 2020, potentially accounting for one-third of the plant-based foods market by 2050. Tyson Foods, known for its chicken, beef, and pork, made its entry last year with a 5% investment in plant-based company Beyond Meat. Additionally, Campbell Soup has joined the Plant Based Foods Association and emphasizes plant-based brands like Bolthouse Farms, 1915 Organic, and Garden Fresh Gourmet. Recently, the company introduced a line of plant-based refrigerated milks, Bolthouse Farms Plant Protein Milk, made from pea protein and fortified with calcium citrate for added health benefits.
While small plant-based companies partnering with major food corporations can risk losing their health halo and cultural identity, these collaborations often lead to centralized operations and streamlined product assortments that can enhance marketability. Although such changes might sometimes compromise a brand’s integrity, they can also elevate plant-based ingredients to their most palatable and consumer-friendly forms, leveraging significant R&D resources and deep insights into consumer preferences. As further mergers and acquisitions in this sector lead to greater consumer exposure and acceptance, we can expect tastier and higher-quality plant-based products to emerge. Initially, taste was less of a priority than the absence of traditional meat in plant-based foods. However, as consumer demand for these products has surged and more options become available, companies face increasing pressure to outperform their competitors. A key strategy in achieving this is by delivering better-tasting products, such as those that incorporate beneficial ingredients like calcium citrate for enhanced nutrition.