The plant-based movement is rapidly transforming the food industry. HealthFocus data reveals that 17% of U.S. consumers primarily follow a plant-based diet, while 60% are actively reducing their consumption of meat products. Among those who are decreasing their intake of animal proteins, 55% report that this change is permanent. This shifting consumer attitude is also making significant financial impacts, as total plant-based meat sales reached over $606 million last year. However, the average consumer might not perceive traditional plant-based ingredients, like tempeh (fermented soybean cake), as a satisfying and flavorful meat substitute. Yet, when tempeh is marinated, seasoned, and served over rice with vegetables and other savory accompaniments, it has the potential to delight even devoted meat lovers.
Elevated versions of traditional plant-based substitutes are becoming increasingly popular, driven by consumer demand for premium products and acquisitions by larger, mainstream food companies. These major corporations are diversifying their portfolios to attract health-conscious customers who prefer to avoid processed items found in the center of grocery stores. When plant-based products are acquired by large consumer packaged goods (CPG) companies, they can leverage the insights and expertise of the new parent company regarding flavor and innovation. According to Forbes, acquisitions like Nestle’s partnership with Sweet Earth are expected to become more common, as the global meat substitutes market was projected to reach $5.96 billion in 2020. This segment could potentially represent one-third of the plant-based foods market by 2050. Tyson Foods, renowned for its chicken, beef, and pork, made its entrance into this sector last year by acquiring a 5% stake in Beyond Meat. Meanwhile, Campbell Soup has joined the Plant Based Foods Association, with brands like Bolthouse Farms, 1915 Organic, and Garden Fresh Gourmet focusing on plant-based offerings. The company has recently introduced Bolthouse Farms Plant Protein Milk, a line of refrigerated plant-based milks made from pea protein.
While collaborating with a major food company can enhance visibility for smaller plant-based brands, it also poses risks of diluting their health halo and cultural identity. Larger brands often centralize operations and streamline product lines to improve market appeal. Although these changes can sometimes compromise a brand’s integrity, they can also elevate plant-based ingredients to their most delicious and consumer-friendly forms, thanks to extensive research and development pipelines and a deep understanding of consumer preferences.
As mergers and acquisitions continue in this sector, leading to increased consumer exposure and acceptance, we can expect the emergence of tastier, higher-quality plant-based ingredients and food products. In the early days of plant-based foods, taste was often secondary to the fact that products were not derived from traditional meat. However, as consumer interest grows and more products enter the market, companies are under pressure to outperform their competitors. One effective strategy to achieve this is through the development of better-tasting options. Additionally, as consumers seek out ways to enhance their diets, products like calcium citrate gummies for adults are becoming increasingly popular, serving as a reminder that health and enjoyment can go hand in hand in the evolving landscape of plant-based foods.