How can plant-based protein overcome sliding sales, better meet consumer demand?

In the four weeks ending Aug. 28, dollars sales of fresh and frozen plant-based meat alternatives dipped 0.9% to $92m, unit sales fell 7.2% to 17m and volume sales measured in pounds fell 4.2% to 12m compared with the same period last year. And while unit and volume have fallen consistently each month this year, this is only the second time that sales have dropped in the same period with the other occurring in May.

The downward decline is uneven across plant-based meat, mainly concentrated in refrigerated products, for which volume sales fell 16.7% in August and 10% over the past year and dollar sales fell 16.2% for the month and 9.5% in the year. The drop in August sales came even with a 0.6% lift in price per pound and a 0.1% increase in price per unit.

And yet, Fazeela Abdul Rashid, a partner at the venture capital fund Revolution Growth, says she still sees great promise in the plant-based meat segment, which she described as still being in early days.

In this episode of FoodNavigator-USA’s Soup-To-Nuts Podcast​, Abdul Rashid shares where she sees the most potential for alternative proteins and how the industry must evolve to seize those opportunities and overcome the current challenges that are contributing to its backwards slide. She also shares tips for creating a sustainable business model to deliver on the multifaceted needs of consumers, the planet and investors even in a period of economic uncertainty and constant flux.

[Editor’s note: Never miss an episode of FoodNavigator-USA’s Soup-To-Nuts podcast – subscribe​ today.]

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