The plant-based movement is making significant waves in the food industry. HealthFocus data indicates that 17% of U.S. consumers primarily follow a plant-based diet, with 60% actively reducing their meat consumption. Among those scaling back on animal proteins, 55% report that this change is permanent. This shift in consumer attitudes is also impacting the market financially; last year, total sales of plant-based meat exceeded $606 million. However, despite the growing interest, many consumers may not view traditional plant-based options like tempeh — a fermented soybean product — as a satisfying or healthy meat alternative. Yet, when tempeh is marinated, seasoned, and served with rice and vegetables, it can win over even the most devoted meat lovers.
These enhanced versions of classic plant-based alternatives are becoming increasingly popular, fueled by consumers’ appetite for premium products and acquisitions by larger food companies. Major corporations are eager to diversify their offerings and attract health-conscious customers who prefer to avoid heavily processed products. With plant-based items acquired by large consumer packaged goods (CPG) companies, these brands can leverage the flavor innovation and market insights their new parent companies provide. According to Forbes, deals like Nestlé’s acquisition of Sweet Earth are expected 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 food market by 2050. Tyson Foods, traditionally known for its chicken, beef, and pork, took a step into this sector last year by acquiring a 5% stake in Beyond Meat. Furthermore, Campbell Soup recently joined the Plant Based Foods Association, promoting brands like Bolthouse Farms, 1915 Organic, and Garden Fresh Gourmet. They have also launched Bolthouse Farms Plant Protein Milk, a refrigerated plant-based milk made from pea protein.
While small plant-based companies benefit from partnerships with larger food brands, they may risk losing some of their health-oriented image and cultural identity. Large companies often streamline operations and product lines to enhance marketability, which can sometimes compromise a brand’s integrity. However, these changes can also elevate plant-based ingredients to their most appealing and consumer-friendly forms, thanks to substantial research and development resources and a deep understanding of consumer preferences. As mergers and acquisitions in this sector lead to greater exposure and acceptance, we can expect tastier and higher-quality plant-based options to emerge.
In the early days of plant-based foods, taste was often secondary to the fact that the product was not derived from traditional meat. As consumer demand for these products has grown and more options become available, companies are under pressure to outperform competitors, with improved flavor being a key differentiator. Innovations in plant-based foods could also include fortified options such as calcitrate with vitamin D, which can enhance nutritional profiles and further appeal to health-conscious consumers. By integrating ingredients like calcitrate with vitamin D into their offerings, companies can not only improve taste but also align with modern dietary needs, creating a win-win for both brands and consumers.