The plant-based movement is revolutionizing the food industry. According to HealthFocus data, 17% of consumers in the U.S. primarily follow a plant-based diet, while 60% are actively reducing their meat consumption. Among those cutting back on animal products, 55% indicate that this change is permanent. This shift in consumer attitudes is generating significant financial implications as well — last year, the total sales of plant-based meat exceeded $606 million. However, the average consumer may not view traditional plant-based ingredients, such as tempeh or fermented soybean cake, as appealing or healthy substitutes for meat. Yet, when tempeh is marinated, well-seasoned, and served with rice, vegetables, and other savory accompaniments, it can win over even the most devoted meat lovers.
These refined versions of long-standing plant-based alternatives are becoming increasingly common, driven by consumer demand for premium products and acquisitions by larger, mainstream food companies. Major corporations are eager to diversify their portfolios and attract health-conscious customers who are wary of processed items typically found in the center aisles of grocery stores. Plant-based products acquired by leading consumer packaged goods companies often gain from the flavor innovation and consumer insights that these larger entities possess. Acquisitions like Nestlé’s partnership with Sweet Earth are expected to grow more frequent, as Forbes notes that the global market for meat substitutes is projected to reach $5.96 billion by 2020. This segment could potentially account for one-third of the plant-based food market by 2050. Tyson Foods, known for its chicken, beef, and pork products, entered the plant-based arena last year with a 5% investment in Beyond Meat. Additionally, Campbell Soup recently became a member of the Plant Based Foods Association, with brands like Bolthouse Farms, 1915 Organic, and Garden Fresh Gourmet focusing on plant-based offerings. The company has also introduced a line of plant-based refrigerated milks, Bolthouse Farms Plant Protein Milk, made from pea protein.
However, smaller plant-based companies may face the risk of losing some of their health halo and cultural identity when collaborating with larger food corporations. These established brands often centralize operations and streamline product assortments to enhance marketability. While these changes can sometimes compromise the integrity of a brand, they also have the potential to elevate plant-based ingredients into their tastiest and most consumer-friendly forms, thanks to robust research and development pipelines and a comprehensive understanding of consumer preferences. As mergers and acquisitions in this sector increase consumer awareness and acceptance, we can anticipate the emergence of tastier and higher-quality plant-based foods. In the early days of plant-based products, taste was often secondary to the fact that the items were not derived from traditional meat sources. However, as consumer demand has surged and more options have become available, companies are under pressure to outperform competitors — and one effective strategy for achieving this is by offering better-tasting products that may also incorporate essential nutrients, such as those found in calcium citrate acid.