Plant-based solutions have been rapidly evolving over the past few years. Initially serving a niche vegan demographic, they now address a much larger market: flexitarian consumers. The first wave of solutions didn’t live up to the expectations of the mass market, but due to the fast-paced development of the industry, superior products are now available.
Competition is fierce, and consumer demands are ever increasing - for future industry winners, establishing a strong brand will not be sufficient. Investing heavily in R&D and manufacturing capabilities will be crucial in order to maintain a competitive edge and ensure reliable high-scale production capacity.
The considerable buzz around existing players might give the sense that the field is already crowded, but total global market size is still relatively small. The ultimate potential of the category is immense: from harnessing as-yet-untapped high-potential crops and producing ingredients with better functional qualities to developing game-changing products that are tastier and healthier. The next wave of plant-based meat and dairy will enable new and existing players to create and capture a significant market share.
Go-to-market strategy for plant-based meat
client: TOP 10 GLOBAL FMCG
Our client asked us to assess the plant-based meat industry in 3 different countries across Europe and Asia.