By Elaine Watson, AgFunder News
US retail sales of plant-based meat alternatives have continued to decline, falling 12.6% to $106.8 million in the five weeks ending July 2, 2023, with units down 19.8% year-over-year, according to new data from Circana (formerly IRI).*
For the year to July 2, 2023, sales fell 7.3% year-over-year to $1.1 billion, while units dropped 15.6%.
According to Anne-Marie Roerink, president at consultancy 210 Analytics: “Despite very low inflation and investment in promotions, volume sales have not been able to maintain the levels seen in the past two years.”
While sales are down across all temperature states, the biggest declines have been in the refrigerated meat case and produce department, where retailers have also been cutting their assortments, she noted. “At $34.4 million, sales levels in the five weeks ended July 2, 2023, have fallen below June 2022 levels by 21.9% and compared to June of 2021, sales were down 33.4%.”
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