The boom in plant-based meats might be over now that consumers are minding their pocketbooks more closely. Artificial means had been embraced by consumers who were not strict vegetarians but wanted to buy foods that were better for their health and the environment, until high inflation in the UK and USA has driven up prices discouraged consumers from buying the higher-priced foods.
New figures show that after climbing over the past two years in the UK, sales of plant-based meats had climbed just 2.5 percent in the 36 weeks to early September, as opposed to 40 percent in 2020 and 14 percent last year. In the US, meanwhile, the tougher economic backdrop has depressed a market that had started to struggle last year. Sales were down 0.4 percent in the 32 weeks to early August, after they fell 0.5 percent last year; sales had surged an amazing 46 percent in 2020.
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