Plant-based meat alternatives market to touch ‘£1 billion by 2026’

Plant-based meat alternatives market will touch nearly £1 billion by 2026, states a recent report by Pilgrim’s Food Masters.

As per a recent forecast by the owner of some of the UK’s best-loved brands including Richmond and Fridge Raiders, growth for the plant-based category, expecting it to be worth £998m by 2026 – a staggering 74 per cent increase over the next four years.   

Plant-based category is currently worth £572 million, says the report, adding that the market is currently driven by  flexitarians, amounting to 43.7 per cent of UK shoppers consider themselves to be following a flexitarian diet compared to 2 per cent following a vegan diet and 5.2 per cent a vegetarian diet.

 In the next two years even more consumers will opt to moderate their meat consumption, predicts the report.

“The plant-based category has been on an unbelievable growth trajectory over the last five years or so but it’s still a relatively small sector of overall FMCG sales. This means there is still vast headroom for further growth. Plant-based alternatives can no longer be an afterthought, so retailers need to ensure they are investing in a robust plant-based offering which stretches across different categories,” said Dawn Spencer, Marketing, Category, Innovation & Sustainability Director GB&I at Pilgrim’s Food Masters.

“As we look ahead to what’s in store for 2022, now is the perfect time for retailers to regroup and take stock of their plant-based offering to ensure they’re responding to what consumers really want. There are really clear areas within plant-based which are currently underserved by the products on the market which is something we’re excited to tackle as a business.”

Pilgrim’s Food Masters revealed three key growth areas for the plant-based category:

• Currently only 14% of parents believe plant-based foods are suitable for younger children, with health and taste concerns being two key barriers. Retailers can appeal to families by highlighting the health credentials of plant-based alternatives, especially given health is the number driver for choice when it comes to the plant-based category.
• Robust meat-free snacking portfolio will allow retailers to offer more diverse, healthier snacking options and stretch the plant-based category further.
• Plant-based innovation needs to taste just as good as its meat counterpart in order to cater to all meat occasions. The alternatives that truly look and taste like their meat counterparts will be key to further growth of the plant-based category.