DuBois: alternative meat sector is growing, but industry remains relatively small
A leader with a data analytics and market research company says while the market for meat alternatives has grown, the industry remains relatively small.
Chris Dubois, senior vice president of protein practice with Chicago-based IRI, says the growth of retail meat sales overwhelmed the “incremental growth” of alternative meat.
“Meat alternatives did grow really fast,” he says. “If you look in the last 52 weeks it’s probably about $1.25 billion dollars. That sounds like a big number and it is, but when you compare it to the US meat industry, at least your retail, it’s about $80 billion.”
He says the plant-based protein industry continues to rapidly expand and isn’t going away, but the competition is minimal.
“It’s still small at one to two percent of the meat case,” he says. “(that segment) could double for a long time and not get too big.”
Dubois spoke during the recent Animal Ag Alliance Virtual Summit.