Skip to content
Search
AI Powered
Latest Stories

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

Plant-based meat alternatives market to touch '£1 billion by 2026'
iStock image
Getty Images/iStockphoto

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.

More for you

Sugro UK partners with Britvic to launch industry-first sample box

Sugro UK partners with Britvic to launch industry-first sample box

Leading wholesale buying and marketing group Sugro UK has collaborated with Britvic Soft Drinks, a global organisation with 39 much-loved brands sold in over 100 countries, to launch a groundbreaking Fast Food Sample Box.

The sample box is specifically designed for ICS UK LTD customers, giving them a unique opportunity to sample and experience new Fast Food soft drinks offerings firsthand.

Keep ReadingShow less
Plant-based ready meal

Plant-based ready meal brand on brink of collapse

British plant-based ready meal maker Allplants has filed a notice of intention to appoint administrators, citing ongoing financial losses, stated recent reports.

Allplants, known as the UK’s largest vegan ready meal brand, has faced mounting losses over recent years. Filing the notice provides the company with a critical window to explore options to avoid liquidation, such as restructuring, refinancing, or negotiating a sale.

Keep ReadingShow less
sottish retail-wholesale

Scottish retail-wholesale figure celebrated at University of Stirling graduation

Entrepreneur and businessperson Stanley Morrice, an influential figure in the retail and wholesale sectors, received an Honorary Doctorate from the University of Stirling at Stirling’s winter graduation held today (22).

Stanley, from Fraserburgh, is being recognised for his services to Scottish food, drink and agriculture. He entered the sector as a school leaver. In 1993, he joined Aberdeen-based convenience stores Aberness Foods, which traded as Mace. He rose to become Sales Director, boosting income by 50 per cent and tripling profits, and went on to be Managing Director, successfully leading the business through a strategic sale to supermarket group Somerfield.

Keep ReadingShow less
consumer cheer
iStock image
iStock image

Consumers cheer up as Budget nerves lift: GfK

British consumers have turned less pessimistic following the government's first budget and the US presidential election and they are showing more appetite for spending in the run-up to Christmas, according to a new survey.

The GfK Consumer Confidence Index, the longest-running measure of British consumer sentiment, rose to -18 in November, its highest since August and up from -21 in October which was its lowest since March.

Keep ReadingShow less
Retail Sales
Photo: iStock

Retail sales take bigger-than-expected hit in October

British retail sales fell by much more than expected in October, according to official data that added to other signs of a loss of momentum in the economy in the run-up to the first budget of prime minister Keir Starmer's new government.

The Office for National Statistics (ONS) said sales volumes have fallen by 0.7 per cent in October. A Reuters poll of economists had forecast a monthly fall of 0.3 per cent in sales volumes from September.

Keep ReadingShow less