Beef Industry ‘Nervous’ At Growth Of Plant-Based Proteins, Claims Think Tank

Across four key areas, beef companies are working to battle the growing plant-based market to protect their pockets...

 

by Emily Baker, Plant Based News

Oct 12, 2021

 

The beef industry is becoming increasingly desperate to clutch onto its market position amid the plant-based protein boom. But Faunalytics, a research company specializing in animal advocacy, has examined the industry’s marketing tactics and claims it’s ‘nervous’ of the growth of alternative proteins.

 

Beef industry

 

The think tank examined a 2021 report funded by the Beef Checkoff, a US marketing firm that works to promote animal agriculture. In the Impacts of New Plant-Based Protein Alternatives on US Beef Demand report, extensive strategies are outlined to maintain popularity amid increasing concerns about animal rights and the environment.

 

The report includes a survey on 3,000 US citizens with varying diets and a restaurant and grocery store experiment to assess consumer habits.

 

Faunalytics looked at the report with a view to ‘gain an advantage’ on what the plant-based industry can do in response.

 

What they found is that consumer demand for beef decreases more when prices go up, over when plant-based protein prices decrease.

 

Furthermore, in a grocery store experiment, consistent beef eaters were more willing to switch to other options if the beef was more expensive.

 

However, the average customer is more willing to pay a higher price for beef than its actual price. And, a lower price for plant-based proteins than their retail price.

 

Study takeaways

 

1. Consumers believe beef tastes better and is more ‘natural’ ...

 

2. Price is vital ...

 

3. Beef market share remains high despite growing alt protein ...

 

4. Partnerships with retailers are important ...

 

more, including links

https://plantbasednews.org/lifestyle/food/beef-industry-plant-based-protein/