Plant-based meat alternatives, both refrigerated and frozen, have experienced robust growth throughout the pandemic. At the same time, it is important to keep in mind that both dollar and volume sales are a fraction of total frozen and fresh meat sales. Growth rates are truly just one part of a bigger story in the red-hot protein market during this unprecedented time. 210 Analytics and IRI partnered to understand the total effect for frozen and fresh meat alternatives in dollars and volume since the onset of COVID-19 related grocery shopping patterns in early March.
Plant-Based Meat Alternatives Dollar and Volume Sales Growth
Meat alternative (fresh plus frozen) sales have seen tremendous gains throughout since early March when coronavirus upended many grocery shopping patterns. Dollar and volume sales gains versus the same week in 2019 have been in the double-digits for 13 weeks running. Year-over-year sales gains peaked during the first of the two panic buying weeks with an increase of 152% versus the same week in 2019. Since, there have been small fluctuations, but sales gains tapering off since the middle of May. Volume sales have had a strong performance as well with gains peaking during the panic-buying weeks, at +135% versus the same week in 2019. Volume sales gains have trailed dollar gains since the onset of COVID-19. The gap was at its widest during the week ending May 17, at 15 percentage points and narrowed slightly Memorial Day week, at 13 points — signaling continued inflationary pressure