Tesco has confirmed it will not meet its goal of tripling sales of plant-based meat products by the end of 2025. The supermarket had originally set the 300% growth target in 2020, using 2018 as the baseline, as part of its wider sustainability agenda.
Sales of plant-based meat initially rose sharply, with figures showing a 130% increase by the end of 2021. However, growth has since slowed significantly. By 2024, sales had increased by only 94% compared to 2018, falling short of projections.
This slowdown reflects a broader trend across the market. While consumer interest in plant-based diets persists, there has been a pivot toward less processed plant-based foods such as lentils, chickpeas, and tofu. Tesco reports that vegetable-centric dishes now comprise 40% of plant-based food sales.
Market challenges, such as concerns over product quality, pricing, and increasing cost-of-living pressures, have contributed to declining momentum in the meat-alternative segment.
Major players in the category are also feeling the effects. Quorn, owned by Monde Nissin, has faced multiple impairment charges and undertaken job cuts as part of its restructuring efforts. Beyond Meat has also scaled back expectations in the US market, reporting further sales declines and securing $100 million in fresh funding to support its cash flow.