Many companies, including the plant-based food and beverage industry, are being forced to adapt during the pandemic and change the way they do business. Innovative distribution channels are being forged to meet the challenges of the current business climate.
Welcome to Talking Plant Protein. I am Nicole Astra and this is Industry News.
Consumer response to the pandemic continues to affect the plant-based market, with a decline in restaurant sales topping industry concerns. Alternative protein companies are turning to new and innovative ways to get in front of consumers.
New distribution channels are designed to appeal to younger consumers who generally prefer to shop online. Companies are focusing on direct-to-consumer options through digital distribution channels such as e-commerce stores, and both app-enabled and autonomous deliveries. Impossible Foods, a leading plant-based protein company and Exponential Foods, a company that makes Mexican-style plant-based meats started allowing consumers to buy protein-alternative products directly.
For those who prefer to shop in person, low-to-no contact distribution channels are also being forged. Café kiosks, meal kits, local delivery, grab-and-go, and ghost kitchens have become increasingly more popular.
An Exclusive Report by MarketsandMarkets projects the plant-based protein market to be worth $15.6 billion by 2026. It will be increasingly harder to predict consumer behavior going forward but we expect to see more hybrid models of traditional retail and e-commerce, in addition to “on the menu” options.
I’m Nicole Astra and that’s your Industry News.