Wendy Nicholson an analyst with City Group documented a 39.1 percent increase in sales of all vegetable-based meat substitutes during September compared to the corresponding month in 2019. In comparison, fresh meat sales increased by 10.9 percent.
Within the meat- substitute segment, Kellogg Morning Star Brand led with a 30.6 percent share of the market followed by Beyond Meat at 21.4 percent and Impossible Foods at 4.3 percent. Beyond Meat recorded a decline in successive monthly sales in the face of competition from other vegetable-based brands.
Nicholson noted "we view this favorable trend as consumers have both destocked their freezers from pre-COVID levels and continue to purchase at elevated rates even as fresh-meat sales have also continued to pick up".