Plant-based meat replacements are growing in popularity, and investors are sinking their teeth into their market potential. With consumers hungry for better-for-you meat alternatives that address their moral concerns about animal welfare and the environmental impact of meat consumption, it’s no wonder that plant-based protein has become fertile ground for capital funding.
Restaurant sales figures for Q1 served up a mere morsel of success, whetting operators' appetites for more as industry same-store sales inched up 1.9%—a 0.5% increase over the fourth quarter of last year.1
Millennials continue to flex their muscle in the foodservice marketplace. The prevalence of flexitarianism—the trend toward consuming less meat and diversifying food intake with more meat alternatives—is a case in point.
More mouths to feed, different foodservice needs. While millennials may seem renowned primarily as a coveted youth demographic, the fact is they’re maturing—and their foodservice needs are evolving.
Bakery products continue to make a lot of bread for retailers and foodservice operators who rely on them to help feed the bottom line. In fact, bakery products compose 2.1% of the U.S. gross domestic product—about $311 billion in total economic output.1