Plant-Based Meat Will be Cheaper Than Animal Meat Sooner Than You Think
Plant-based or vegan meat is already taking the market away by storm and is selling like hotcakes. The unique flavours of plant-based meat are truly amazing. However, the price factor is one of the many reasons the plant based meat industry is progressing slower than it should, despite the fantastic taste and product authenticity. So, to compete with the animal meat industry, vegan meat products are on their way to becoming cheaper.
Various plant-based meat brands are trying their best to establish a concrete base for reasonable parity in the price of animal meat products and vegan meat products. However, it is difficult for the plant-based meat industry to dive into the mainstream consumer lane until this price equilibrium is reached.
Why is there a Price Gap?
One of the main reasons the animal meat industry can deliver products at low prices is its century-long history. Men have been slaughtering animals for food since time immemorial, and the processed meat industry is over centuries old. So it has had enough time to devise and figure out cost-effective methodologies that allow the delivery of products at a low rate. But on the other hand, the vegan meat industry is relatively novice. Despite having given birth to the best alternative to animal meat, the industry needs a bit more time to figure out cost-effective production and supply processes.
In today's scenario, plant-based meat costs almost twice as much as animal meat. But the price of red meat has also gone up steadily in the past months. Hence it has become easier for the vegan meat industry to bridge the gap.
Plant-Based Meat Soon to Reach the Price Equilibrium
With the rising demand for vegan meat in the market, it is becoming easier to price down the vegan meat products. Many international brands like "Impossible Foods" are bringing down the prices of their vegan meat products. The deflation in retail prices is driving a more significant number of customers towards the product, and the companies are still making a profit because of the high sales quantity.
Taste and price can be ranked as the two primary factors that will draw a consumer towards any edible. Plant-based meat is an exclusively unique concept, and people are already drawn to it. But the high price is often the restraint on their purchase. To achieve widespread acceptance and encounter a rise in demand globally, the process of making vegan meat has to be cut down. With advanced research in food technology backing vegan meat, many new procedures and techniques have emerged that can help to steadily decelerate the price of vegan meat.
Vegan meat can compete with animal meat with sustainable and effective use of food technology and marketing strategies.
One of the best-known global non-profit organisations, Good Food Institute (GFI), predicts that by 2023 vegan meat will become cheaper than actual animal meat. However, if that happens, you can look forward to coupling your hot coffee with your favourite green pea patties.
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