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“There's not a lot of vegans, I would assume, that are going to Burger King or Dunkin' Donuts to get their breakfast or lunch,” Rosecliff Ventures founder Mike Murphy said on FOX Business’ “Cavuto: Coast to Coast” on Monday. “So I think what they're trying to do is tap into a whole different demographic, a whole different type of consumer. And, so far, it's working.”
The NPD Group noted that when it comes to plant-based foods, consumers – even if they haven’t cut out meat completely – want options.
NPD food and beverage industry analyst Darren Seifer said flavor profile and texture are key, and now that these products have been developed enough, “consumers now have substitution without sacrifice.”
“Millennials, born 1981-1996, are the top consumers of plant-based meat alternatives,” an NPD press release says.
Gen Xers are also a core consumer group, and NPD concludes plant-based foods will stick around for a while because younger generations are purchasing them and will likely continue to do so.
NPD cites long-term health goals and animal treatment concerns as the main reasons for younger people’s interest in these meat alternatives.