I've spoken to a lot of people that see Beyond Meats share price tanking, hear doom and gloom stories about the plant-based category and think that consumer demand has evaporated. The Good Food Institute's latest foodservice report shows it's actually the opposite, demand for animal-free is GROWING, so long as you have a product that meets consumer expectations 🥛 Plant-based milk is up 14% in 2025, growing faster than conventional milk. It has a 13% share of the whole foodservice milk category and it's still priced 72% above conventional — people are paying more for it anyway. 🧀 Plant-based cheese is getting hammered. Down 15% in 2025. Down every year for the last three. It's sitting at 0.2% share of the cheese market for a simple reason: it doesn't taste or melt like cheese. So it's not that people don't want animal-free dairy. Milk proves that wrong. It's that most plant-based cheese is starch and oil trying to imitate what casein does, and you can tell. It doesn't taste, look or function at all like cheese At New Culture we make animal-free dairy cheese that is indistinguishable to conventional dairy cheese because we know that's exactly what consumers want. It has always been what they wanted. The market for animal-free cheese isn't small. It's just been waiting for something that actually works 🍕 See here for the report: https://lnkd.in/gz9gwReF
You are 100% correct that it is all about quality now. 10 years ago, a plant-based company could drive decent sales based on novelty, but as Beyond found out the hard way (and seems to have completely disregarded), a product that is just okay, isn't okay. They swapped out coconut oil for avocado in an attempt to make a "healthy" claim but it didn't improve the taste or texture, or lower the price. That's the Iron Triangle: taste-nutrition-health. I've only tasted one plant-based cheese that I liked. It was made from Flax seeds. I don't remember the name of the company - they were in IndieBio in 2018 or 2019. I am not optimistic for Beyond Protein Shakes but I would love to know more about your cheese.
That 72% price gap for milk is wild, but it proves that taste and function win over cost every time. Most plant-based cheese just isn't there yet.
It is wild how different the milk and cheese numbers are. It really shows how much that taste and melt factor matters to people.
It's amazing how much consumer conviction there is when a product actually functions the way it's supposed to. Matt Gibson, how long do you think it will take for animal free dairy cheese to start mirroring milk's double digit foodservice growth now that the technology has finally caught up to taste expectations?