Bloomberg Senior Analyst Jen Bartashus Reports on the Plant-based Innovation Industry and makes predictions for the sector for 2023 on The Plantbased Business Hour.
Specifically, we discuss
- Given 2021 and 2022, is the Bloomberg estimation that the $166B sector valuation will be reached by 2031 still solid?
- When will the sector reach price parity and what role does white label play therein.
- Is health truly a factor for the conumer and what foods will take precendence in 2023: fresh, packaged or frozen?
- Beyond Meat. Yes, we go there!
- What role will food and marketing innovation play in maintaining and growing market share in 2023?
Below is a short transcript from a clip of our interview.
Elysabeth: Let me bring on my guest today: the senior analyst at Bloomberg, Jen Bartashus. She covers big box retail, consumer packaged goods in food, and just general food trends. Jen, thanks for being with me.
As we wrap up, we’ve been sort of circling around our predictions. Steak, is steak gonna come? Can you give me your top three predictions for 2023?
Jen Bartashus: I would say right now, as we’re looking at 2023, we are expecting to see sales and volume growth for plant-based to start to recover in the second half. So it will be a tale of two halves. The first half is probably going to be a little bit like 2022. The second half should be when we see more momentum starting to build as we reset with the industry. So that’s one.
Second is innovation, and we’re really watching innovation carefully because if you’ve looked at the news or heard the news you’ve heard about corporate job cuts. And so there are a lot of companies that have been laying off parts of their workforce. So it’s a question of smart innovation. Being able to still innovate while still containing your costs as an organization. So that is something that we’re watching very carefully. In terms of what we’re talking about earlier in types of innovation, but that is going to be a very important part of recovery for the industry. So that’s probably the second thing.
In terms of the third, I would say we’re excited about some of these newer companies that have new technologies that are coming along. There’s a lot of potential, not just in food, but in other consumer areas. If you think about mushrooms and mycelium and the potential uses and how well it can be used as a base for food products but also as a base for other types of products. Oftentimes when we think about plant-based we’re very focused on the food side which is a big part of it, but it’s those additional opportunities that are also really exciting and can get people following the industry and being very excited about that industry.
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