Plant-based beverage sales are down, and Alan Bjerga with the National Milk Producers Federation says he is not surprised.
“People just aren’t drinking these beverages like they have been in the past, and when they are drinking more of one beverage, say oats for example, it’s coming at the expense of a different kind of plant-based beverage. They’re cannibalizing their own audience now. These are all the indications of a maturing market and that image of the scrappy upstart just no longer holds,” said Bjerga.
According to this chart, like any other new product that hits the market, the novelty wears off. It shows a sharp decline in March of 2021 for milk alternatives.
Companies like Beyond Meat have struggled recently when they announced 4 percent of their workforce would be laid off after declining profits in early August.
