TL;DR
A recent study reveals that one-third of shoppers regularly consume plant-based products, with sales reaching $8 billion in 2022. Independent retailers should review this data to cater to the growing demand for plant-based offerings. Providing reliable information, addressing affordability concerns, and offering a variety of products can help retailers tap into this trend and drive sales.
The plant-based trend is on the rise, with one-third of shoppers regularly consuming plant-based products, according to a study. This study sheds light on the potential for independent retailers to tap into the growing demand for plant-based offerings. Sales of plant-based products have reached $8 billion in 2022, showing a steady increase over the past four years.
The study reveals that 88 percent of active users have a moderate to high commitment to continue making plant-based purchases. However, one-third of shoppers express a desire to see more plant-based options in stores. To attract and retain these customers, independent retailers should consider the following insights:
1. Understand customer motivations: The study found that overall health reasons, nutritional concerns, and animal welfare are the top reasons why shoppers consume plant-based products. Retailers can tap into these motivations by highlighting the health benefits of plant-based alternatives, the nutritional value they offer, and the positive impact on animal welfare.
2. Provide reliable information: Shoppers place equal importance on obtaining reliable and accurate information about plant-based foods. Independent retailers can build trust by offering educational resources, such as brochures or online content, that provide information on the benefits of plant-based products and how to incorporate them into a balanced diet.
3. Address affordability concerns: Affordability is a significant barrier to purchasing plant-based products for more than half of all shoppers. Independent retailers can offer competitive pricing and promotions to make plant-based options more accessible to a wider customer base. By showcasing the value and cost-effectiveness of plant-based alternatives, retailers can attract budget-conscious customers.
4. Cater to different preferences: The study highlights that Gen-Z and Millennials are eager adopters of plant-based products, especially those influenced by sustainability. Independent retailers should consider expanding their plant-based offerings to include a range of products such as alternative milk, creamers, protein shakes, pizza, soups, and snacks. By catering to different tastes and preferences, retailers can attract a diverse customer base and boost sales.
5. Enhance the shopping experience: To stimulate ongoing growth and build brand loyalty, independent retailers should focus on all aspects of the consumer journey. This includes providing clear and engaging signage, offering product samples, and running promotions to encourage trial and remind shoppers of the benefits of plant-based alternatives. Creating an omnichannel approach, both in-store and online, can enhance the overall shopping experience and increase customer satisfaction.
Incorporating these insights can help independent retailers tap into the growing demand for plant-based products. By providing reliable information, addressing affordability concerns, and offering a diverse range of options, retailers can cater to the preferences of both active plant-based users and those beginning their plant-based journey. The potential for growth in this market is significant, and independent retailers should seize this opportunity to boost sales and build brand loyalty.
