The sale of plant-based dairy and meat alternatives is expected to reach US$162 billion by 2030.
Background: Plant-based dairy and meat alternatives reached sales of US$30 billion in 2020...and that number is expected to increase to US$162 billion by 2030.
What happened: But one thing could slow the market: branding. Currently, there's a senate inquiry into whether plant-based food producers should be able to use words associated with animals on their packaging (i.e. 'beef' or 'sausage').
What else: The meat industry reckons plant-based manufacturers shouldn't be allowed to piggyback off their branding.
💡Piggyback branding is when a company launches a brand that's designed to feel similar to a known, successful brand (or theme). Sometimes it can be positive (like leveraging a new trend) but other times, it can mislead people into making a purchase.
💡Piggybacking isn't unique to Australian plant-based manufacturers. In fact, in the US, dairy farmers have been battling plant-based milk companies over their use of the word 'milk' when almonds, ya know, don't lactate.
💡While piggybacking can be a dangerous game, there is a fine line between taking a stand...and protectionism.
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