Market Potential of New Plant-based Protein Alternatives: Insights from Four U.S. Consumer Experiments
AAEA members release new research in AEPP
Global interest in commodity markets for plant-based protein is high for several reasons; associated interest in consumer sentiment and demand for protein items remains elevated. A 1% decline in Beyond Beef's offering price is projected to increase the probability of Beyond Beef being selected by 3.6% for regular meat consumers and 1.6% for those declaring an alternative diet such as Vegan, Vegetarian, or Flexitarian. This reflects regular meat consumers being more sensitive to price changes.
In the new article “Market Potential of New Plant-based Protein Alternatives: Insights from Four U.S. Consumer Experiments,” Glynn Tonsor and Ted Schroeder from Kansas State University along with Jayson Lusk from Purdue University, assess the economic impact of plant-based protein offering being introduced in the United States.
Tonsor says, “We believe future economic research will be improved given availability of consumer demand elasticity estimates derived in this work. As one example, the recent article by Lusk et al. (2022; https://iopscience.iop.org/article/10.1088/1748-9326/ac4fda ) uses estimates from this AEPP article as inputs in a broader assessment of U.S. cattle industry size, producer welfare, and greenhouse gas emission impacts of plant-based proteins.”
Lusk says, “we found that provision of information related to ingredient lists and nutrition facts panels did not have a substantive impact on the propensity to choose plant-based meat alternatives over beef burgers.”
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ABOUT AAEA: Established in 1910, the Agricultural & Applied Economics Association (AAEA) is the leading professional association for agricultural and applied economists, with 2,500 members in more than 60 countries. Members of the AAEA work in academic or government institutions as well as in industry and not-for-profit organizations, and engage in a variety of research, teaching, and outreach activities in the areas of agriculture, the environment, food, health, and international development. The AAEA publishes two journals, the American Journal of Agricultural Economics and Applied Economic Perspectives & Policy, as well as the online magazine Choices and the online open access publication series Applied Economics Teaching Resources. To learn more, visit www.aaea.org.
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